Netflix, Inc. (NASDAQ:NFLX)’s share price rose 1.5% during trading on Friday after Zacks Investment Research upgraded the stock from a hold rating to a buy rating. Zacks Investment Research now has a $207.00 price target on the stock. Netflix traded as high as $194.49 and last traded at $197.27. Approximately 10,369,719 shares were traded during trading, an increase of 45% from the average daily volume of 7,144,400 shares. The stock had previously closed at $194.39.
According to Zacks, “Netflix is benefitting from its focus on original programming and international expansion. The recent increase in monthly subscriptions price for the U.S. consumers will drive Netflix’s top-line. The strength in content portfolio will help it to gain more subscribers across the globe. Going ahead, the company expects to add 0.75 million subscribers in the domestic streaming segment and 3.65 million subscribers in the international segment in the third quarter. The company’s efforts to attract viewers through investing in more regional programming should also boost user base. Plus, the company expects to report profits from International operations in the third quarter. In the past one year, Netflix shares have vastly outperformed the industry. Estimates have remained stable ahead of the upcoming earnings release. But, investments in original/acquired content remain a drag on profitability.”
NFLX has been the subject of a number of other research reports. Sanford C. Bernstein set a $203.00 price objective on shares of Netflix and gave the stock a “buy” rating in a research report on Wednesday, August 30th. Canaccord Genuity upped their price objective on shares of Netflix from $165.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, June 16th. Morgan Stanley restated an “overweight” rating and set a $185.00 price objective (up previously from $175.00) on shares of Netflix in a research report on Thursday, July 13th. Royal Bank Of Canada restated an “outperform” rating and set a $175.00 price objective on shares of Netflix in a research report on Friday, June 16th. Finally, Vetr downgraded shares of Netflix from a “sell” rating to a “strong sell” rating and set a $162.49 price objective for the company. in a research report on Monday, September 18th. Two equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirty-one have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $185.18.
In related news, insider Jonathan Friedland sold 1,217 shares of Netflix stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $193.34, for a total transaction of $235,294.78. Following the sale, the insider now directly owns 1,217 shares in the company, valued at $235,294.78. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Leslie J. Kilgore sold 903 shares of Netflix stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $194.00, for a total transaction of $175,182.00. The disclosure for this sale can be found here. Insiders sold 316,067 shares of company stock worth $56,923,386 over the last quarter. 4.90% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Almanack Investment Partners LLC. bought a new stake in shares of Netflix during the second quarter valued at about $101,000. TD Capital Management LLC bought a new stake in shares of Netflix during the second quarter valued at about $105,000. Appropriate Balance Financial Services Inc. raised its stake in shares of Netflix by 5.6% during the second quarter. Appropriate Balance Financial Services Inc. now owns 702 shares of the Internet television network’s stock valued at $4,701,000 after purchasing an additional 37 shares in the last quarter. SRS Capital Advisors Inc. raised its stake in shares of Netflix by 3,361.9% during the first quarter. SRS Capital Advisors Inc. now owns 727 shares of the Internet television network’s stock valued at $107,000 after purchasing an additional 706 shares in the last quarter. Finally, Harfst & Associates Inc. bought a new stake in shares of Netflix during the first quarter valued at about $109,000. Institutional investors and hedge funds own 81.03% of the company’s stock.
The firm’s 50 day moving average price is $178.79 and its 200 day moving average price is $163.66. The company has a market cap of $85.49 billion, a price-to-earnings ratio of 240.90 and a beta of 1.09. Netflix also saw unusually large options trading on Thursday. Traders bought 122,784 call options on the company. This is an increase of approximately 283% compared to the average volume of 32,078 call options.
Netflix (NASDAQ:NFLX) last posted its quarterly earnings data on Monday, July 17th. The Internet television network reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.76 billion. Netflix had a return on equity of 12.82% and a net margin of 3.55%. Netflix’s revenue for the quarter was up 32.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.09 EPS. On average, equities analysts predict that Netflix, Inc. will post $1.17 EPS for the current year.
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Netflix, Inc is a provider an Internet television network. The Company operates through three segments: Domestic streaming, International streaming and Domestic DVD. The Domestic streaming segment includes services that streams content to its members in the United States. The International streaming segment includes services that streams content to its members outside the United States.
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