Canaccord Genuity Group Lowers Netflix (NASDAQ:NFLX) to Hold

Netflix (NASDAQ:NFLX) was downgraded by Canaccord Genuity Group from a “buy” rating to a “hold” rating in a report issued on Friday, Briefing.com reports. They currently have a $585.00 price target on the Internet television network’s stock, down from their prior price target of $720.00. Canaccord Genuity Group’s target price would suggest a potential downside of 4.19% from the company’s current price.

Several other brokerages have also weighed in on NFLX. JPMorgan Chase & Co. increased their target price on Netflix from $610.00 to $650.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Needham & Company LLC raised Netflix from a “hold” rating to a “buy” rating and set a $700.00 price target on the stock in a report on Friday. Jefferies Financial Group raised their price target on Netflix from $580.00 to $700.00 and gave the company a “buy” rating in a report on Tuesday, March 12th. StockNews.com raised Netflix from a “hold” rating to a “buy” rating in a report on Monday, February 26th. Finally, Canaccord Genuity Group reissued a “hold” rating and set a $585.00 price target (down from $720.00) on shares of Netflix in a report on Friday. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $628.76.

Netflix Stock Performance

Shares of NFLX opened at $610.56 on Friday. The business’s fifty day moving average price is $605.77 and its 200 day moving average price is $511.86. Netflix has a 12-month low of $315.62 and a 12-month high of $639.00. The stock has a market capitalization of $264.23 billion, a PE ratio of 50.84, a price-to-earnings-growth ratio of 1.65 and a beta of 1.22. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.12 and a quick ratio of 1.12.

Netflix (NASDAQ:NFLX) last issued its earnings results 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 24.76% and a net margin of 16.04%. The firm had revenue of $9.37 billion for the quarter, compared to analyst estimates of $9.28 billion. During the same period last year, the company earned $2.88 earnings per share. The firm’s revenue for the quarter was up 14.8% on a year-over-year basis. Equities research analysts forecast that Netflix will post 17.05 EPS for the current year.

Insider Transactions at Netflix

In other news, insider David A. Hyman sold 267 shares of Netflix stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $556.01, for a total transaction of $148,454.67. Following the sale, the insider now owns 31,610 shares of the company’s stock, valued at approximately $17,575,476.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider David A. Hyman sold 267 shares of Netflix stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $556.01, for a total transaction of $148,454.67. Following the sale, the insider now owns 31,610 shares of the company’s stock, valued at approximately $17,575,476.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Spencer Adam Neumann sold 565 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $565.37, for a total value of $319,434.05. The disclosure for this sale can be found here. In the last quarter, insiders have sold 268,335 shares of company stock valued at $151,619,811. 2.45% of the stock is owned by corporate insiders.

Institutional Trading of Netflix

Several institutional investors have recently bought and sold shares of the stock. KFA Private Wealth Group LLC boosted its stake in Netflix by 1.9% in the 4th quarter. KFA Private Wealth Group LLC now owns 958 shares of the Internet television network’s stock valued at $466,000 after buying an additional 18 shares in the last quarter. Legacy Capital Group California Inc. raised its position in shares of Netflix by 0.6% during the fourth quarter. Legacy Capital Group California Inc. now owns 2,833 shares of the Internet television network’s stock worth $1,379,000 after acquiring an additional 18 shares during the last quarter. Founders Financial Alliance LLC raised its position in shares of Netflix by 2.4% during the fourth quarter. Founders Financial Alliance LLC now owns 757 shares of the Internet television network’s stock worth $369,000 after acquiring an additional 18 shares during the last quarter. Capital Advisors Ltd. LLC raised its position in shares of Netflix by 4.6% during the first quarter. Capital Advisors Ltd. LLC now owns 411 shares of the Internet television network’s stock worth $250,000 after acquiring an additional 18 shares during the last quarter. Finally, Addison Advisors LLC raised its position in shares of Netflix by 7.8% during the fourth quarter. Addison Advisors LLC now owns 276 shares of the Internet television network’s stock worth $134,000 after acquiring an additional 20 shares during the last quarter. Institutional investors and hedge funds own 80.93% of the company’s stock.

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.