Netflix (NASDAQ:NFLX) Hits New 1-Year High Following Analyst Upgrade

Posted by on Jun 8th, 2023

Shares of Netflix, Inc. (NASDAQ:NFLX – Get Rating) reached a new 52-week high during mid-day trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $400.00 to $500.00. The company traded as high as $418.95 and last traded at $414.00, with a volume of 2107398 shares trading hands. The stock had previously closed at $399.29.

Several other brokerages also recently commented on NFLX. UBS Group upgraded Netflix from a “neutral” rating to a “buy” rating and upped their price target for the stock from $350.00 to $390.00 in a report on Wednesday, April 19th. Jefferies Financial Group increased their price target on shares of Netflix from $405.00 to $440.00 in a report on Tuesday, May 30th. Rosenblatt Securities boosted their price objective on shares of Netflix from $345.00 to $357.00 and gave the stock a “neutral” rating in a report on Wednesday, April 19th. Piper Sandler increased their target price on shares of Netflix from $325.00 to $350.00 and gave the company a “neutral” rating in a research note on Wednesday, April 19th. Finally, Oppenheimer boosted their price target on Netflix from $415.00 to $450.00 in a research note on Wednesday, May 24th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, Netflix presently has a consensus rating of “Moderate Buy” and a consensus target price of $355.00.

Insider Activity

In other news, Chairman Reed Hastings sold 26,012 shares of the business’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $402.09, for a total transaction of $10,459,165.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Netflix news, Director Timothy M. Haley sold 7,147 shares of the firm’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $334.28, for a total value of $2,389,099.16. Following the transaction, the director now directly owns 86 shares of the company’s stock, valued at $28,748.08. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Reed Hastings sold 26,012 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $402.09, for a total transaction of $10,459,165.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 61,796 shares of company stock valued at $22,305,805. Company insiders own 2.45% of the company’s stock.

Institutional Investors Weigh In On Netflix

A number of institutional investors have recently made changes to their positions in the stock. Mizuho Markets Americas LLC boosted its holdings in Netflix by 11,985.6% during the first quarter. Mizuho Markets Americas LLC now owns 7,000,000 shares of the Internet television network’s stock worth $56,700,000 after buying an additional 6,942,080 shares during the last quarter. Norges Bank bought a new stake in Netflix in the fourth quarter valued at approximately $1,501,762,000. Jennison Associates LLC increased its stake in Netflix by 111.4% in the fourth quarter. Jennison Associates LLC now owns 5,499,391 shares of the Internet television network’s stock valued at $1,621,660,000 after purchasing an additional 2,898,263 shares in the last quarter. Moneta Group Investment Advisors LLC raised its holdings in Netflix by 117,939.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 2,742,048 shares of the Internet television network’s stock worth $808,575,000 after purchasing an additional 2,739,725 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Netflix by 21.2% during the third quarter. Price T Rowe Associates Inc. MD now owns 11,405,142 shares of the Internet television network’s stock worth $2,690,289,000 after purchasing an additional 1,991,099 shares in the last quarter. 77.26% of the stock is owned by institutional investors and hedge funds.

Netflix Stock Up 0.1 %

The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.64. The firm’s fifty day moving average price is $347.87 and its 200-day moving average price is $329.71. The company has a market cap of $177.71 billion, a price-to-earnings ratio of 42.99, a price-to-earnings-growth ratio of 1.61 and a beta of 1.26.

Netflix (NASDAQ:NFLX – Get Rating) last posted its earnings results on Tuesday, April 18th. The Internet television network reported $2.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.05. The firm had revenue of $8.16 billion during the quarter, compared to analysts’ expectations of $8.18 billion. Netflix had a return on equity of 20.43% and a net margin of 13.16%. The company’s revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm earned $3.53 earnings per share. Sell-side analysts predict that Netflix, Inc. will post 11.14 earnings per share for the current year.

Netflix Company Profile

(Get Rating)

Netflix, Inc engages in providing entertainment services. It also offers a broad set of activities for leisure time, entertainment video, video gaming, and other sources of entertainment. It operates through the United States and International geographic segments. The company was founded by Marc Randolph and Wilmot Reed Hastings on August 29, 1997 and is headquartered in Los Gatos, CA.

Featured Stories

Receive News & Ratings for Netflix Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Netflix and related companies with MarketBeat.com's FREE daily email newsletter.