Netflix (NASDAQ:NFLX) Stock Price Expected to Rise, Bank of America Analyst Says

Netflix (NASDAQ:NFLX) had its price objective upped by stock analysts at Bank of America from $800.00 to $1,000.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the Internet television network’s stock. Bank of America‘s price target would suggest a potential upside of 13.14% from the company’s current price.

NFLX has been the topic of several other research reports. The Goldman Sachs Group set a $750.00 price target on shares of Netflix in a research report on Friday, October 18th. Wolfe Research reaffirmed an “outperform” rating on shares of Netflix in a research note on Friday, October 18th. Wedbush reissued an “outperform” rating and set a $950.00 price objective (up from $800.00) on shares of Netflix in a research report on Monday. Needham & Company LLC boosted their price objective on shares of Netflix from $700.00 to $800.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, KeyCorp increased their target price on shares of Netflix from $760.00 to $785.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, Netflix has a consensus rating of “Moderate Buy” and a consensus target price of $764.82.

Netflix Stock Performance

Shares of Netflix stock opened at $883.85 on Thursday. The business’s 50 day moving average price is $747.20 and its 200 day moving average price is $686.80. The company has a market cap of $377.81 billion, a price-to-earnings ratio of 50.02, a PEG ratio of 1.68 and a beta of 1.25. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.13. Netflix has a one year low of $445.73 and a one year high of $890.60.

Netflix (NASDAQ:NFLX) last announced its quarterly earnings results on Thursday, October 17th. The Internet television network reported $5.40 earnings per share for the quarter, beating the consensus estimate of $5.09 by $0.31. Netflix had a net margin of 20.70% and a return on equity of 35.86%. The firm had revenue of $9.82 billion for the quarter, compared to analysts’ expectations of $9.77 billion. On average, research analysts predict that Netflix will post 19.78 EPS for the current year.

Insiders Place Their Bets

In related news, Chairman Reed Hastings sold 45,290 shares of Netflix stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $706.16, for a total transaction of $31,981,986.40. Following the sale, the chairman now directly owns 85 shares in the company, valued at $60,023.60. This trade represents a 99.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David A. Hyman sold 267 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $765.67, for a total value of $204,433.89. Following the transaction, the insider now directly owns 31,610 shares in the company, valued at approximately $24,202,828.70. The trade was a 0.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,866 shares of company stock valued at $133,393,921. 1.76% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Netflix

Several large investors have recently modified their holdings of NFLX. State Street Corp boosted its stake in Netflix by 2.6% during the 3rd quarter. State Street Corp now owns 16,951,347 shares of the Internet television network’s stock worth $12,023,082,000 after purchasing an additional 426,740 shares during the period. Geode Capital Management LLC raised its holdings in shares of Netflix by 1.4% in the third quarter. Geode Capital Management LLC now owns 9,148,356 shares of the Internet television network’s stock valued at $6,464,736,000 after buying an additional 123,029 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Netflix by 4.7% during the third quarter. Jennison Associates LLC now owns 6,990,874 shares of the Internet television network’s stock worth $4,958,417,000 after buying an additional 316,594 shares during the period. International Assets Investment Management LLC grew its holdings in shares of Netflix by 116,620.0% during the third quarter. International Assets Investment Management LLC now owns 5,753,129 shares of the Internet television network’s stock worth $4,080,522,000 after buying an additional 5,748,200 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Netflix by 0.5% during the third quarter. Wellington Management Group LLP now owns 4,897,389 shares of the Internet television network’s stock worth $3,473,571,000 after buying an additional 23,702 shares during the last quarter. 80.93% of the stock is owned by institutional investors and hedge funds.

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.