Netflix (NASDAQ:NFLX) Stock Price Expected to Rise, Bank of America Analyst Says

Netflix (NASDAQ:NFLX) had its price target raised by Bank of America from $1,000.00 to $1,175.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the Internet television network’s stock. Bank of America‘s price objective indicates a potential upside of 19.31% from the stock’s current price.

Several other brokerages have also commented on NFLX. KeyCorp upped their target price on Netflix from $760.00 to $785.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Wolfe Research reaffirmed an “outperform” rating on shares of Netflix in a research report on Friday, October 18th. StockNews.com upgraded shares of Netflix from a “hold” rating to a “buy” rating in a research report on Saturday, December 21st. Needham & Company LLC raised their price target on shares of Netflix from $700.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Finally, Loop Capital dropped their price objective on shares of Netflix from $950.00 to $925.00 and set a “hold” rating on the stock in a report on Thursday, January 16th. Ten research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $996.94.

Netflix Price Performance

Netflix stock opened at $984.86 on Wednesday. The stock’s 50 day moving average is $889.11 and its 200 day moving average is $763.41. Netflix has a one year low of $537.07 and a one year high of $999.00. The firm has a market cap of $420.99 billion, a P/E ratio of 49.67, a P/E/G ratio of 1.41 and a beta of 1.27. 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 posted its quarterly earnings data on Tuesday, January 21st. The Internet television network reported $4.27 earnings per share for the quarter, topping the consensus estimate of $4.20 by $0.07. The company had revenue of $10.25 billion during the quarter, compared to analysts’ expectations of $10,141,900 billion. Netflix had a net margin of 22.34% and a return on equity of 39.48%. Netflix’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.11 earnings per share. As a group, research analysts expect that Netflix will post 23.43 EPS for the current year.

Insiders Place Their Bets

In other news, Chairman Reed Hastings sold 35,868 shares of Netflix stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $888.08, for a total value of $31,853,653.44. Following the completion of the transaction, the chairman now owns 114 shares in the company, valued at $101,241.12. This trade represents a 99.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard N. Barton sold 6,364 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $879.38, for a total transaction of $5,596,374.32. Following the sale, the director now owns 246 shares in the company, valued at $216,327.48. The trade was a 96.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 146,500 shares of company stock valued at $123,309,210 over the last ninety days. 1.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Netflix

Several institutional investors have recently made changes to their positions in the stock. State Street Corp lifted its holdings in Netflix by 2.6% during the 3rd quarter. State Street Corp now owns 16,951,347 shares of the Internet television network’s stock worth $12,023,082,000 after purchasing an additional 426,740 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Netflix by 1.4% in the third quarter. Geode Capital Management LLC now owns 9,148,356 shares of the Internet television network’s stock worth $6,464,736,000 after buying an additional 123,029 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Netflix by 4.7% in the third quarter. Jennison Associates LLC now owns 6,990,874 shares of the Internet television network’s stock valued at $4,958,417,000 after acquiring an additional 316,594 shares during the period. International Assets Investment Management LLC increased its holdings in Netflix by 116,620.0% during the 3rd quarter. International Assets Investment Management LLC now owns 5,753,129 shares of the Internet television network’s stock worth $4,080,522,000 after acquiring an additional 5,748,200 shares during the period. Finally, Wellington Management Group LLP lifted its stake in Netflix by 0.5% in the 3rd quarter. Wellington Management Group LLP now owns 4,897,389 shares of the Internet television network’s stock worth $3,473,571,000 after purchasing an additional 23,702 shares in the last quarter. Hedge funds and other institutional investors own 80.93% of the company’s stock.

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.