Netflix (NASDAQ:NFLX) Trading Up 10.4% Following Analyst Upgrade

Netflix, Inc. (NASDAQ:NFLX) shot up 10.4% 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 $761.91 and last traded at $758.91. 6,885,611 shares were traded during mid-day trading, an increase of 87% from the average session volume of 3,678,440 shares. The stock had previously closed at $687.65.

A number of other research firms also recently issued reports on NFLX. StockNews.com upgraded shares of Netflix from a “hold” rating to a “buy” rating in a research report on Tuesday, September 24th. Jefferies Financial Group raised their target price on shares of Netflix from $780.00 to $800.00 and gave the stock a “buy” rating in a report on Friday. Sanford C. Bernstein upped their target price on Netflix from $625.00 to $780.00 and gave the company a “market perform” rating in a report on Friday. Benchmark reissued a “sell” rating and issued a $545.00 price target on shares of Netflix in a report on Tuesday. Finally, Piper Sandler restated an “overweight” rating and set a $840.00 price objective (up from $800.00) on shares of Netflix in a research note on Friday. Two 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $739.38.

Insider Activity at Netflix

In other Netflix news, Director Leslie J. Kilgore sold 383 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $730.00, for a total transaction of $279,590.00. Following the completion of the sale, the director now directly owns 35,262 shares of the company’s stock, valued at approximately $25,741,260. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Netflix news, Chairman Reed Hastings sold 45,290 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $706.16, for a total value of $31,981,986.40. Following the transaction, the chairman now owns 85 shares in the company, valued at approximately $60,023.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Leslie J. Kilgore sold 383 shares of the business’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $730.00, for a total transaction of $279,590.00. Following the transaction, the director now owns 35,262 shares in the company, valued at approximately $25,741,260. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 225,167 shares of company stock worth $150,492,460 in the last quarter. 1.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. GQG Partners LLC acquired a new stake in shares of Netflix during the 1st quarter valued at about $1,450,476,000. Jennison Associates LLC lifted its stake in Netflix by 17.0% in the first quarter. Jennison Associates LLC now owns 6,381,464 shares of the Internet television network’s stock valued at $3,875,655,000 after acquiring an additional 929,193 shares during the last quarter. Global Assets Advisory LLC bought a new stake in Netflix in the first quarter worth approximately $436,514,000. Jericho Capital Asset Management L.P. acquired a new position in shares of Netflix during the 1st quarter worth $372,293,000. Finally, Swedbank AB bought a new position in shares of Netflix during the 1st quarter valued at $216,538,000. Hedge funds and other institutional investors own 80.93% of the company’s stock.

Netflix Stock Performance

The firm has a market cap of $329.24 billion, a price-to-earnings ratio of 53.01, a price-to-earnings-growth ratio of 1.49 and a beta of 1.26. The firm’s 50 day moving average is $696.38 and its 200-day moving average is $654.66. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.95 and a current ratio of 0.95.

Netflix (NASDAQ:NFLX) last posted its earnings results on Thursday, July 18th. The Internet television network reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.74 by $0.14. The company had revenue of $9.56 billion for 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 business’s revenue was up 16.8% compared to the same quarter last year. During the same period last year, the company earned $3.29 earnings per share. Sell-side analysts anticipate that Netflix, Inc. will post 19.08 earnings per share for the current fiscal year.

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.