Netflix (NASDAQ:NFLX) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Netflix (NASDAQ:NFLX) in a report released on Friday, Benzinga reports. The firm currently has a $700.00 price objective on the Internet television network’s stock.

A number of other equities analysts have also recently issued reports on NFLX. Guggenheim increased their target price on Netflix from $700.00 to $735.00 and gave the stock a buy rating in a report on Wednesday, July 17th. Argus increased their target price on Netflix from $660.00 to $767.00 and gave the stock a buy rating in a report on Tuesday, July 2nd. Morgan Stanley increased their target price on Netflix from $700.00 to $780.00 and gave the stock an overweight rating in a report on Monday, July 15th. KeyCorp increased their price objective on shares of Netflix from $707.00 to $735.00 and gave the stock an overweight rating in a research note on Wednesday, July 10th. Finally, TD Cowen increased their price objective on shares of Netflix from $725.00 to $775.00 and gave the stock a buy rating in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $680.76.

Netflix Price Performance

NFLX stock opened at $633.34 on Friday. The stock has a 50-day moving average price of $655.73 and a two-hundred day moving average price of $604.31. The stock has a market cap of $272.97 billion, a PE ratio of 43.95, a price-to-earnings-growth ratio of 1.37 and a beta of 1.27. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. Netflix has a 1 year low of $344.73 and a 1 year high of $697.49.

Netflix (NASDAQ:NFLX) last released its earnings results 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 firm had revenue of $9.56 billion during the quarter, compared to analysts’ expectations of $9.53 billion. Netflix had a return on equity of 33.22% and a net margin of 19.54%. The company’s revenue was up 16.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.29 EPS. Equities analysts forecast that Netflix will post 18.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other Netflix news, insider David A. Hyman sold 268 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $593.62, for a total transaction of $159,090.16. Following the completion of the sale, the insider now directly owns 31,610 shares in the company, valued at $18,764,328.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Chairman Reed Hastings sold 18,361 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $551.54, for a total transaction of $10,126,825.94. Following the transaction, the chairman now directly owns 28 shares of the company’s stock, valued at $15,443.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David A. Hyman sold 268 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $18,764,328.20. The disclosure for this sale can be found here. Insiders sold 71,385 shares of company stock worth $44,469,351 over the last three months. Insiders own 1.76% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Norges Bank bought a new position in Netflix in the fourth quarter valued at approximately $2,558,598,000. Wellington Management Group LLP increased its stake in Netflix by 540.9% in the fourth quarter. Wellington Management Group LLP now owns 3,878,785 shares of the Internet television network’s stock valued at $1,888,503,000 after acquiring an additional 3,273,592 shares during the last quarter. GQG Partners LLC bought a new position in Netflix in the first quarter valued at approximately $1,450,476,000. International Assets Investment Management LLC increased its stake in Netflix by 15,039.1% in the fourth quarter. International Assets Investment Management LLC now owns 2,075,569 shares of the Internet television network’s stock valued at $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 fourth quarter. Jennison Associates LLC now owns 5,452,271 shares of the Internet television network’s stock valued at $2,654,602,000 after acquiring an additional 1,573,978 shares during the last quarter. 80.93% of the stock is owned by institutional investors.

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.