Bank of America Increases Netflix (NASDAQ:NFLX) Price Target to $1,000.00

Netflix (NASDAQ:NFLX) had its target price raised by Bank of America from $800.00 to $1,000.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the Internet television network’s stock.

Several other equities analysts have also recently issued reports on NFLX. Guggenheim boosted their price objective on Netflix from $810.00 to $825.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. Piper Sandler reissued an “overweight” rating and issued a $840.00 price target (up from $800.00) on shares of Netflix in a research note on Friday, October 18th. BMO Capital Markets reissued an “outperform” rating and issued a $825.00 price objective (up previously from $770.00) on shares of Netflix in a report on Friday, October 18th. Morgan Stanley upped their price objective on shares of Netflix from $820.00 to $830.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Finally, Needham & Company LLC raised their price target on shares of Netflix from $700.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $764.82.

Netflix Price Performance

NFLX traded up $5.75 during trading on Thursday, hitting $903.23. 524,448 shares of the company traded hands, compared to its average volume of 3,653,766. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.62. The company has a market cap of $386.09 billion, a PE ratio of 50.71, a P/E/G ratio of 1.68 and a beta of 1.25. Netflix has a 1 year low of $445.73 and a 1 year high of $908.00. The stock’s 50-day simple moving average is $751.39 and its two-hundred day simple moving average is $688.25.

Netflix (NASDAQ:NFLX) last posted 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. Netflix had a net margin of 20.70% and a return on equity of 35.86%. The firm had revenue of $9.82 billion during the quarter, compared to the consensus estimate of $9.77 billion. As a group, sell-side analysts anticipate that Netflix will post 19.78 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Netflix news, insider David A. Hyman sold 267 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $765.67, for a total transaction of $204,433.89. Following the sale, the insider now directly owns 31,610 shares in the company, valued at $24,202,828.70. This represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Reed Hastings sold 25,074 shares of Netflix stock in a transaction that occurred on 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 completion of the transaction, the chairman now directly owns 85 shares in the company, valued at $57,878.20. This trade represents a 99.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,866 shares of company stock worth $133,393,921. Insiders own 1.76% of the company’s stock.

Hedge Funds Weigh In On Netflix

Several large investors have recently bought and sold shares of NFLX. Advisory Resource Group grew its stake in Netflix by 0.7% during the third quarter. Advisory Resource Group now owns 1,746 shares of the Internet television network’s stock worth $1,238,000 after purchasing an additional 12 shares during the period. New World Advisors LLC lifted its holdings in Netflix by 2.0% during the third quarter. New World Advisors LLC now owns 724 shares of the Internet television network’s stock worth $514,000 after acquiring an additional 14 shares during the period. Heartland Bank & Trust Co boosted its holdings in shares of Netflix by 0.9% in the 2nd quarter. Heartland Bank & Trust Co now owns 1,770 shares of the Internet television network’s stock worth $1,195,000 after buying an additional 15 shares during the last quarter. Cedrus LLC grew its position in shares of Netflix by 0.8% during the 3rd quarter. Cedrus LLC now owns 1,781 shares of the Internet television network’s stock valued at $1,263,000 after acquiring an additional 15 shares during the period. Finally, Capstone Triton Financial Group LLC increased its stake in shares of Netflix by 0.6% during the 3rd quarter. Capstone Triton Financial Group LLC now owns 2,421 shares of the Internet television network’s stock worth $1,717,000 after purchasing an additional 15 shares during the last quarter. 80.93% of the stock is currently owned by institutional investors.

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.