Netflix (NASDAQ:NFLX) Upgraded at Canaccord Genuity Group

Netflix (NASDAQ:NFLX) was upgraded by analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a $1,150.00 target price on the Internet television network’s stock, up from their previous target price of $940.00. Canaccord Genuity Group’s price objective indicates a potential upside of 32.23% from the stock’s previous close.

A number of other brokerages also recently weighed in on NFLX. Pivotal Research lifted their target price on shares of Netflix from $1,100.00 to $1,250.00 and gave the stock a “buy” rating in a research note on Wednesday. Sanford C. Bernstein increased their price target on Netflix from $625.00 to $780.00 and gave the stock a “market perform” rating in a report on Friday, October 18th. Evercore ISI boosted their price objective on Netflix from $775.00 to $950.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. Bank of America raised their target price on Netflix from $1,000.00 to $1,175.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Barclays raised Netflix from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $715.00 to $900.00 in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $952.30.

Netflix Stock Performance

Shares of NFLX stock opened at $869.68 on Wednesday. The business’s 50-day moving average price is $885.64 and its 200-day moving average price is $760.81. Netflix has a 12 month low of $479.90 and a 12 month high of $941.75. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $371.75 billion, a price-to-earnings ratio of 49.22, a PEG ratio of 1.40 and a beta of 1.27.

Netflix (NASDAQ:NFLX) last announced its earnings results on Tuesday, January 21st. The Internet television network reported $4.27 EPS for the quarter, topping the consensus estimate of $4.20 by $0.07. Netflix had a return on equity of 35.86% and a net margin of 20.70%. The firm had revenue of $10.25 billion for the quarter, compared to the consensus estimate of $10,141,900 billion. During the same period in the previous year, the business earned $2.11 EPS. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. Equities research analysts forecast that Netflix will post 19.76 EPS for the current year.

Insider Buying and Selling at Netflix

In other news, Chairman Reed Hastings sold 48,363 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $896.60, for a total value of $43,362,265.80. Following the sale, the chairman now owns 114 shares of the company’s stock, valued at $102,212.40. The trade was a 99.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard N. Barton sold 5,698 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $756.00, for a total transaction of $4,307,688.00. Following the sale, the director now directly owns 246 shares in the company, valued at $185,976. The trade was a 95.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 152,198 shares of company stock valued at $127,616,898 over the last three months. 1.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Netflix

Institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp increased its holdings 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 acquiring an additional 426,740 shares during the period. Geode Capital Management LLC increased 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 worth $6,464,736,000 after purchasing an additional 123,029 shares during the period. Jennison Associates LLC raised its position in shares of Netflix by 4.7% in 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 in the last quarter. International Assets Investment Management LLC boosted its stake in 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 valued at $4,080,522,000 after buying an additional 5,748,200 shares during the period. Finally, Wellington Management Group LLP grew its position in 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 in the last quarter. 80.93% of the stock is owned by hedge funds and other institutional investors.

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.