Netflix (NASDAQ:NFLX) Upgraded to Buy at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Netflix (NASDAQ:NFLX) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. They currently have $1,150.00 target price on the Internet television network’s stock, up from their prior target price of $940.00.

NFLX has been the subject of a number of other reports. Rosenblatt Securities upgraded shares of Netflix from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $680.00 to $1,494.00 in a research note on Wednesday. Piper Sandler upped their price target on shares of Netflix from $840.00 to $950.00 and gave the company an “overweight” rating in a report on Tuesday, January 14th. Bank of America raised their price target on Netflix from $1,000.00 to $1,175.00 and gave the company a “buy” rating in a research report on Wednesday. Loop Capital cut their price objective on Netflix from $950.00 to $925.00 and set a “hold” rating for the company in a research report on Thursday, January 16th. Finally, KeyCorp raised their target price on Netflix from $760.00 to $785.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Netflix presently has an average rating of “Moderate Buy” and a consensus price target of $1,009.29.

Netflix Stock Down 0.7 %

Netflix stock opened at $977.59 on Wednesday. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.56. Netflix has a 1-year low of $542.01 and a 1-year high of $999.00. The firm’s fifty day simple moving average is $892.06 and its 200-day simple moving average is $764.95. The company has a market capitalization of $417.88 billion, a P/E ratio of 49.30, a P/E/G ratio of 1.53 and a beta of 1.27.

Netflix (NASDAQ:NFLX) last posted its earnings results on Tuesday, January 21st. The Internet television network reported $4.27 earnings per share for the quarter, beating the consensus estimate of $4.20 by $0.07. Netflix had a return on equity of 38.32% and a net margin of 22.34%. The company had revenue of $10.25 billion for the quarter, compared to analyst estimates of $10,141,900 billion. During the same period last year, the company earned $2.11 earnings per share. The business’s revenue was up 16.0% compared to the same quarter last year. Sell-side analysts forecast that Netflix will post 23.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Netflix

In other news, Director Jay C. Hoag sold 617 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $979.71, for a total value of $604,481.07. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Reed Hastings sold 48,363 shares of the stock in a transaction that occurred on 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 sale, the chairman now owns 114 shares in the company, valued at approximately $102,212.40. This trade represents a 99.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 147,117 shares of company stock worth $123,913,691 over the last ninety days. Corporate insiders own 1.76% of the company’s stock.

Institutional Trading of Netflix

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. RPg Family Wealth Advisory LLC bought a new stake in Netflix during the 3rd quarter worth about $25,000. E Fund Management Hong Kong Co. Ltd. lifted its position in shares of Netflix by 700.0% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 48 shares of the Internet television network’s stock worth $34,000 after purchasing an additional 42 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of Netflix during the third quarter valued at approximately $37,000. FSA Wealth Management LLC bought a new stake in shares of Netflix during the third quarter valued at approximately $38,000. Finally, First Personal Financial Services acquired a new stake in shares of Netflix in the third quarter valued at approximately $40,000. 80.93% of the stock is currently owned by institutional investors and hedge funds.

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.