Analyst Price Forecast Indicates Optimistic Outlook
On May 2, 2024, CICC initiated coverage of Netflix (NasdaqGS:NFLX) with an Outperform recommendation. According to Fintel, the average one-year price target for Netflix stands at 659.38, representing a potential 19.52% upside from its latest reported closing price of 551.71. Forecasts range from a low of 450.46 to a high of $840.00.
Revenue and Earnings Projections
The projected annual revenue for Netflix is estimated to be 38,593MM, indicating a 10.48% increase. Additionally, the projected annual non-GAAP EPS is 13.55.
Fund Sentiment Analysis
As per Fintel data, there are 3,683 funds or institutions reporting positions in Netflix. This reflects an increase of 184 owners or 5.26% in the last quarter. The average portfolio weight dedicated to NFLX is 0.67%, showing a 6.84% increase. However, the total shares owned by institutions decreased by 0.57% over the last three months to 409,850K shares. The put/call ratio of NFLX is 1.21, hinting at a bearish sentiment in the market.
Various institutional shareholders have made adjustments to their positions in Netflix. For instance, Vanguard Total Stock Market Index Fund Investor Shares have reduced their ownership by 0.42% but increased portfolio allocation by 14.74% over the last quarter. Price T Rowe Associates lowered their ownership by 4.28% while increasing their portfolio allocation by 13.38%. Capital World Investors and VFINX – Vanguard 500 Index Fund Investor Shares both saw an increase in ownership and portfolio allocation over the last quarter.
Netflix: A Streaming Giant
Netflix, described as the world’s leading streaming entertainment service, boasts over 195 million paid memberships in more than 190 countries. Offering a diverse range of TV series, documentaries, and feature films in multiple genres and languages, Netflix enables members to enjoy content anywhere, anytime, and on any internet-connected screen, all without interruptions from commercials.