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

Netflix (NASDAQ:NFLX) had its price objective lifted by Bank of America from $650.00 to $700.00 in a research report sent to investors on Friday morning, Benzinga reports. Bank of America currently has a buy rating on the Internet television network’s stock.

A number of other research firms also recently commented on NFLX. Pivotal Research raised their target price on shares of Netflix from $765.00 to $800.00 and gave the company a buy rating in a research report on Friday. Macquarie lifted their price objective on shares of Netflix from $595.00 to $685.00 and gave the company an outperform rating in a report on Tuesday, April 16th. Redburn Atlantic upped their target price on Netflix from $550.00 to $610.00 and gave the stock a buy rating in a report on Wednesday, January 24th. Canaccord Genuity Group cut Netflix from a buy rating to a hold rating and dropped their target price for the company from $720.00 to $585.00 in a research report on Friday. Finally, UBS Group boosted their price target on Netflix from $570.00 to $685.00 and gave the stock a buy rating in a research report on Tuesday, February 27th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $630.58.

Netflix Stock Down 0.1 %

Shares of NASDAQ:NFLX opened at $554.60 on Friday. The business’s 50 day moving average is $605.58 and its 200 day moving average is $516.27. The stock has a market cap of $238.98 billion, a P/E ratio of 38.49, a price-to-earnings-growth ratio of 1.49 and a beta of 1.22. Netflix has a 52-week low of $315.62 and a 52-week high of $639.00. The company has a quick ratio of 1.12, a current ratio of 1.07 and a debt-to-equity ratio of 0.62.

Netflix (NASDAQ:NFLX) last issued its earnings results on Thursday, April 18th. The Internet television network reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.51 by $0.77. The business had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $9.28 billion. Netflix had a return on equity of 29.62% and a net margin of 18.42%. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period in the prior year, the business earned $2.88 EPS. Sell-side analysts predict that Netflix will post 17.13 EPS for the current year.

Insider Activity

In related news, insider David A. Hyman sold 267 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $556.01, for a total transaction of $148,454.67. Following the completion of the transaction, the insider now directly owns 31,610 shares of the company’s stock, valued at approximately $17,575,476.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider David A. Hyman sold 267 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $556.01, for a total transaction of $148,454.67. Following the completion of the transaction, the insider now directly owns 31,610 shares of the company’s stock, valued at $17,575,476.10. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ann Mather sold 3,673 shares of Netflix stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $600.00, for a total transaction of $2,203,800.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 268,335 shares of company stock worth $151,619,811. Corporate insiders own 2.45% of the company’s stock.

Institutional Investors Weigh In On Netflix

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Capital World Investors increased its stake in Netflix by 0.7% in the fourth quarter. Capital World Investors now owns 11,744,636 shares of the Internet television network’s stock valued at $5,718,265,000 after purchasing an additional 78,320 shares during the last quarter. Jennison Associates LLC boosted its stake in Netflix by 40.6% in 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 acquiring an additional 1,573,978 shares in the last quarter. Norges Bank purchased a new position in Netflix during the 4th quarter worth approximately $2,558,598,000. Northern Trust Corp increased its holdings in shares of Netflix by 2.1% in the 3rd quarter. Northern Trust Corp now owns 4,633,770 shares of the Internet television network’s stock valued at $1,749,712,000 after acquiring an additional 96,938 shares during the period. Finally, Fisher Asset Management LLC raised its holdings in shares of Netflix by 1.9% in the fourth quarter. Fisher Asset Management LLC now owns 4,121,104 shares of the Internet television network’s stock valued at $2,006,483,000 after buying an additional 78,298 shares during the last quarter. Institutional investors and hedge funds 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.