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

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

Several other analysts have also recently issued reports on the company. Canaccord Genuity Group cut Netflix from a buy rating to a hold rating and cut their target price for the stock from $720.00 to $585.00 in a research report on Friday. KeyCorp increased their target price on Netflix from $580.00 to $705.00 and gave the stock an overweight rating in a research report on Wednesday, March 20th. The Goldman Sachs Group increased their target price on Netflix from $500.00 to $565.00 and gave the stock a neutral rating in a research report on Wednesday, January 24th. Rosenblatt Securities cut their target price on Netflix from $554.00 to $540.00 and set a neutral rating for the company in a research report on Friday. Finally, Jefferies Financial Group increased their target price on Netflix from $580.00 to $700.00 and gave the stock a buy rating in a research report on Tuesday, March 12th. One research 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 company’s stock. According to MarketBeat, Netflix has a consensus rating of Moderate Buy and an average price target of $630.58.

Netflix Stock Performance

Shares of NFLX opened at $555.04 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.69. The business has a 50-day simple moving average of $605.65 and a two-hundred day simple moving average of $513.07. The stock has a market cap of $240.20 billion, a price-to-earnings ratio of 38.52, a PEG ratio of 1.64 and a beta of 1.22. Netflix has a 52 week low of $315.62 and a 52 week high of $639.00.

Netflix (NASDAQ:NFLX) last issued its quarterly earnings results on Thursday, April 18th. The Internet television network reported $5.28 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.77. Netflix had a return on equity of 29.46% and a net margin of 18.42%. The business had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $9.28 billion. During the same quarter in the prior year, the business posted $2.88 earnings per share. The business’s quarterly revenue was up 14.8% on a year-over-year basis. On average, analysts expect that Netflix will post 17.08 EPS for the current year.

Insider Buying and Selling

In related news, Director Ann Mather sold 3,673 shares of the firm’s 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Netflix news, CEO Theodore A. Sarandos sold 68,957 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $561.33, for a total transaction of $38,707,632.81. Following the transaction, the chief executive officer now directly owns 1,278 shares in the company, valued at approximately $717,379.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ann Mather sold 3,673 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $600.00, for a total value of $2,203,800.00. The disclosure for this sale can be found here. In the last three months, insiders sold 268,335 shares of company stock valued at $151,619,811. Insiders own 2.45% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Mezzasalma Advisors LLC increased its holdings in Netflix by 1.3% during the 1st quarter. Mezzasalma Advisors LLC now owns 6,861 shares of the Internet television network’s stock worth $4,167,000 after purchasing an additional 90 shares during the period. FORVIS Wealth Advisors LLC increased its holdings in Netflix by 119.4% during the 1st quarter. FORVIS Wealth Advisors LLC now owns 974 shares of the Internet television network’s stock worth $592,000 after purchasing an additional 530 shares during the period. Teamwork Financial Advisors LLC increased its holdings in Netflix by 3,476.5% during the 1st quarter. Teamwork Financial Advisors LLC now owns 15,987 shares of the Internet television network’s stock worth $9,709,000 after purchasing an additional 15,540 shares during the period. Veracity Capital LLC increased its holdings in Netflix by 44.8% during the 1st quarter. Veracity Capital LLC now owns 640 shares of the Internet television network’s stock worth $389,000 after purchasing an additional 198 shares during the period. Finally, Willis Johnson & Associates Inc. increased its holdings in Netflix by 9.0% during the 1st quarter. Willis Johnson & Associates Inc. now owns 1,030 shares of the Internet television network’s stock worth $626,000 after purchasing an additional 85 shares during the period. 80.93% of the stock is currently 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.