Royal Bank of Canada Increases Netflix (NFLX) Price Target to $450.00

Netflix (NASDAQ:NFLX) had its price target lifted by research analysts at Royal Bank of Canada to $450.00 in a research note issued on Wednesday, The Fly reports. The brokerage presently has an “outperform” rating on the Internet television network’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 29.79% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Pivotal Research raised their target price on shares of Netflix from $420.00 to $500.00 and gave the company a “buy” rating in a report on Thursday, June 21st. Goldman Sachs Group raised their target price on shares of Netflix to $490.00 and gave the company a “positive” rating in a report on Wednesday, June 20th. Imperial Capital assumed coverage on shares of Netflix in a report on Tuesday, June 26th. They set an “outperform” rating and a $503.00 target price for the company. JPMorgan Chase & Co. restated a “buy” rating and set a $415.00 target price on shares of Netflix in a report on Tuesday, July 17th. Finally, BidaskClub downgraded shares of Netflix from a “buy” rating to a “hold” rating in a report on Thursday, August 16th. Five investment analysts have rated the stock with a sell rating, eleven have given a hold rating and thirty-one have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $376.83.

NASDAQ:NFLX opened at $346.71 on Wednesday. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 1.86. Netflix has a twelve month low of $178.38 and a twelve month high of $423.21. The stock has a market cap of $162.92 billion, a price-to-earnings ratio of 277.37, a price-to-earnings-growth ratio of 4.67 and a beta of 0.89.

Netflix (NASDAQ:NFLX) last posted its earnings results on Tuesday, October 16th. The Internet television network reported $0.89 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.21. Netflix had a net margin of 7.13% and a return on equity of 25.66%. The firm had revenue of $4 billion during the quarter, compared to the consensus estimate of $3.99 billion. During the same period last year, the firm posted $0.29 EPS. The firm’s revenue for the quarter was up 34.0% on a year-over-year basis. On average, research analysts forecast that Netflix will post 2.67 EPS for the current year.

In related news, Director Timothy M. Haley sold 21,882 shares of the firm’s stock in a transaction that occurred on Tuesday, October 16th. The shares were sold at an average price of $336.41, for a total value of $7,361,323.62. Following the sale, the director now directly owns 9,177 shares of the company’s stock, valued at $3,087,234.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David B. Wells sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, July 23rd. The stock was sold at an average price of $359.00, for a total transaction of $359,000.00. Following the completion of the sale, the chief financial officer now directly owns 1,000 shares in the company, valued at $359,000. The disclosure for this sale can be found here. Insiders sold 403,334 shares of company stock worth $142,463,785 over the last three months. Corporate insiders own 4.29% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in shares of Netflix by 2.3% in the second quarter. BlackRock Inc. now owns 27,436,409 shares of the Internet television network’s stock worth $10,739,434,000 after acquiring an additional 619,795 shares during the last quarter. FMR LLC boosted its position in shares of Netflix by 6.1% in the second quarter. FMR LLC now owns 26,511,408 shares of the Internet television network’s stock worth $10,377,360,000 after acquiring an additional 1,534,290 shares during the last quarter. Edgewood Management LLC lifted its position in Netflix by 2.3% during the second quarter. Edgewood Management LLC now owns 2,523,740 shares of the Internet television network’s stock valued at $987,868,000 after buying an additional 55,566 shares in the last quarter. Morgan Stanley lifted its position in Netflix by 1.6% during the second quarter. Morgan Stanley now owns 2,364,657 shares of the Internet television network’s stock valued at $925,600,000 after buying an additional 37,425 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its position in Netflix by 4.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,581,565 shares of the Internet television network’s stock valued at $619,072,000 after buying an additional 65,394 shares in the last quarter. 73.76% of the stock is currently owned by institutional investors and hedge funds.

About Netflix

Netflix, Inc, an Internet television network, engages in the Internet delivery of television (TV) shows and movies on various Internet-connected screens. It operates in three segments: Domestic Streaming, International Streaming, and Domestic DVD. The company offers TV shows and movies, including original series, documentaries, and feature films.

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