TD Cowen Forecasts Strong Price Appreciation for Netflix (NASDAQ:NFLX) Stock

Netflix (NASDAQ:NFLX) had its price objective hoisted by equities researchers at TD Cowen from $1,440.00 to $1,450.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the Internet television network’s stock. TD Cowen’s price objective would indicate a potential upside of 19.46% from the stock’s current price.

Several other research firms have also recently weighed in on NFLX. Needham & Company LLC restated a “buy” rating and issued a $1,500.00 price target on shares of Netflix in a research note on Friday. Rosenblatt Securities upped their price objective on Netflix from $1,514.00 to $1,515.00 and gave the company a “buy” rating in a research report on Friday. JPMorgan Chase & Co. boosted their price target on Netflix from $1,220.00 to $1,230.00 and gave the company a “neutral” rating in a report on Friday, July 11th. Robert W. Baird boosted their price target on Netflix from $1,200.00 to $1,300.00 and gave the company an “outperform” rating in a report on Friday, May 16th. Finally, Piper Sandler boosted their price target on Netflix from $1,400.00 to $1,500.00 and gave the company an “overweight” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Netflix presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,263.94.

Netflix Price Performance

NFLX traded down $60.38 during trading on Friday, reaching $1,213.79. 2,122,219 shares of the company were exchanged, compared to its average volume of 3,772,961. The company’s 50-day moving average is $1,231.20 and its two-hundred day moving average is $1,058.57. Netflix has a 12-month low of $587.04 and a 12-month high of $1,341.15. The company has a market cap of $516.55 billion, a price-to-earnings ratio of 57.43, a P/E/G ratio of 2.26 and a beta of 1.59. 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 (NASDAQ:NFLX) last announced its quarterly earnings data on Thursday, July 17th. The Internet television network reported $7.19 earnings per share for the quarter, beating the consensus estimate of $7.07 by $0.12. The firm had revenue of $11.08 billion during the quarter, compared to the consensus estimate of $11.04 billion. Netflix had a return on equity of 39.61% and a net margin of 23.07%. The business’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.88 earnings per share. Research analysts forecast that Netflix will post 24.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Jay C. Hoag sold 32,515 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $1,101.97, for a total value of $35,830,554.55. Following the transaction, the director directly owned 79,040 shares in the company, valued at approximately $87,099,708.80. This represents a 29.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Spencer Adam Neumann sold 2,601 shares of the company’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $1,132.38, for a total value of $2,945,320.38. Following the completion of the transaction, the chief financial officer owned 3,691 shares in the company, valued at $4,179,614.58. This represents a 41.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 186,723 shares of company stock valued at $223,307,201. Insiders own 1.37% of the company’s stock.

Institutional Trading of Netflix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NFLX. Brighton Jones LLC increased its position in shares of Netflix by 5.0% during the fourth quarter. Brighton Jones LLC now owns 5,390 shares of the Internet television network’s stock worth $4,804,000 after acquiring an additional 257 shares during the period. Revolve Wealth Partners LLC increased its holdings in Netflix by 16.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 1,023 shares of the Internet television network’s stock valued at $912,000 after buying an additional 144 shares during the last quarter. BIP Wealth LLC increased its holdings in Netflix by 23.8% in the fourth quarter. BIP Wealth LLC now owns 453 shares of the Internet television network’s stock valued at $403,000 after buying an additional 87 shares during the last quarter. Northwest & Ethical Investments L.P. purchased a new position in Netflix in the fourth quarter valued at $4,674,000. Finally, Whittier Trust Co. increased its holdings in Netflix by 1.1% in the fourth quarter. Whittier Trust Co. now owns 4,047 shares of the Internet television network’s stock valued at $3,607,000 after buying an additional 45 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.