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

Netflix (NASDAQ:NFLX) was downgraded by equities research analysts at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a note issued to investors on Friday, Briefing.com reports. They presently have a $585.00 price objective on the Internet television network’s stock, down from their previous price objective of $720.00. Canaccord Genuity Group’s target price would indicate a potential downside of 4.19% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. The Goldman Sachs Group lifted their target price on shares of Netflix from $500.00 to $565.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 24th. Needham & Company LLC upgraded shares of Netflix from a “hold” rating to a “buy” rating and set a $700.00 target price on the stock in a research report on Friday. Redburn Atlantic lifted their target price on shares of Netflix from $550.00 to $610.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. DZ Bank upgraded shares of Netflix from a “hold” rating to a “buy” rating and set a $600.00 target price on the stock in a research report on Thursday, January 25th. Finally, Seaport Res Ptn lowered shares of Netflix from a “buy” rating to a “neutral” rating in a report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $628.76.

Netflix Stock Performance

Netflix stock opened at $610.56 on Friday. The firm’s fifty day moving average price is $605.77 and its 200-day moving average price is $511.86. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market cap of $264.23 billion, a P/E ratio of 50.84, a price-to-earnings-growth ratio of 1.65 and a beta of 1.22. Netflix has a fifty-two week low of $315.62 and a fifty-two week high of $639.00.

Netflix (NASDAQ:NFLX) last posted its quarterly earnings data on Thursday, April 18th. The Internet television network reported $5.28 earnings per share for the quarter, beating the consensus estimate of $4.51 by $0.77. The firm had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $9.28 billion. Netflix had a net margin of 16.04% and a return on equity of 24.76%. The business’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter last year, the company posted $2.88 EPS. On average, equities research analysts expect that Netflix will post 17.05 earnings per share for the current fiscal year.

Insider Activity at Netflix

In related news, CEO Theodore A. Sarandos sold 68,957 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $561.33, for a total transaction of $38,707,632.81. Following the sale, the chief executive officer now owns 1,278 shares of the company’s stock, valued at $717,379.74. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Theodore A. Sarandos sold 68,957 shares of the stock in a transaction on Friday, February 9th. The shares were sold at an average price of $561.33, for a total value of $38,707,632.81. Following the sale, the chief executive officer now owns 1,278 shares of the company’s stock, valued at $717,379.74. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Reed Hastings sold 20,566 shares of the stock in a transaction on 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 sale, the chairman now directly owns 28 shares in the company, valued at approximately $17,091.76. The disclosure for this sale can be found here. Insiders have sold a total of 268,335 shares of company stock valued at $151,619,811 over the last 90 days. 2.45% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NFLX. Authentikos Wealth Advisory LLC bought a new position in Netflix during the 3rd quarter worth about $25,000. Spartan Planning & Wealth Management bought a new position in Netflix during the 3rd quarter worth about $26,000. Carmel Capital Partners LLC grew its holdings in Netflix by 290.0% during the 3rd quarter. Carmel Capital Partners LLC now owns 78 shares of the Internet television network’s stock worth $30,000 after acquiring an additional 58 shares in the last quarter. VitalStone Financial LLC grew its holdings in Netflix by 933.3% during the 4th quarter. VitalStone Financial LLC now owns 62 shares of the Internet television network’s stock worth $30,000 after acquiring an additional 56 shares in the last quarter. Finally, Beaird Harris Wealth Management LLC grew its holdings in Netflix by 1,550.0% during the 4th quarter. Beaird Harris Wealth Management LLC now owns 66 shares of the Internet television network’s stock worth $32,000 after acquiring an additional 62 shares in 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.