Netflix (NASDAQ:NFLX) Trading Up 0.1% After Analyst Upgrade

Netflix, Inc. (NASDAQ:NFLX) shares rose 0.1% during mid-day trading on Wednesday after Bank of America raised their price target on the stock from $800.00 to $1,000.00. Bank of America currently has a buy rating on the stock. Netflix traded as high as $890.33 and last traded at $872.15. Approximately 1,605,803 shares were traded during trading, a decline of 56% from the average daily volume of 3,652,805 shares. The stock had previously closed at $871.32.

A number of other equities research analysts also recently issued reports on the stock. BMO Capital Markets reiterated an “outperform” rating and set a $825.00 price objective (up from $770.00) on shares of Netflix in a research note on Friday, October 18th. Evercore ISI increased their price target on shares of Netflix from $750.00 to $775.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Oppenheimer boosted their price objective on shares of Netflix from $775.00 to $825.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Loop Capital upped their target price on Netflix from $750.00 to $800.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $840.00 price target (up previously from $800.00) on shares of Netflix in a research note on Friday, October 18th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $764.82.

Insider Transactions at Netflix

In other Netflix news, Director Timothy M. Haley sold 11,090 shares of Netflix stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $757.96, for a total value of $8,405,776.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Reed Hastings sold 25,074 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $680.92, for a total transaction of $17,073,388.08. Following the transaction, the chairman now owns 85 shares in the company, valued at $57,878.20. This represents a 99.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,866 shares of company stock worth $133,393,921. Company insiders own 1.76% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. DigitalBridge Group Inc. grew its holdings in shares of Netflix by 35.5% during the second quarter. DigitalBridge Group Inc. now owns 36,063 shares of the Internet television network’s stock valued at $24,338,000 after buying an additional 9,451 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Netflix by 1.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,579,404 shares of the Internet television network’s stock worth $1,829,494,000 after acquiring an additional 29,726 shares during the period. Natixis Advisors LLC grew its position in shares of Netflix by 2.0% during the 3rd quarter. Natixis Advisors LLC now owns 612,458 shares of the Internet television network’s stock valued at $434,398,000 after acquiring an additional 11,921 shares during the period. Venturi Wealth Management LLC increased its stake in shares of Netflix by 27.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,077 shares of the Internet television network’s stock worth $2,182,000 after purchasing an additional 664 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Netflix by 58.2% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 82,931 shares of the Internet television network’s stock valued at $55,968,000 after purchasing an additional 30,511 shares during the last quarter. 80.93% of the stock is owned by institutional investors and hedge funds.

Netflix Stock Performance

The company has a 50 day simple moving average of $751.39 and a 200-day simple moving average of $688.25. The stock has a market capitalization of $383.03 billion, a P/E ratio of 50.71, a price-to-earnings-growth ratio of 1.68 and a beta of 1.25. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.13 and a quick ratio of 1.13.

Netflix (NASDAQ:NFLX) last announced its quarterly earnings results on Thursday, October 17th. The Internet television network reported $5.40 earnings per share for the quarter, beating the consensus estimate of $5.09 by $0.31. The company had revenue of $9.82 billion during the quarter, compared to analysts’ expectations of $9.77 billion. Netflix had a return on equity of 35.86% and a net margin of 20.70%. On average, equities analysts forecast that Netflix, Inc. will post 19.78 EPS for the current year.

Netflix Company Profile

Netflix, Inc provides entertainment services. It offers TV series, documentaries, feature films, and games across various genres and languages. The company also provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, TV set-top boxes, and mobile devices.