Bank of America Increases Netflix (NASDAQ:NFLX) Price Target to $700.00

Netflix (NASDAQ:NFLX) had its price target upped by Bank of America from $650.00 to $700.00 in a report published on Friday, Benzinga reports. The firm currently has a buy rating on the Internet television network’s stock.

Several other research firms have also recently weighed in on NFLX. TD Cowen increased their price target on Netflix from $600.00 to $725.00 and gave the company a buy rating in a report on Monday, April 8th. Wedbush reissued an outperform rating and issued a $725.00 target price on shares of Netflix in a report on Friday. Guggenheim raised their target price on Netflix from $600.00 to $700.00 and gave the stock a buy rating in a research report on Tuesday, April 16th. The Goldman Sachs Group upped their price target on shares of Netflix from $500.00 to $565.00 and gave the company a neutral rating in a research report on Wednesday, January 24th. Finally, Redburn Atlantic increased their price objective on shares of Netflix from $550.00 to $610.00 and gave the stock a buy rating in a research note on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $630.58.

Netflix Trading Down 9.1 %

NASDAQ NFLX opened at $555.04 on Friday. Netflix has a 12 month low of $315.62 and a 12 month high of $639.00. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.69. The stock’s fifty day moving average price is $605.65 and its 200-day moving average price is $514.99. The stock has a market cap of $240.20 billion, a P/E ratio of 38.52, a P/E/G ratio of 1.49 and a beta of 1.22.

Netflix (NASDAQ:NFLX) last announced its quarterly earnings data on Thursday, April 18th. The Internet television network reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.51 by $0.77. The company had revenue of $9.37 billion during the quarter, compared to analyst estimates of $9.28 billion. Netflix had a net margin of 18.42% and a return on equity of 29.46%. The firm’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.88 EPS. As a group, equities analysts forecast that Netflix will post 17.13 EPS for the current fiscal year.

Insider Activity

In other news, insider David A. Hyman sold 47,574 shares of the company’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $537.92, for a total value of $25,591,006.08. Following the completion of the sale, the insider now owns 31,610 shares of the company’s stock, valued at $17,003,651.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider David A. Hyman sold 47,574 shares of the stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $537.92, for a total transaction of $25,591,006.08. Following the completion of the transaction, the insider now directly owns 31,610 shares in the company, valued at approximately $17,003,651.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Reed Hastings sold 20,566 shares of Netflix stock in a transaction on Monday, April 1st. The stock was sold at an average price of $610.42, for a total transaction of $12,553,897.72. Following the completion of the sale, the chairman now owns 28 shares of the company’s stock, valued at approximately $17,091.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 268,335 shares of company stock valued at $151,619,811. Company insiders own 2.45% of the company’s stock.

Hedge Funds Weigh In On Netflix

Large investors have recently modified their holdings of the stock. Norges Bank bought a new position in Netflix during the 4th quarter worth approximately $2,558,598,000. Wellington Management Group LLP lifted its stake in Netflix by 540.9% during the fourth quarter. Wellington Management Group LLP now owns 3,878,785 shares of the Internet television network’s stock worth $1,888,503,000 after purchasing an additional 3,273,592 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its stake in Netflix by 117,939.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 2,742,048 shares of the Internet television network’s stock worth $808,575,000 after purchasing an additional 2,739,725 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Netflix by 15,039.1% in the fourth quarter. International Assets Investment Management LLC now owns 2,075,569 shares of the Internet television network’s stock worth $1,010,553,000 after purchasing an additional 2,061,859 shares during the period. Finally, Jennison Associates LLC increased its stake in Netflix by 40.6% during the fourth quarter. Jennison Associates LLC now owns 5,452,271 shares of the Internet television network’s stock valued at $2,654,602,000 after purchasing an additional 1,573,978 shares during the last quarter. Institutional investors own 80.93% of the company’s stock.

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.