Netflix (NASDAQ:NFLX) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Netflix (NASDAQ:NFLX - Free Report) had its target price lifted by Canaccord Genuity Group from $1,380.00 to $1,525.00 in a research report sent to investors on Wednesday morning, MarketBeat reports. Canaccord Genuity Group currently has a buy rating on the Internet television network's stock.

Other equities research analysts have also issued research reports about the stock. Macquarie upped their price objective on shares of Netflix from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a report on Monday, April 21st. Piper Sandler set a $1,150.00 price target on Netflix and gave the company an "overweight" rating in a research note on Monday, April 21st. Jefferies Financial Group raised their price objective on Netflix from $1,200.00 to $1,400.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. JPMorgan Chase & Co. restated a "neutral" rating and issued a $1,220.00 price objective (up from $1,150.00) on shares of Netflix in a report on Monday, May 19th. Finally, Wolfe Research set a $1,340.00 price objective on shares of Netflix and gave the stock an "outperform" rating in a report on Friday, May 16th. Eleven analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Netflix presently has a consensus rating of "Moderate Buy" and an average target price of $1,182.58.

Netflix Price Performance

Shares of NASDAQ NFLX traded down $8.74 during trading on Wednesday, hitting $1,284.86. The company had a trading volume of 3,045,565 shares, compared to its average volume of 3,753,798. The firm has a market capitalization of $546.80 billion, a price-to-earnings ratio of 60.72, a price-to-earnings-growth ratio of 2.59 and a beta of 1.59. The stock has a fifty day simple moving average of $1,195.33 and a two-hundred day simple moving average of $1,029.66. 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 fifty-two week low of $587.04 and a fifty-two week high of $1,341.15.

Netflix (NASDAQ:NFLX - Get Free Report) last announced its earnings results on Thursday, April 17th. The Internet television network reported $6.61 EPS for the quarter, beating analysts' consensus estimates of $5.74 by $0.87. The business had revenue of $10.54 billion during the quarter, compared to analysts' expectations 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 firm earned $8.28 earnings per share. On average, research analysts expect that Netflix will post 24.58 earnings per share for the current year.

Insider Activity

In other news, Director Jay C. Hoag sold 31,750 shares of Netflix stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $1,252.35, for a total value of $39,762,112.50. Following the completion of the transaction, the director owned 63,040 shares in the company, valued at approximately $78,948,144. This trade represents a 33.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jeffrey William Karbowski sold 620 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $1,286.84, for a total value of $797,840.80. The disclosure for this sale can be found here. Insiders have sold a total of 157,319 shares of company stock valued at $184,842,109 over the last three months. Company insiders own 1.37% of the company's stock.

Institutional Investors Weigh In On Netflix

Large investors have recently added to or reduced their stakes in the stock. Halbert Hargrove Global Advisors LLC grew its position in Netflix by 100.0% in the 1st quarter. Halbert Hargrove Global Advisors LLC now owns 26 shares of the Internet television network's stock worth $25,000 after purchasing an additional 13 shares during the last quarter. Brown Shipley& Co Ltd bought a new stake in Netflix during the 4th quarter valued at $27,000. Transce3nd LLC bought a new position in shares of Netflix in the fourth quarter worth $32,000. Copia Wealth Management acquired a new position in shares of Netflix during the fourth quarter valued at $37,000. Finally, Flaharty Asset Management LLC acquired a new position in shares of Netflix during the first quarter valued at $37,000. 80.93% of the stock is 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.