Wedbush Increases Netflix (NASDAQ:NFLX) Price Target to $342.00

Netflix (NASDAQ:NFLX) had its price target increased by stock analysts at Wedbush from $340.00 to $342.00 in a report issued on Wednesday, The Fly reports. The firm currently has an “underperform” rating on the Internet television network’s stock. Wedbush’s target price would indicate a potential downside of 32.78% from the company’s current price. Wedbush also issued estimates for Netflix’s Q3 2021 earnings at $2.35 EPS, Q1 2022 earnings at $2.94 EPS, Q2 2022 earnings at $3.14 EPS, Q3 2022 earnings at $3.03 EPS, Q4 2022 earnings at $3.13 EPS, FY2022 earnings at $12.24 EPS and Q1 2023 earnings at $3.35 EPS.

Other research analysts have also recently issued reports about the stock. BMO Capital Markets reiterated a “buy” rating and set a $700.00 price objective on shares of Netflix in a report on Monday, March 15th. DZ Bank upgraded shares of Netflix from a “hold” rating to a “buy” rating and set a $650.00 price objective for the company in a report on Thursday, January 21st. Jefferies Financial Group reiterated a “buy” rating and set a $650.00 price objective on shares of Netflix in a report on Wednesday, January 20th. Piper Sandler reduced their price objective on shares of Netflix from $605.00 to $600.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Benchmark reduced their price objective on shares of Netflix from $485.00 to $472.00 and set a “sell” rating for the company in a report on Monday, March 22nd. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-eight have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $590.90.

NFLX opened at $508.78 on Wednesday. Netflix has a 1-year low of $393.60 and a 1-year high of $593.29. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.50. The company has a market cap of $225.34 billion, a P/E ratio of 82.06, a price-to-earnings-growth ratio of 1.86 and a beta of 0.92. The company has a fifty day moving average price of $527.73 and a two-hundred day moving average price of $521.11.

Netflix (NASDAQ:NFLX) last posted its quarterly earnings results on Monday, April 19th. The Internet television network reported $3.75 earnings per share for the quarter, beating the consensus estimate of $2.98 by $0.77. Netflix had a net margin of 11.78% and a return on equity of 31.48%. The firm had revenue of $7.16 billion during the quarter, compared to the consensus estimate of $7.13 billion. During the same period in the previous year, the firm posted $1.57 earnings per share. The business’s revenue was up 24.2% compared to the same quarter last year. On average, research analysts forecast that Netflix will post 6.27 EPS for the current fiscal year.

In other news, Director Jay C. Hoag sold 3,578 shares of the business’s stock in a transaction that occurred on Monday, February 8th. The shares were sold at an average price of $553.16, for a total value of $1,979,206.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jay C. Hoag sold 974 shares of the business’s stock in a transaction that occurred on Friday, February 5th. The shares were sold at an average price of $548.93, for a total transaction of $534,657.82. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Golden Green Inc. bought a new stake in Netflix during the 4th quarter worth approximately $2,577,000. IBM Retirement Fund increased its holdings in Netflix by 9.5% during the 4th quarter. IBM Retirement Fund now owns 15,800 shares of the Internet television network’s stock worth $8,544,000 after acquiring an additional 1,369 shares during the period. Banque Cantonale Vaudoise increased its holdings in Netflix by 15.4% during the 4th quarter. Banque Cantonale Vaudoise now owns 10,876 shares of the Internet television network’s stock worth $5,881,000 after acquiring an additional 1,452 shares during the period. Mid Atlantic Financial Management Inc. ADV increased its holdings in Netflix by 14.5% during the 4th quarter. Mid Atlantic Financial Management Inc. ADV now owns 2,623 shares of the Internet television network’s stock worth $1,418,000 after acquiring an additional 333 shares during the period. Finally, Stifel Financial Corp increased its holdings in Netflix by 6.8% during the 4th quarter. Stifel Financial Corp now owns 197,596 shares of the Internet television network’s stock worth $106,846,000 after acquiring an additional 12,522 shares during the period. 79.71% of the stock is currently owned by institutional investors.

About Netflix

Netflix, Inc provides entertainment services. 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 devices, including TVs, digital video players, television set-top boxes, and mobile devices.

Recommended Story: Asset Allocation

The Fly

Analyst Recommendations for Netflix (NASDAQ:NFLX)

Receive News & Ratings for Netflix Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Netflix and related companies with MarketBeat.com's FREE daily email newsletter.