Netflix (NASDAQ:NFLX) Price Target Increased to $700.00 by Analysts at Bank of America

Netflix (NASDAQ:NFLX) had its price objective increased by stock analysts at Bank of America from $650.00 to $700.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the Internet television network’s stock. Bank of America‘s price objective indicates a potential upside of 25.56% from the company’s previous close.

Several other research firms also recently weighed in on NFLX. TD Cowen lifted their price objective on Netflix from $600.00 to $725.00 and gave the company a “buy” rating in a report on Monday, April 8th. JPMorgan Chase & Co. lifted their price objective on Netflix from $610.00 to $650.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Benchmark restated a “sell” rating and issued a $440.00 price objective on shares of Netflix in a report on Thursday. Canaccord Genuity Group downgraded shares of Netflix from a “buy” rating to a “hold” rating and reduced their target price for the stock from $720.00 to $585.00 in a report on Friday. Finally, Oppenheimer reiterated an “outperform” rating and issued a $725.00 target price on shares of Netflix in a report on Friday. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-two have assigned a buy rating to the stock. According to data from MarketBeat.com, Netflix has an average rating of “Moderate Buy” and an average price target of $630.58.

Netflix Trading Down 8.7 %

Shares of NFLX traded down $53.05 during trading hours on Friday, reaching $557.51. 11,640,996 shares of the company traded hands, compared to its average volume of 4,387,285. The firm has a market cap of $241.27 billion, a price-to-earnings ratio of 46.42, a PEG ratio of 1.65 and a beta of 1.22. 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 $605.77 and its 200 day moving average price is $511.86.

Netflix (NASDAQ:NFLX) last issued its earnings results on Thursday, April 18th. The Internet television network reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.51 by $0.77. The firm had revenue of $9.37 billion during the quarter, compared to analyst estimates of $9.28 billion. Netflix had a net margin of 16.04% and a return on equity of 24.76%. The business’s revenue was up 14.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.88 earnings per share. Sell-side analysts forecast that Netflix will post 17.05 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jay C. Hoag sold 47,000 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $550.50, for a total transaction of $25,873,500.00. Following the completion of the transaction, the director now directly owns 431,034 shares in the company, valued at approximately $237,284,217. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Jay C. Hoag sold 47,000 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $550.50, for a total transaction of $25,873,500.00. Following the completion of the transaction, the director now directly owns 431,034 shares in the company, valued at approximately $237,284,217. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Theodore A. Sarandos sold 68,957 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $561.33, for a total value of $38,707,632.81. Following the transaction, the chief executive officer now owns 1,278 shares of the company’s stock, valued at $717,379.74. The disclosure for this sale can be found here. Insiders sold 268,335 shares of company stock valued at $151,619,811 in the last three months. 2.45% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Netflix

Several institutional investors have recently bought and sold shares of the company. Evolution Wealth Advisors LLC grew its position in Netflix by 21.1% in the 1st quarter. Evolution Wealth Advisors LLC now owns 625 shares of the Internet television network’s stock valued at $380,000 after acquiring an additional 109 shares in the last quarter. SeaCrest Wealth Management LLC grew its position in Netflix by 10.8% in the 1st quarter. SeaCrest Wealth Management LLC now owns 3,752 shares of the Internet television network’s stock valued at $2,279,000 after acquiring an additional 365 shares in the last quarter. Naviter Wealth LLC grew its position in Netflix by 12.0% in the 1st quarter. Naviter Wealth LLC now owns 2,592 shares of the Internet television network’s stock valued at $1,574,000 after acquiring an additional 277 shares in the last quarter. Nvest Financial LLC grew its position in Netflix by 18.3% in the 1st quarter. Nvest Financial LLC now owns 1,982 shares of the Internet television network’s stock valued at $1,204,000 after acquiring an additional 306 shares in the last quarter. Finally, State of Michigan Retirement System grew its position in Netflix by 13.9% in the 1st quarter. State of Michigan Retirement System now owns 153,149 shares of the Internet television network’s stock valued at $93,012,000 after acquiring an additional 18,700 shares in 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.