Piper Sandler Forecasts Strong Price Appreciation for Netflix (NASDAQ:NFLX) Stock

Netflix (NASDAQ:NFLX) had its target price lifted by equities research analysts at Piper Sandler from $1,150.00 to $1,400.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the Internet television network’s stock. Piper Sandler’s price objective would suggest a potential upside of 12.44% from the stock’s previous close.

Several other brokerages also recently commented on NFLX. Jefferies Financial Group upped their price objective on Netflix from $1,200.00 to $1,400.00 and gave the company a “buy” rating in a research report on Tuesday, June 3rd. Loop Capital reiterated a “hold” rating on shares of Netflix in a report on Monday, March 24th. Moffett Nathanson reiterated a “buy” rating and issued a $1,150.00 target price (up from $1,100.00) on shares of Netflix in a report on Friday, April 18th. BMO Capital Markets reiterated an “outperform” rating and issued a $1,200.00 target price (up from $1,175.00) on shares of Netflix in a report on Friday, April 18th. Finally, Canaccord Genuity Group reiterated a “buy” rating on shares of Netflix in a report on Thursday. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $1,214.52.

Netflix Stock Performance

Shares of Netflix stock opened at $1,245.11 on Friday. The stock’s fifty day moving average is $1,221.70 and its two-hundred day moving average is $1,049.85. The company has a market capitalization of $529.88 billion, a PE ratio of 58.84, a price-to-earnings-growth ratio of 2.26 and a beta of 1.59. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.58. Netflix has a 52 week low of $587.04 and a 52 week high of $1,341.15.

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

Insider Transactions at Netflix

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NFLX. Petredis Investment Advisors LLC grew its holdings in Netflix by 0.8% during the second quarter. Petredis Investment Advisors LLC now owns 8,057 shares of the Internet television network’s stock worth $10,789,000 after acquiring an additional 61 shares during the period. Quantum Financial Advisors LLC grew its holdings in Netflix by 7.9% during the second quarter. Quantum Financial Advisors LLC now owns 383 shares of the Internet television network’s stock worth $513,000 after acquiring an additional 28 shares during the period. Trinity Wealth Management LLC acquired a new stake in Netflix during the second quarter worth about $266,000. Ullmann Wealth Partners Group LLC grew its holdings in Netflix by 6.9% during the second quarter. Ullmann Wealth Partners Group LLC now owns 416 shares of the Internet television network’s stock worth $558,000 after acquiring an additional 27 shares during the period. Finally, Oak Asset Management LLC grew its holdings in Netflix by 3.9% during the second quarter. Oak Asset Management LLC now owns 816 shares of the Internet television network’s stock worth $1,093,000 after acquiring an additional 31 shares during the period. 80.93% of the stock is owned by institutional investors and hedge funds.

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.