Canaccord Genuity Group Reiterates “Hold” Rating for Netflix (NASDAQ:NFLX)

Netflix (NASDAQ:NFLX)‘s stock had its “hold” rating reaffirmed by equities research analysts at Canaccord Genuity Group in a report released on Friday, StockNewsAPI reports. They currently have a $585.00 target price on the Internet television network’s stock, down from their prior target price of $720.00. Canaccord Genuity Group’s target price indicates a potential downside of 4.19% from the company’s previous close.

Several other equities research analysts also recently commented on the stock. Piper Sandler lifted their price objective on shares of Netflix from $550.00 to $600.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. Bank of America lifted their price objective on shares of Netflix from $585.00 to $650.00 and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Barclays lifted their price objective on shares of Netflix from $475.00 to $550.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 9th. TD Cowen boosted their target price on shares of Netflix from $600.00 to $725.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Finally, Jefferies Financial Group boosted their target price on shares of Netflix from $580.00 to $700.00 and gave the company a “buy” rating in a research report on Tuesday, March 12th. One investment 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 stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $616.63.

Netflix Price Performance

NASDAQ NFLX opened at $610.56 on Friday. The firm’s fifty day simple moving average is $605.77 and its two-hundred day simple moving average is $511.86. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.69. Netflix has a 12-month low of $315.62 and a 12-month high of $639.00. The firm has a market capitalization of $264.23 billion, a P/E ratio of 50.84, a P/E/G ratio of 1.65 and a beta of 1.22.

Netflix (NASDAQ:NFLX) last released its quarterly earnings results on Thursday, April 18th. The Internet television network reported $5.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.51 by $0.77. Netflix had a net margin of 16.04% and a return on equity of 24.76%. The business had revenue of $9.37 billion for the quarter, compared to analyst estimates of $9.28 billion. During the same period in the previous year, the company earned $2.88 earnings per share. The business’s revenue for the quarter was up 14.8% on a year-over-year basis. Analysts forecast that Netflix will post 17.05 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Reed Hastings sold 20,566 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $610.42, for a total transaction of $12,553,897.72. Following the completion of the transaction, the chairman now directly owns 28 shares of the company’s stock, valued at $17,091.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Netflix news, Chairman Reed Hastings sold 20,566 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $610.42, for a total value of $12,553,897.72. Following the completion of the transaction, the chairman now directly owns 28 shares of the company’s stock, valued at $17,091.76. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider David A. Hyman sold 47,574 shares of the stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $537.92, for a total transaction of $25,591,006.08. Following the completion of the transaction, the insider now directly owns 31,610 shares of the company’s stock, valued at $17,003,651.20. The disclosure for this sale can be found here. Insiders sold 268,335 shares of company stock valued at $151,619,811 over the last ninety days. Corporate insiders own 2.45% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Authentikos Wealth Advisory LLC acquired a new position in Netflix in the third quarter valued at $25,000. Spartan Planning & Wealth Management acquired a new position in Netflix in the third quarter valued at $26,000. Carmel Capital Partners LLC increased its stake in Netflix by 290.0% in the third quarter. Carmel Capital Partners LLC now owns 78 shares of the Internet television network’s stock valued at $30,000 after purchasing an additional 58 shares during the last quarter. VitalStone Financial LLC increased its stake in Netflix by 933.3% in the fourth quarter. VitalStone Financial LLC now owns 62 shares of the Internet television network’s stock valued at $30,000 after purchasing an additional 56 shares during the last quarter. Finally, Beaird Harris Wealth Management LLC increased its stake in Netflix by 1,550.0% in the fourth quarter. Beaird Harris Wealth Management LLC now owns 66 shares of the Internet television network’s stock valued at $32,000 after purchasing an additional 62 shares during the last quarter. Hedge funds and other 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.