JPMorgan Chase & Co. Raises Netflix (NASDAQ:NFLX) Price Target to $850.00

Netflix (NASDAQ:NFLX) had its target price hoisted by JPMorgan Chase & Co. from $750.00 to $850.00 in a research report report published on Friday morning, Benzinga reports. They currently have an overweight rating on the Internet television network’s stock.

Other research analysts have also issued research reports about the stock. Argus lifted their price objective on shares of Netflix from $660.00 to $767.00 and gave the stock a “buy” rating in a research note on Tuesday, July 2nd. Bank of America boosted their price target on shares of Netflix from $700.00 to $740.00 and gave the company a “buy” rating in a report on Monday, July 15th. Oppenheimer upped their price objective on shares of Netflix from $775.00 to $825.00 and gave the company an “outperform” rating in a research report on Friday. Redburn Atlantic lifted their target price on Netflix from $740.00 to $760.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, Citigroup increased their price target on Netflix from $660.00 to $675.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $747.70.

Netflix Stock Up 11.1 %

NASDAQ:NFLX opened at $763.89 on Friday. The stock’s fifty day simple moving average is $696.38 and its 200-day simple moving average is $655.12. The firm has a market capitalization of $329.24 billion, a P/E ratio of 53.01, a P/E/G ratio of 1.49 and a beta of 1.26. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.55. Netflix has a 12-month low of $392.26 and a 12-month high of $766.28.

Netflix (NASDAQ:NFLX) last issued its earnings results on Thursday, July 18th. The Internet television network reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.74 by $0.14. The firm had revenue of $9.56 billion for the quarter, compared to analysts’ expectations of $9.53 billion. Netflix had a return on equity of 32.93% and a net margin of 19.54%. The company’s revenue was up 16.8% compared to the same quarter last year. During the same quarter last year, the business earned $3.29 earnings per share. Equities research analysts expect that Netflix will post 19.08 earnings per share for the current year.

Insiders Place Their Bets

In other news, Chairman Reed Hastings sold 25,599 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $631.43, for a total value of $16,163,976.57. Following the completion of the sale, the chairman now directly owns 57 shares of the company’s stock, valued at $35,991.51. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, insider David A. Hyman sold 20,656 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $605.13, for a total value of $12,499,565.28. Following the transaction, the insider now owns 31,610 shares in the company, valued at approximately $19,128,159.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Reed Hastings sold 25,599 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $631.43, for a total transaction of $16,163,976.57. Following the completion of the transaction, the chairman now directly owns 57 shares in the company, valued at approximately $35,991.51. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 225,167 shares of company stock valued at $150,492,460 over the last 90 days. 1.76% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Netflix

Several institutional investors and hedge funds have recently made changes to their positions in NFLX. Vanguard Group Inc. boosted its stake in Netflix by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 36,587,911 shares of the Internet television network’s stock valued at $22,220,936,000 after purchasing an additional 149,341 shares during the period. Jennison Associates LLC increased its position in Netflix by 17.0% during the 1st quarter. Jennison Associates LLC now owns 6,381,464 shares of the Internet television network’s stock worth $3,875,655,000 after buying an additional 929,193 shares during the period. Baillie Gifford & Co. lifted its holdings in shares of Netflix by 2.3% during the second quarter. Baillie Gifford & Co. now owns 4,762,069 shares of the Internet television network’s stock worth $3,213,825,000 after buying an additional 106,756 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Netflix by 3.1% in the second quarter. Legal & General Group Plc now owns 3,449,114 shares of the Internet television network’s stock valued at $2,327,738,000 after acquiring an additional 104,332 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Netflix by 2.6% in the second quarter. Bank of New York Mellon Corp now owns 3,281,306 shares of the Internet television network’s stock valued at $2,214,488,000 after acquiring an additional 83,762 shares during the period. Institutional investors and hedge funds own 80.93% of the company’s stock.

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.