Netflix (NASDAQ:NFLX) Trading Down 0.7% Following Analyst Downgrade

Netflix, Inc. (NASDAQ:NFLX) was down 0.7% during trading on Monday after Canaccord Genuity Group downgraded the stock from a buy rating to a hold rating. Canaccord Genuity Group now has a $585.00 price target on the stock, down from their previous price target of $720.00. Netflix traded as low as $542.01 and last traded at $551.09. Approximately 3,492,896 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 4,439,449 shares. The stock had previously closed at $555.04.

Several other analysts have also issued reports on NFLX. Jefferies Financial Group increased their target price on Netflix from $580.00 to $700.00 and gave the stock a “buy” rating in a report on Tuesday, March 12th. Guggenheim increased their target price on Netflix from $600.00 to $700.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Benchmark reissued a “sell” rating and set a $440.00 target price on shares of Netflix in a report on Thursday, April 18th. BMO Capital Markets reissued an “outperform” rating and set a $713.00 target price (up from $638.00) on shares of Netflix in a report on Wednesday, April 17th. Finally, Oppenheimer increased their target price on Netflix from $615.00 to $725.00 and gave the stock an “outperform” rating in a report on Monday, March 11th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and twenty-two have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $630.58.

Insiders Place Their Bets

In other Netflix news, Director Jay C. Hoag sold 47,000 shares of Netflix stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $550.50, for a total value of $25,873,500.00. Following the completion of the sale, the director now directly owns 431,034 shares in the company, valued at $237,284,217. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Netflix news, insider David A. Hyman sold 47,574 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $537.92, for a total value of $25,591,006.08. Following the completion of the sale, the insider now owns 31,610 shares of the company’s stock, valued at $17,003,651.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jay C. Hoag sold 47,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $550.50, for a total value of $25,873,500.00. Following the completion of the sale, the director now directly owns 431,034 shares of the company’s stock, valued at approximately $237,284,217. The disclosure for this sale can be found here. Over the last three months, insiders sold 268,335 shares of company stock worth $151,619,811. 2.45% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Authentikos Wealth Advisory LLC purchased a new position in shares of Netflix during the third quarter valued at approximately $25,000. Spartan Planning & Wealth Management purchased a new position in shares of Netflix during the third quarter valued at approximately $26,000. Carmel Capital Partners LLC boosted its position in shares of Netflix by 290.0% during the third quarter. Carmel Capital Partners LLC now owns 78 shares of the Internet television network’s stock valued at $30,000 after buying an additional 58 shares during the last quarter. VitalStone Financial LLC boosted its position in shares of Netflix by 933.3% during the fourth quarter. VitalStone Financial LLC now owns 62 shares of the Internet television network’s stock valued at $30,000 after buying an additional 56 shares during the last quarter. Finally, Beaird Harris Wealth Management LLC boosted its position in shares of Netflix by 1,550.0% during the fourth quarter. Beaird Harris Wealth Management LLC now owns 66 shares of the Internet television network’s stock valued at $32,000 after buying an additional 62 shares during the last quarter. Hedge funds and other institutional investors own 80.93% of the company’s stock.

Netflix Stock Performance

The company has a 50-day moving average of $605.58 and a 200-day moving average of $516.27. The company has a quick ratio of 1.12, a current ratio of 1.07 and a debt-to-equity ratio of 0.62. The company has a market cap of $238.98 billion, a PE ratio of 38.49, a PEG ratio of 1.49 and a beta of 1.22.

Netflix (NASDAQ:NFLX) last posted its quarterly earnings data on Thursday, April 18th. The Internet television network reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.51 by $0.77. Netflix had a return on equity of 29.62% and a net margin of 18.42%. The business had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $9.28 billion. During the same quarter in the previous year, the firm earned $2.88 earnings per share. The business’s revenue was up 14.8% on a year-over-year basis. As a group, analysts anticipate that Netflix, Inc. will post 17.13 earnings per share for the current year.

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.