Netflix, Inc. (NFLX) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Netflix, Inc. (NASDAQ:NFLX) from a hold rating to a buy rating in a report issued on Friday. They currently have $207.00 price objective on the Internet television network’s stock.
According to Zacks, “Netflix is benefitting from its focus on original programming and international expansion. The recent increase in monthly subscriptions price for the U.S. consumers will drive Netflix’s top-line. The strength in content portfolio will help it to gain more subscribers across the globe. Going ahead, the company expects to add 0.75 million subscribers in the domestic streaming segment and 3.65 million subscribers in the international segment in the third quarter. The company’s efforts to attract viewers through investing in more regional programming should also boost user base. Plus, the company expects to report profits from International operations in the third quarter. In the past one year, Netflix shares have vastly outperformed the industry. Estimates have remained stable ahead of the upcoming earnings release. But, investments in original/acquired content remain a drag on profitability.”
Other analysts have also issued reports about the company. BMO Capital Markets reaffirmed a market perform rating and issued a $180.00 price objective (up from $150.00) on shares of Netflix in a research note on Tuesday, July 18th. Needham & Company LLC reaffirmed a hold rating on shares of Netflix in a research note on Tuesday, July 18th. Bank of America Corporation reaffirmed a buy rating and issued a $199.00 price objective (up from $184.00) on shares of Netflix in a research note on Tuesday, July 18th. Vetr raised Netflix from a sell rating to a hold rating and set a $165.09 price objective on the stock in a research note on Wednesday, August 16th. Finally, Oppenheimer Holdings, Inc. raised their price objective on Netflix from $200.00 to $215.00 and gave the company an outperform rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, seventeen have given a hold rating and thirty-one have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $185.18.
Netflix (NASDAQ:NFLX) traded up 1.87% on Friday, hitting $198.02. The company had a trading volume of 15,348,356 shares. Netflix has a 12-month low of $97.63 and a 12-month high of $198.92. The firm has a market capitalization of $85.49 billion, a PE ratio of 240.90 and a beta of 1.09. The firm has a 50-day moving average price of $178.79 and a 200-day moving average price of $163.66. Netflix also saw unusually large options trading on Thursday. Stock investors bought 122,784 call options on the company. This represents an increase of approximately 283% compared to the average volume of 32,078 call options.
Netflix (NASDAQ:NFLX) last issued its quarterly earnings results on Monday, July 17th. The Internet television network reported $0.15 EPS for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.01). Netflix had a return on equity of 12.82% and a net margin of 3.55%. The company had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the previous year, the business posted $0.09 EPS. The firm’s revenue for the quarter was up 32.3% on a year-over-year basis. On average, equities research analysts anticipate that Netflix will post $1.17 earnings per share for the current fiscal year.
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In other Netflix news, CEO Reed Hastings sold 109,214 shares of the company’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $188.61, for a total value of $20,598,852.54. Following the transaction, the chief executive officer now directly owns 109,214 shares in the company, valued at approximately $20,598,852.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard N. Barton sold 2,000 shares of the company’s stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $169.18, for a total value of $338,360.00. Following the completion of the transaction, the director now owns 8,012 shares in the company, valued at $1,355,470.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 316,067 shares of company stock worth $56,923,386. 4.90% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Almanack Investment Partners LLC. bought a new position in Netflix in the 2nd quarter worth about $101,000. TD Capital Management LLC bought a new position in Netflix in the 2nd quarter worth about $105,000. Appropriate Balance Financial Services Inc. increased its stake in Netflix by 5.6% in the 2nd quarter. Appropriate Balance Financial Services Inc. now owns 702 shares of the Internet television network’s stock worth $4,701,000 after acquiring an additional 37 shares during the last quarter. SRS Capital Advisors Inc. increased its stake in Netflix by 3,361.9% in the 1st quarter. SRS Capital Advisors Inc. now owns 727 shares of the Internet television network’s stock worth $107,000 after acquiring an additional 706 shares during the last quarter. Finally, Harfst & Associates Inc. bought a new position in Netflix in the 1st quarter worth about $109,000. Institutional investors and hedge funds own 81.03% of the company’s stock.
Netflix, Inc is a provider an Internet television network. The Company operates through three segments: Domestic streaming, International streaming and Domestic DVD. The Domestic streaming segment includes services that streams content to its members in the United States. The International streaming segment includes services that streams content to its members outside the United States.
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