Wedbush Raises Netflix (NASDAQ:NFLX) Price Target to $775.00

Netflix (NASDAQ:NFLX) had its price objective lifted by equities research analysts at Wedbush from $725.00 to $775.00 in a research report issued to clients and investors on Thursday. The brokerage currently has an “overweight” rating on the Internet television network’s stock. Wedbush’s price objective points to a potential upside of 11.55% from the stock’s previous close. Wedbush also issued estimates for Netflix’s Q3 2024 earnings at $5.16 EPS, Q3 2025 earnings at $6.07 EPS and Q3 2026 earnings at $7.13 EPS.

Other research analysts also recently issued reports about the company. Sanford C. Bernstein boosted their price objective on Netflix from $600.00 to $625.00 and gave the company a “market perform” rating in a research note on Friday, July 19th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Netflix from $590.00 to $650.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. KeyCorp lifted their price objective on shares of Netflix from $735.00 to $760.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 1st. Pivotal Research increased their target price on Netflix from $800.00 to $900.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $750.00 price target on shares of Netflix in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $705.74.

Netflix Stock Down 1.0 %

Shares of NASDAQ:NFLX traded down $7.24 during trading on Thursday, hitting $694.76. The stock had a trading volume of 3,285,396 shares, compared to its average volume of 3,633,563. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.55. The firm’s fifty day moving average is $692.63 and its 200 day moving average is $653.38. The company has a market capitalization of $299.44 billion, a PE ratio of 48.43, a PEG ratio of 1.49 and a beta of 1.26. Netflix has a 12 month low of $344.73 and a 12 month high of $736.00.

Netflix (NASDAQ:NFLX) last posted its earnings results on Thursday, July 18th. The Internet television network reported $4.88 EPS for the quarter, topping analysts’ consensus estimates of $4.74 by $0.14. The business had revenue of $9.56 billion during the quarter, compared to analyst estimates of $9.53 billion. Netflix had a return on equity of 32.93% and a net margin of 19.54%. The company’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter last year, the company earned $3.29 EPS. Analysts anticipate that Netflix will post 19.08 EPS for the current fiscal year.

Insider Activity

In related news, insider David A. Hyman sold 20,656 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $605.13, for a total value of $12,499,565.28. Following the transaction, the insider now owns 31,610 shares in the company, valued at $19,128,159.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider David A. Hyman sold 20,656 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $605.13, for a total transaction of $12,499,565.28. Following the completion of the transaction, the insider now directly owns 31,610 shares of the company’s stock, valued at approximately $19,128,159.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Leslie J. Kilgore sold 383 shares of the company’s stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $730.00, for a total transaction of $279,590.00. Following the transaction, the director now directly owns 35,262 shares in the company, valued at approximately $25,741,260. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 225,167 shares of company stock valued at $150,492,460 in the last ninety days. 1.76% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. DigitalBridge Group Inc. boosted its stake in shares of Netflix by 35.5% during the 2nd quarter. DigitalBridge Group Inc. now owns 36,063 shares of the Internet television network’s stock worth $24,338,000 after purchasing an additional 9,451 shares during the last quarter. M&G Plc purchased a new position in Netflix in the 1st quarter worth approximately $9,682,000. BSN CAPITAL PARTNERS Ltd increased its stake in Netflix by 24.4% during the 1st quarter. BSN CAPITAL PARTNERS Ltd now owns 250,000 shares of the Internet television network’s stock worth $155,185,000 after buying an additional 49,000 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings 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. Finally, First Trust Direct Indexing L.P. boosted its stake in shares of Netflix by 14.9% during the 1st quarter. First Trust Direct Indexing L.P. now owns 10,330 shares of the Internet television network’s stock valued at $6,274,000 after buying an additional 1,342 shares during the last quarter. Institutional investors and hedge funds own 80.93% of the company’s stock.

About Netflix

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.