Canaccord Genuity Group Forecasts Strong Price Appreciation for Netflix (NASDAQ:NFLX) Stock

Netflix (NASDAQ:NFLX) had its price objective boosted by investment analysts at Canaccord Genuity Group from $1,380.00 to $1,525.00 in a research report issued to clients and investors on Wednesday, MarketBeat reports. The brokerage currently has a “buy” rating on the Internet television network’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 17.74% from the stock’s current price.

Several other equities research analysts also recently weighed in on NFLX. BMO Capital Markets reissued an “outperform” rating and set a $1,200.00 price objective (up previously from $1,175.00) on shares of Netflix in a report on Friday, April 18th. Moffett Nathanson reissued a “buy” rating and issued a $1,150.00 price target (up from $1,100.00) on shares of Netflix in a research note on Friday, April 18th. Jefferies Financial Group upped their price target on Netflix from $1,200.00 to $1,400.00 and gave the stock a “buy” rating in a research note on Tuesday, June 3rd. Citigroup reaffirmed a “neutral” rating and set a $1,250.00 target price (up from $1,020.00) on shares of Netflix in a research report on Thursday, May 29th. Finally, FBN Securities assumed coverage on Netflix in a research report on Thursday, March 27th. They set an “outperform” rating and a $1,165.00 target price on the stock. Eleven equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Netflix has a consensus rating of “Moderate Buy” and an average target price of $1,182.58.

Netflix Trading Up 0.8%

Shares of NFLX stock opened at $1,295.24 on Wednesday. The stock’s fifty day moving average price is $1,204.00 and its two-hundred day moving average price is $1,034.00. The company has a market cap of $551.21 billion, a PE ratio of 61.21, a P/E/G ratio of 2.48 and a beta of 1.59. Netflix has a fifty-two week low of $587.04 and a fifty-two week high of $1,341.15. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.20 and a current ratio of 1.20.

Netflix (NASDAQ:NFLX) last released its quarterly earnings data on Thursday, April 17th. The Internet television network reported $6.61 earnings per share for the quarter, beating the consensus estimate of $5.74 by $0.87. Netflix had a return on equity of 39.61% and a net margin of 23.07%. The business had revenue of $10.54 billion for the quarter, compared to analyst estimates of $10.51 billion. During the same period last year, the firm posted $8.28 earnings per share. Equities analysts predict that Netflix will post 24.58 EPS for the current fiscal year.

Insider Buying and Selling

In other Netflix news, Director Bradford L. Smith sold 3,919 shares of the business’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $1,124.26, for a total transaction of $4,405,974.94. Following the completion of the sale, the director directly owned 7,969 shares in the company, valued at approximately $8,959,227.94. The trade was a 32.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Spencer Adam Neumann sold 2,601 shares of the company’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $1,132.38, for a total value of $2,945,320.38. Following the sale, the chief financial officer owned 3,691 shares of the company’s stock, valued at approximately $4,179,614.58. This trade represents a 41.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 186,723 shares of company stock worth $223,307,201 over the last three months. 1.37% of the stock is owned by corporate insiders.

Institutional Trading of Netflix

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Netflix by 1.4% during the first quarter. Vanguard Group Inc. now owns 37,997,260 shares of the Internet television network’s stock valued at $35,433,585,000 after buying an additional 509,255 shares during the last quarter. FMR LLC increased its stake in shares of Netflix by 1.8% in the 4th quarter. FMR LLC now owns 20,887,090 shares of the Internet television network’s stock worth $18,617,081,000 after purchasing an additional 375,234 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Netflix by 2.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,732,066 shares of the Internet television network’s stock worth $10,940,505,000 after purchasing an additional 304,399 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Netflix by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 9,323,952 shares of the Internet television network’s stock worth $8,287,823,000 after purchasing an additional 175,596 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Netflix by 109,524.3% in the 1st quarter. GAMMA Investing LLC now owns 8,835,722 shares of the Internet television network’s stock worth $8,239,576,000 after purchasing an additional 8,827,662 shares in the last quarter. Hedge funds and other institutional investors 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.