Netflix (NASDAQ:NFLX) Hits New 52-Week High – Here’s Why

Netflix, Inc. (NASDAQ:NFLX)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $848.70 and last traded at $847.70, with a volume of 310583 shares changing hands. The stock had previously closed at $847.05.

Wall Street Analyst Weigh In

NFLX has been the topic of several research analyst reports. Wolfe Research reissued an “outperform” rating on shares of Netflix in a research note on Friday, October 18th. TD Cowen boosted their price objective on shares of Netflix from $820.00 to $835.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Piper Sandler reaffirmed an “overweight” rating and issued a $840.00 target price (up from $800.00) on shares of Netflix in a research report on Friday, October 18th. Canaccord Genuity Group boosted their price target on shares of Netflix from $750.00 to $760.00 and gave the company a “hold” rating in a research report on Friday, October 18th. Finally, Wedbush restated an “outperform” rating and issued a $950.00 price objective (up from $800.00) on shares of Netflix in a report on Monday. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $758.76.

Netflix Stock Up 1.4 %

The company’s 50 day moving average price is $747.20 and its two-hundred day moving average price is $686.80. 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 firm has a market cap of $377.81 billion, a PE ratio of 50.02, a PEG ratio of 1.59 and a beta of 1.25.

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

Insider Buying and Selling

In other Netflix news, Director Anne M. Sweeney sold 589 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $880.00, for a total transaction of $518,320.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 sale, the chairman now owns 85 shares in the company, valued at approximately $57,878.20. The trade was a 99.66 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,866 shares of company stock valued at $133,393,921. 1.76% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NFLX. State Street Corp grew its position in Netflix by 2.6% in the third quarter. State Street Corp now owns 16,951,347 shares of the Internet television network’s stock worth $12,023,082,000 after acquiring an additional 426,740 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Netflix by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 9,148,356 shares of the Internet television network’s stock worth $6,464,736,000 after purchasing an additional 123,029 shares during the period. Jennison Associates LLC grew its holdings in Netflix by 4.7% during the 3rd quarter. Jennison Associates LLC now owns 6,990,874 shares of the Internet television network’s stock valued at $4,958,417,000 after purchasing an additional 316,594 shares during the last quarter. International Assets Investment Management LLC raised its position in Netflix by 116,620.0% in 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 purchasing an additional 5,748,200 shares during the period. Finally, Wellington Management Group LLP lifted its stake in Netflix by 0.5% in the third 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 during the last quarter. 80.93% of the stock is currently owned by institutional investors.

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.