Bank of America Boosts Netflix (NASDAQ:NFLX) Price Target to $700.00

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

A number of other brokerages have also recently issued reports on NFLX. UBS Group upped their target price on Netflix from $570.00 to $685.00 and gave the stock a buy rating in a report on Tuesday, February 27th. Wedbush reaffirmed an outperform rating and issued a $725.00 price objective on shares of Netflix in a research note on Friday. Guggenheim lifted their target price on shares of Netflix from $600.00 to $700.00 and gave the stock a buy rating in a research report on Tuesday, April 16th. Jefferies Financial Group boosted their target price on shares of Netflix from $580.00 to $700.00 and gave the stock a buy rating in a report on Tuesday, March 12th. Finally, Robert W. Baird raised their price target on shares of Netflix from $500.00 to $600.00 and gave the company an outperform rating in a research note on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat, Netflix has an average rating of Moderate Buy and a consensus target price of $630.58.

Netflix Stock Down 9.1 %

NFLX stock opened at $555.04 on Friday. The firm has a 50-day moving average price of $605.65 and a 200-day moving average price of $514.99. Netflix has a 12 month low of $315.62 and a 12 month high of $639.00. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $240.20 billion, a P/E ratio of 38.52, a price-to-earnings-growth ratio of 1.49 and a beta of 1.22.

Netflix (NASDAQ:NFLX) last issued its quarterly earnings data on Thursday, April 18th. The Internet television network reported $5.28 EPS for the quarter, beating the consensus estimate of $4.51 by $0.77. The business had revenue of $9.37 billion during the quarter, compared to the consensus estimate of $9.28 billion. Netflix had a net margin of 18.42% and a return on equity of 29.46%. The firm’s revenue was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.88 EPS. As a group, equities research analysts anticipate that Netflix will post 17.13 EPS for the current fiscal year.

Insider Buying and Selling

In other Netflix news, insider David A. Hyman sold 47,574 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $537.92, for a total transaction of $25,591,006.08. Following the completion of the sale, the insider now owns 31,610 shares in the company, valued at approximately $17,003,651.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Netflix news, insider David A. Hyman sold 47,574 shares of Netflix stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $537.92, for a total transaction of $25,591,006.08. Following the completion of the transaction, the insider now owns 31,610 shares in the company, valued at approximately $17,003,651.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Theodore A. Sarandos sold 68,957 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $561.33, for a total value of $38,707,632.81. Following the completion of the sale, the chief executive officer now directly owns 1,278 shares of the company’s stock, valued at $717,379.74. The disclosure for this sale can be found here. Insiders have sold a total of 268,335 shares of company stock worth $151,619,811 in the last ninety days. Corporate insiders own 2.45% of the company’s stock.

Hedge Funds Weigh In On Netflix

A number of hedge funds have recently bought and sold shares of the company. Indiana Trust & Investment Management CO grew its position in Netflix by 112.0% in the 1st quarter. Indiana Trust & Investment Management CO now owns 53 shares of the Internet television network’s stock worth $32,000 after purchasing an additional 28 shares in the last quarter. VitalStone Financial LLC boosted its stake in shares of Netflix by 933.3% in the 4th quarter. VitalStone Financial LLC now owns 62 shares of the Internet television network’s stock worth $30,000 after buying an additional 56 shares during the last quarter. Scarborough Advisors LLC bought a new position in shares of Netflix in the fourth quarter valued at approximately $32,000. Aspect Partners LLC purchased a new stake in shares of Netflix during the fourth quarter valued at approximately $32,000. Finally, Authentikos Wealth Advisory LLC bought a new stake in Netflix during the third quarter worth $25,000. 80.93% of the stock is 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.