Wells Fargo & Company Raises Netflix's Price Target to $650

Wells Fargo & Company has increased its price target for Netflix (NASDAQ:NFLX) from $460.00 to $650.00, while maintaining an overweight rating on the streaming giant's stock, as reported by MarketBeat. The substantial price target raise follows a series of varied reports from other financial institutions regarding Netflix's stock performance and ratings.

Analyst Ratings and Price Adjustments

Several other analysts have also weighed in on Netflix's stock. Deutsche Bank Aktiengesellschaft changed its stance on Netflix from a buy to a hold, but still increased its stock price target from $460.00 to $525.00. Elsewhere, Wolfe Research shifted their rating to a peer perform from an outperform. TD Cowen lowered their price target slightly from $515.00 to $500.00, but retained an outperform rating. Rosenblatt Securities made a minor adjustment, raising their target from $400.00 to $404.00 and holding a neutral view. Lastly, UBS Group boosted their price target on Netflix to $560.00 from $500.00, keeping a buy rating. Overall, Netflix has received a variety of ratings, currently holding a consensus rating of Moderate Buy with an average target price of $553.33 as per MarketBeat information.

Netflix's Market Performance

Netflix's stock opened at $570.42 on Wednesday, with a 50-day moving average of $482.87 and a 200-day moving average of $439.50. The company holds a market capitalization of $249.66 billion, a PE ratio of 47.50, a PEG ratio of 1.55, and a beta of 1.28. Netflix's yearly low and high have been $285.33 and $579.64, respectively. The firm maintains a healthy current and quick ratio of 1.29, with a debt-to-equity ratio of 0.63.

Recent Insider Transactions at Netflix

Recent insider trades were reported at Netflix, with Director Jay C. Hoag selling a significant 47,000 shares at an average price of $550.50, totaling a noteworthy $25,873,500.00. Post-sale, Hoag still holds 431,034 shares valued at roughly $237,284,217. In another transaction, Chairman Reed Hastings sold 16,030 shares at an average price of $417.61, for a total of $6,694,288.30. Over the past ninety days, insiders have sold 268,534 shares valued at approximately $131,284,553. Insiders currently own 2.45% of Netflix stock.

Institutional Investment Changes

Netlfix has seen various changes within its institutional investors. For instance, Fairfield Bush & CO. boosted its Netflix holdings by 26.5%, now owning 2,446 shares valued at $916,000. Mirae Asset Global Investments Co. Ltd. increased their holdings by 21.3%, currently owning 480,044 shares valued at $179,820,000. Other notable movements include Sequoia Financial Advisors LLC, Candriam Luxembourg S.C.A., and Brown Brothers Harriman & Co. with significant stake increases in Netflix stock, reflective of steady institutional faith in the company.

About Netflix

Netflix is renowned for its entertainment services which encompass a diverse range of TV series, documentaries, feature films, and mobile games in various languages and genres. The platform allows members to stream on multiple internet-connected devices, including smart TVs, game consoles, and mobile devices. Netflix stands as a staple in modern digital content consumption.

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