Netflix (NASDAQ:NFLX) Stock Rating Upgraded by Canaccord Genuity Group

Netflix (NASDAQ:NFLX) was upgraded by analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a report released on Wednesday, MarketBeat Ratings 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 would suggest a potential upside of 16.77% from the stock’s previous close.

A number of other research firms also recently commented on NFLX. Wolfe Research restated an “outperform” rating on shares of Netflix in a research report on Friday, October 18th. TD Cowen increased their price target on Netflix from $820.00 to $835.00 and gave the company a “buy” rating in a report on Friday, October 18th. Bank of America boosted their price objective on Netflix from $1,000.00 to $1,175.00 and gave the company a “buy” rating in a research report on Wednesday. Sanford C. Bernstein upped their price objective on shares of Netflix from $625.00 to $780.00 and gave the stock a “market perform” rating in a research note on Friday, October 18th. Finally, Needham & Company LLC lifted their price objective on Netflix from $800.00 to $1,150.00 and gave the stock a “buy” rating in a research report on Wednesday. Ten research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $996.94.

Netflix Stock Performance

Shares of Netflix stock opened at $984.86 on Wednesday. The firm has a market cap of $420.99 billion, a PE ratio of 49.67, a price-to-earnings-growth ratio of 1.41 and a beta of 1.27. Netflix has a 1 year low of $537.07 and a 1 year high of $999.00. The firm’s 50-day simple moving average is $889.11 and its 200-day simple moving average is $763.41. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.13 and a current ratio of 1.13.

Netflix (NASDAQ:NFLX) last released its earnings results on Tuesday, January 21st. The Internet television network reported $4.27 EPS for the quarter, topping analysts’ consensus estimates of $4.20 by $0.07. Netflix had a return on equity of 39.48% and a net margin of 22.34%. The company had revenue of $10.25 billion for the quarter, compared to the consensus estimate of $10,141,900 billion. During the same quarter last year, the business posted $2.11 EPS. Netflix’s quarterly revenue was up 16.0% compared to the same quarter last year. Equities analysts forecast that Netflix will post 23.43 earnings per share for the current fiscal year.

Insider Transactions at Netflix

In other news, Chairman Reed Hastings sold 48,363 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $896.60, for a total value of $43,362,265.80. Following the transaction, the chairman now directly owns 114 shares of the company’s stock, valued at $102,212.40. The trade was a 99.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy M. Haley sold 11,090 shares of the stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $757.96, for a total transaction of $8,405,776.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,500 shares of company stock worth $123,309,210. Company insiders own 1.76% of the company’s stock.

Hedge Funds Weigh In On Netflix

Large investors have recently added to or reduced their stakes in the business. Enzi Wealth lifted its position in shares of Netflix by 3.4% during the 4th quarter. Enzi Wealth now owns 331 shares of the Internet television network’s stock worth $316,000 after buying an additional 11 shares in the last quarter. TCI Wealth Advisors Inc. raised its position in Netflix by 1.6% during the fourth quarter. TCI Wealth Advisors Inc. now owns 700 shares of the Internet television network’s stock valued at $624,000 after purchasing an additional 11 shares in the last quarter. Advisory Resource Group raised its stake in shares of Netflix by 0.7% during the third quarter. Advisory Resource Group now owns 1,746 shares of the Internet television network’s stock valued at $1,238,000 after acquiring an additional 12 shares during the last quarter. Insight Wealth Strategies LLC boosted its holdings in Netflix by 1.9% in the fourth quarter. Insight Wealth Strategies LLC now owns 656 shares of the Internet television network’s stock valued at $585,000 after acquiring an additional 12 shares in the last quarter. Finally, Sunflower Bank N.A. boosted its holdings in shares of Netflix by 2.1% during the 4th quarter. Sunflower Bank N.A. now owns 575 shares of the Internet television network’s stock valued at $513,000 after buying an additional 12 shares in the last quarter. Institutional investors own 80.93% of the company’s stock.

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.