Piper Sandler Boosts Netflix (NASDAQ:NFLX) Price Target to $650.00

Netflix (NASDAQ:NFLX) had its price objective hoisted by Piper Sandler from $600.00 to $650.00 in a report released on Friday, Benzinga reports. The firm currently has a neutral rating on the Internet television network’s stock.

A number of other research firms also recently issued reports on NFLX. Barclays increased their price objective on Netflix from $475.00 to $550.00 and gave the stock an equal weight rating in a report on Tuesday, April 9th. Loop Capital raised their price target on Netflix from $700.00 to $750.00 and gave the company a buy rating in a report on Tuesday, June 18th. Argus raised their price target on Netflix from $660.00 to $767.00 and gave the company a buy rating in a report on Tuesday, July 2nd. Oppenheimer restated an outperform rating and set a $725.00 price target on shares of Netflix in a report on Friday, April 19th. Finally, Needham & Company LLC restated a buy rating and set a $700.00 price target on shares of Netflix in a report on Friday. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Netflix has a consensus rating of Moderate Buy and an average target price of $680.76.

Netflix Price Performance

NFLX opened at $633.34 on Friday. The stock has a fifty day simple moving average of $655.73 and a two-hundred day simple moving average of $604.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company has a market cap of $272.97 billion, a price-to-earnings ratio of 43.95, a price-to-earnings-growth ratio of 1.37 and a beta of 1.27. Netflix has a 12-month low of $344.73 and a 12-month high of $697.49.

Netflix (NASDAQ:NFLX) last posted its quarterly earnings data on Thursday, July 18th. The Internet television network reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.74 by $0.14. The business had revenue of $9.56 billion during the quarter, compared to the consensus estimate of $9.53 billion. Netflix had a return on equity of 33.22% and a net margin of 19.54%. The firm’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.29 earnings per share. Research analysts predict that Netflix will post 18.99 earnings per share for the current fiscal year.

Insider Activity

In other news, insider David A. Hyman sold 268 shares of Netflix stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $593.62, for a total transaction of $159,090.16. Following the transaction, the insider now directly owns 31,610 shares of the company’s stock, valued at approximately $18,764,328.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Chairman Reed Hastings sold 22,526 shares of Netflix stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $670.49, for a total transaction of $15,103,457.74. Following the sale, the chairman now owns 57 shares of the company’s stock, valued at approximately $38,217.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David A. Hyman sold 268 shares of Netflix stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $593.62, for a total value of $159,090.16. Following the sale, the insider now directly owns 31,610 shares in the company, valued at approximately $18,764,328.20. The disclosure for this sale can be found here. Insiders have sold a total of 71,385 shares of company stock valued at $44,469,351 in the last ninety days. Corporate insiders own 1.76% of the company’s stock.

Institutional Trading of Netflix

Several institutional investors and hedge funds have recently added to or reduced their stakes in NFLX. Norges Bank bought a new stake in Netflix during the 4th quarter valued at approximately $2,558,598,000. Wellington Management Group LLP increased its stake in Netflix by 540.9% in the 4th quarter. Wellington Management Group LLP now owns 3,878,785 shares of the Internet television network’s stock worth $1,888,503,000 after acquiring an additional 3,273,592 shares during the last quarter. GQG Partners LLC bought a new stake in Netflix in the 1st quarter worth approximately $1,450,476,000. International Assets Investment Management LLC increased its stake in Netflix by 15,039.1% in the 4th quarter. International Assets Investment Management LLC now owns 2,075,569 shares of the Internet television network’s stock worth $1,010,553,000 after acquiring an additional 2,061,859 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in Netflix by 40.6% in the 4th quarter. Jennison Associates LLC now owns 5,452,271 shares of the Internet television network’s stock worth $2,654,602,000 after acquiring an additional 1,573,978 shares during the last quarter. 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.