Netflix (NASDAQ:NFLX) Price Target Lowered to $426.00 at Bank of America

Netflix (NASDAQ:NFLX) had its price target lowered by Bank of America from $450.00 to $426.00 in a report published on Thursday, BenzingaRatingsTable reports. The firm currently has a buy rating on the Internet television network’s stock.

Several other research firms have also commented on NFLX. Loop Capital set a $425.00 price objective on Netflix and gave the stock a buy rating in a research report on Monday, September 23rd. Wells Fargo & Co upped their price objective on Netflix from $288.00 to $308.00 and gave the stock a market perform rating in a research report on Thursday. BMO Capital Markets lowered their price objective on Netflix from $470.00 to $440.00 and set an outperform rating on the stock in a research report on Thursday, July 18th. Morgan Stanley lowered their price objective on Netflix from $450.00 to $400.00 and set an overweight rating on the stock in a research report on Monday. Finally, Citigroup lowered their price objective on Netflix from $420.00 to $410.00 and set a buy rating on the stock in a research report on Thursday, July 18th. Six equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Hold and an average target price of $363.11.

NASDAQ:NFLX traded down $18.05 during midday trading on Thursday, hitting $275.30. The company’s stock had a trading volume of 22,501,751 shares, compared to its average volume of 8,318,575. Netflix has a fifty-two week low of $231.23 and a fifty-two week high of $385.99. The firm’s 50 day moving average is $280.91 and its 200-day moving average is $331.71. The company has a debt-to-equity ratio of 2.06, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market cap of $120.53 billion, a P/E ratio of 102.72, a P/E/G ratio of 2.93 and a beta of 1.20.

Netflix (NASDAQ:NFLX) last issued its quarterly earnings results on Wednesday, October 16th. The Internet television network reported $1.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.42. Netflix had a net margin of 6.53% and a return on equity of 20.88%. The company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.25 billion. During the same quarter in the prior year, the company earned $0.89 EPS. Netflix’s quarterly revenue was up 31.2% on a year-over-year basis. As a group, analysts forecast that Netflix will post 3.23 EPS for the current year.

In other Netflix news, Director Bradford L. Smith bought 6,499 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were purchased at an average price of $308.49 per share, for a total transaction of $2,004,876.51. Following the transaction, the director now directly owns 799 shares of the company’s stock, valued at approximately $246,483.51. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Reed Hastings sold 43,372 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $266.57, for a total value of $11,561,674.04. Following the completion of the transaction, the chief executive officer now owns 43,372 shares in the company, valued at approximately $11,561,674.04. The disclosure for this sale can be found here. Insiders have sold a total of 150,983 shares of company stock worth $44,378,164 in the last quarter. Insiders own 4.29% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. Avitas Wealth Management LLC lifted its holdings in Netflix by 4.4% in the 3rd quarter. Avitas Wealth Management LLC now owns 8,104 shares of the Internet television network’s stock valued at $2,169,000 after purchasing an additional 341 shares in the last quarter. Coastline Trust Co lifted its holdings in Netflix by 36.4% in the 3rd quarter. Coastline Trust Co now owns 11,658 shares of the Internet television network’s stock valued at $3,120,000 after purchasing an additional 3,110 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in Netflix by 25.3% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 460 shares of the Internet television network’s stock valued at $123,000 after purchasing an additional 93 shares in the last quarter. Beech Hill Advisors Inc. lifted its holdings in Netflix by 2.1% in the 3rd quarter. Beech Hill Advisors Inc. now owns 5,040 shares of the Internet television network’s stock valued at $1,349,000 after purchasing an additional 105 shares in the last quarter. Finally, Country Club Trust Company n.a. lifted its holdings in Netflix by 8.9% in the 3rd quarter. Country Club Trust Company n.a. now owns 1,209 shares of the Internet television network’s stock valued at $318,000 after purchasing an additional 99 shares in the last quarter. Institutional investors own 78.98% of the company’s stock.

Netflix Company Profile

Netflix, Inc provides Internet entertainment services. The company operates in three segments: Domestic streaming, International streaming, and Domestic DVD. It offers TV series, documentaries, and feature films across various genres and languages. The company provides members the ability to receive streaming content through a host of Internet-connected screens, including TVs, digital video players, television set-top boxes, and mobile devices.

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