Netflix (NASDAQ:NFLX) Sets New 1-Year High on Analyst Upgrade

Shares of Netflix, Inc. (NASDAQ:NFLX) reached a new 52-week high on Friday after Bank of America raised their price target on the stock from $740.00 to $800.00. Bank of America currently has a buy rating on the stock. Netflix traded as high as $753.23 and last traded at $751.49, with a volume of 3634615 shares trading hands. The stock had previously closed at $687.65.

Several other equities analysts also recently weighed in on the company. Piper Sandler restated an “overweight” rating and set a $840.00 price target (up from $800.00) on shares of Netflix in a report on Friday. Pivotal Research raised their price objective on shares of Netflix from $900.00 to $925.00 and gave the company a “buy” rating in a research note on Friday. Wedbush lifted their target price on shares of Netflix from $725.00 to $775.00 and gave the stock an “overweight” rating in a report on Thursday. UBS Group increased their price target on shares of Netflix from $750.00 to $825.00 and gave the company a “buy” rating in a report on Friday. 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. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $739.38.

Insiders Place Their Bets

In other Netflix news, Director Leslie J. Kilgore sold 383 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $730.00, for a total value of $279,590.00. Following the completion of the transaction, the director now directly owns 35,262 shares in the company, valued at $25,741,260. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Leslie J. Kilgore sold 383 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $730.00, for a total value of $279,590.00. Following the transaction, the director now directly owns 35,262 shares in the company, valued at $25,741,260. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gregory K. Peters sold 4,392 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $725.00, for a total value of $3,184,200.00. Following the completion of the transaction, the chief executive officer now directly owns 13,090 shares of the company’s stock, valued at approximately $9,490,250. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 225,167 shares of company stock worth $150,492,460. Company insiders own 1.76% of the company’s stock.

Hedge Funds Weigh In On Netflix

Several hedge funds have recently modified their holdings of the stock. RFG Advisory LLC grew its position in shares of Netflix by 24.7% during the first quarter. RFG Advisory LLC now owns 2,292 shares of the Internet television network’s stock valued at $1,392,000 after purchasing an additional 454 shares in the last quarter. Meyer Handelman Co. increased its stake in Netflix by 0.8% in the 1st quarter. Meyer Handelman Co. now owns 3,358 shares of the Internet television network’s stock worth $2,039,000 after acquiring an additional 25 shares during the last quarter. Congress Asset Management Co. MA raised its holdings in shares of Netflix by 6.6% during the 1st quarter. Congress Asset Management Co. MA now owns 18,885 shares of the Internet television network’s stock worth $11,469,000 after acquiring an additional 1,174 shares in the last quarter. MJP Associates Inc. ADV bought a new position in shares of Netflix during the 1st quarter valued at approximately $360,000. Finally, &PARTNERS grew its holdings in shares of Netflix by 158.2% in the first quarter. &PARTNERS now owns 1,379 shares of the Internet television network’s stock valued at $838,000 after purchasing an additional 845 shares in the last quarter. Hedge funds and other institutional investors own 80.93% of the company’s stock.

Netflix Price Performance

The company has a market cap of $329.24 billion, a P/E ratio of 53.01, a PEG ratio of 1.49 and a beta of 1.26. The firm’s 50-day moving average is $696.38 and its two-hundred day moving average is $654.66. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.95 and a quick ratio of 0.95.

Netflix (NASDAQ:NFLX) last announced its earnings results on Thursday, July 18th. The Internet television network reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.74 by $0.14. The firm had revenue of $9.56 billion for the quarter, compared to analysts’ expectations of $9.53 billion. Netflix had a net margin of 19.54% and a return on equity of 32.93%. The business’s revenue was up 16.8% compared to the same quarter last year. During the same period in the prior year, the company earned $3.29 EPS. Analysts anticipate that Netflix, Inc. will post 19.08 earnings per share 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.