Netflix’s (NFLX) “Buy” Rating Reiterated at Canaccord Genuity
Netflix Inc. (NASDAQ:NFLX)‘s stock had its “buy” rating reaffirmed by stock analysts at Canaccord Genuity in a research report issued on Monday. They currently have a $140.00 price objective on the Internet television network’s stock, up from their previous price objective of $115.00. Canaccord Genuity’s price target indicates a potential upside of 40.28% from the stock’s previous close.
A number of other research firms have also commented on NFLX. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $116.00 price objective (down from $125.00) on shares of Netflix in a research note on Tuesday, July 19th. MKM Partners lowered their target price on Netflix from $145.00 to $130.00 and set a “buy” rating for the company in a report on Wednesday, July 20th. Vetr upgraded Netflix from a “hold” rating to a “buy” rating and set a $103.71 target price for the company in a report on Thursday, September 8th. BMO Capital Markets reiterated a “market perform” rating and issued a $85.00 target price on shares of Netflix in a report on Thursday, July 28th. Finally, Jefferies Group reiterated an “underperform” rating and issued a $76.00 target price on shares of Netflix in a report on Friday, September 23rd. Seven research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-eight have assigned a buy rating to the company. Netflix presently has a consensus rating of “Hold” and an average target price of $115.35.
Netflix (NASDAQ:NFLX) traded up 18.103% during midday trading on Monday, hitting $117.867. The stock had a trading volume of 18,636,893 shares. The stock has a market capitalization of $50.53 billion, a PE ratio of 368.334 and a beta of 1.14. Netflix has a 1-year low of $79.95 and a 1-year high of $133.27. The stock’s 50-day moving average is $98.99 and its 200-day moving average is $96.28.
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Netflix (NASDAQ:NFLX) last posted its quarterly earnings data on Monday, October 17th. The Internet television network reported $0.12 EPS for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.06. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.28 billion. Netflix had a return on equity of 5.59% and a net margin of 1.85%. The firm’s quarterly revenue was up 31.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.07 earnings per share. On average, equities research analysts anticipate that Netflix will post $0.28 EPS for the current fiscal year.
In other news, CEO Reed Hastings sold 116,431 shares of Netflix stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $86.59, for a total transaction of $10,081,760.29. Following the completion of the sale, the chief executive officer now directly owns 116,431 shares of the company’s stock, valued at approximately $10,081,760.29. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Richard N. Barton sold 2,800 shares of Netflix stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $104.27, for a total transaction of $291,956.00. Following the sale, the director now directly owns 15,254 shares of the company’s stock, valued at $1,590,534.58. The disclosure for this sale can be found here. 4.90% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in NFLX. Cornerstone Advisors Inc. boosted its stake in shares of Netflix by 25.6% in the second quarter. Cornerstone Advisors Inc. now owns 1,118 shares of the Internet television network’s stock worth $102,000 after buying an additional 228 shares during the period. Signature Estate & Investment Advisors LLC bought a new stake in shares of Netflix during the second quarter worth $124,000. Quadrant Capital Group LLC boosted its stake in shares of Netflix by 15.1% in the second quarter. Quadrant Capital Group LLC now owns 1,475 shares of the Internet television network’s stock worth $126,000 after buying an additional 194 shares during the period. Coconut Grove Bank boosted its stake in shares of Netflix by 1.7% in the second quarter. Coconut Grove Bank now owns 1,526 shares of the Internet television network’s stock worth $140,000 after buying an additional 26 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Netflix by 15.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,690 shares of the Internet television network’s stock worth $155,000 after buying an additional 224 shares during the period. 78.41% of the stock is owned by institutional investors and hedge funds.
Netflix Company Profile
Netflix, Inc (Netflix) is a provider of Internet television network. The Company’s members can watch original series, documentaries and feature films in Internet-connected screen. The Company has three operating segments: Domestic streaming, International streaming and Domestic DVD. The Domestic and International streaming segments derive revenues from monthly membership fees for services consisting of streaming content.
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