Netflix (NASDAQ:NFLX) Price Target Raised to $600.00

Netflix (NASDAQ:NFLX) had its price target hoisted by Piper Sandler from $550.00 to $600.00 in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage currently has a neutral rating on the Internet television network’s stock.

Several other research firms have also weighed in on NFLX. Macquarie raised Netflix from a neutral rating to an outperform rating and raised their price objective for the company from $410.00 to $595.00 in a research note on Wednesday, January 24th. KeyCorp raised their price objective on Netflix from $580.00 to $705.00 and gave the company an overweight rating in a research note on Wednesday, March 20th. Guggenheim raised their price objective on Netflix from $500.00 to $600.00 and gave the company a buy rating in a research note on Wednesday, January 24th. Evercore ISI raised their price objective on Netflix from $600.00 to $640.00 and gave the company an outperform rating in a research note on Thursday, March 14th. Finally, UBS Group raised their price objective on Netflix from $570.00 to $685.00 and gave the company a buy rating in a research note on Tuesday, February 27th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $596.97.

Netflix Stock Performance

NFLX opened at $622.83 on Friday. The firm has a market cap of $269.54 billion, a P/E ratio of 51.86, a price-to-earnings-growth ratio of 1.69 and a beta of 1.22. Netflix has a 52-week low of $315.62 and a 52-week high of $639.00. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.12 and a current ratio of 1.12. The business’s fifty day moving average is $601.51 and its 200-day moving average is $507.13.

Netflix (NASDAQ:NFLX) last released its earnings results on Tuesday, January 23rd. The Internet television network reported $2.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.20 by ($0.09). The company had revenue of $8.83 billion for the quarter, compared to analyst estimates of $8.72 billion. Netflix had a return on equity of 24.76% and a net margin of 16.04%. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period last year, the company posted $0.12 earnings per share. Sell-side analysts expect that Netflix will post 17.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other Netflix news, Director Jay C. Hoag sold 47,000 shares of Netflix stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $550.50, for a total value of $25,873,500.00. Following the completion of the sale, the director now directly owns 431,034 shares in the company, valued at $237,284,217. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Netflix news, insider David A. Hyman sold 47,574 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $537.92, for a total value of $25,591,006.08. Following the completion of the sale, the insider now owns 31,610 shares of the company’s stock, valued at $17,003,651.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jay C. Hoag sold 47,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $550.50, for a total value of $25,873,500.00. Following the completion of the sale, the director now directly owns 431,034 shares of the company’s stock, valued at approximately $237,284,217. The disclosure for this sale can be found here. Over the last three months, insiders sold 268,335 shares of company stock worth $151,619,811. 2.45% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Netflix

A number of hedge funds have recently added to or reduced their stakes in NFLX. Fairfield Bush & CO. grew its stake in Netflix by 26.5% in the first quarter. Fairfield Bush & CO. now owns 2,446 shares of the Internet television network’s stock valued at $916,000 after acquiring an additional 512 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Netflix by 21.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 480,044 shares of the Internet television network’s stock valued at $179,820,000 after buying an additional 84,179 shares during the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Netflix by 14.2% during the first quarter. Sequoia Financial Advisors LLC now owns 2,922 shares of the Internet television network’s stock valued at $1,094,000 after buying an additional 363 shares during the last quarter. Candriam Luxembourg S.C.A. boosted its position in shares of Netflix by 6.9% during the first quarter. Candriam Luxembourg S.C.A. now owns 36,336 shares of the Internet television network’s stock valued at $13,610,000 after buying an additional 2,358 shares during the last quarter. Finally, Brown Brothers Harriman & Co. boosted its position in shares of Netflix by 13.1% during the first quarter. Brown Brothers Harriman & Co. now owns 3,808 shares of the Internet television network’s stock valued at $1,426,000 after buying an additional 441 shares during the last quarter. 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.