Netflix (NASDAQ:NFLX) Stock Price Up 0.6% After Analyst Upgrade

Netflix, Inc. (NASDAQ:NFLX) shares shot up 0.6% during trading on Thursday after Bank of America raised their price target on the stock from $800.00 to $1,000.00. Bank of America currently has a buy rating on the stock. Netflix traded as high as $894.77 and last traded at $888.84. 1,239,057 shares were traded during mid-day trading, a decline of 66% from the average session volume of 3,653,134 shares. The stock had previously closed at $883.85.

Several other analysts have also recently issued reports on NFLX. Macquarie reiterated an “outperform” rating and set a $795.00 target price on shares of Netflix in a research report on Friday, October 18th. Wedbush reiterated an “outperform” rating and set a $950.00 target price (up previously from $800.00) on shares of Netflix in a research report on Monday. Wells Fargo & Company increased their price target on Netflix from $758.00 to $797.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. UBS Group increased their price target on Netflix from $750.00 to $825.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, Barclays reissued an “underweight” rating and set a $550.00 price target on shares of Netflix in a research note on Friday, October 18th. Two investment 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $764.82.

Insider Activity

In other news, Chairman Reed Hastings sold 25,074 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $680.92, for a total value of $17,073,388.08. Following the sale, the chairman now owns 85 shares in the company, valued at $57,878.20. This represents a 99.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy M. Haley sold 11,090 shares of the company’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $757.96, for a total value of $8,405,776.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,866 shares of company stock worth $133,393,921. 1.76% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Netflix

A number of hedge funds have recently made changes to their positions in NFLX. DigitalBridge Group Inc. increased its holdings in shares of Netflix by 35.5% in the second quarter. DigitalBridge Group Inc. now owns 36,063 shares of the Internet television network’s stock valued at $24,338,000 after purchasing an additional 9,451 shares during the last quarter. Natixis Advisors LLC grew its position in Netflix by 2.0% in the third quarter. Natixis Advisors LLC now owns 612,458 shares of the Internet television network’s stock worth $434,398,000 after acquiring an additional 11,921 shares during the period. Venturi Wealth Management LLC grew its position in Netflix by 27.5% in the third quarter. Venturi Wealth Management LLC now owns 3,077 shares of the Internet television network’s stock worth $2,182,000 after acquiring an additional 664 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Netflix by 58.2% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 82,931 shares of the Internet television network’s stock worth $55,968,000 after acquiring an additional 30,511 shares during the period. Finally, Forsta AP Fonden grew its position in Netflix by 7.7% in the third quarter. Forsta AP Fonden now owns 121,400 shares of the Internet television network’s stock worth $86,105,000 after acquiring an additional 8,700 shares during the period. Institutional investors and hedge funds own 80.93% of the company’s stock.

Netflix Stock Up 1.2 %

The company has a market capitalization of $382.33 billion, a PE ratio of 50.30, a price-to-earnings-growth ratio of 1.68 and a beta of 1.25. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.62. The firm has a 50-day moving average of $747.20 and a two-hundred day moving average of $686.80.

Netflix (NASDAQ:NFLX) last issued its quarterly earnings data on Thursday, October 17th. The Internet television network reported $5.40 earnings per share for the quarter, topping the consensus estimate of $5.09 by $0.31. Netflix had a return on equity of 35.86% and a net margin of 20.70%. The company had revenue of $9.82 billion during the quarter, compared to analyst estimates of $9.77 billion. Equities research analysts predict that Netflix, Inc. will post 19.78 earnings per share for the current fiscal year.

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.