Netflix Stock Price Up 40% YTD, Analyst Target Rises to $780 In Advance Of Earnings

Netflix stock price (NASDAQ: NFLX) has been on a steady ascent through 2024, with 40% marking out the company as an outperformer on the index. If you were wondering how high NFLX can go from here, rest assured that analysts keep coming up with answers (rightly or wrongly).

Increased confidence from investment firm Morgan Stanley is reflected by the revised price target for Netflix's shares from $700.00 to $780.00, while maintaining an overweight rating. The raised target underscores Morgan Stanley's optimistic outlook on the streamer's performance and future prospects.

Consensus expectations for Netflix earnings tomorrow are for an EPS of $4.76, against revenues of $9.53 billion. To make upside price target revisions in advance of earnings outlines the firms likely expectations of a beat, at which NFLX has delivered on EPS or revenue in 3 out of the last 4 quarters.

In addition to Morgan Stanley, several other analysts have also provided ratings and price targets for Netflix. Jefferies Financial Group, Wells Fargo & Company, KeyCorp, Rosenblatt Securities, and Needham & Company LLC are among the financial institutions that have weighed in on the streaming giant's stock, each contributing to a multi-dimensional analysis of the company’s financial health and market potential.

Netflix's stock is trading to the high end of the 52 week range, with a low of $344.73 and a high of $697.49. The significance of the current opening price is heightened by Netflix's recent financial revelations. On April 18th, the company reported earnings of $5.28 per share (EPS) for the quarter, exceeding analysts' predictions. Additionally, Netflix's revenue for the period tallied up to an impressive $9.37 billion.

Institutional investors have a substantial presence in Netflix's shareholder structure, owning 80.93% of the company's stock. Recent trading activity by institutional investors includes transactions by firms such as Valued Wealth Advisors LLC and VitalStone Financial LLC.

Netflix's business revolves around providing a wide array of entertainment services, including TV series, documentaries, feature films, and even games. The company boasts a diverse catalogue that covers numerous genres and languages. Subscribers can access this content via streaming on various internet-connected devices, a convenience that has played a pivotal role in Netflix's growth story.

The consensus among analysts and the activities of institutional investors suggest a strong confidence in Netflix's continued growth and innovation in the content-streaming space. As the company builds upon its solid earnings report and copes with changes in the executive suite, the outlook presented by Morgan Stanley offers an encouraging perspective on Netflix’s stock trajectory.