By Christiana Sciaudone
Investing.com -- Netflix Inc. (NASDAQ:NFLX). was downgraded at Imperial Capital as the stock traded at an all-time high on Monday.
Netflix stock is trading at a price to earnings ratio of about 96, according to Macrotrends. That compares to Nasdaq's PE ratio, which was at almost 23 on July 3, Macrotrends reported. A high PE ratio relative to the market can indicate that a stock is overvalued or that investors are expecting high growth rates in the future.
“The stock has performed consistent with our Outperform rating as measure by pretty much any standard time unit,” Imperial analyst David Miller wrote, according to Briefing.com. The streaming service’s shares are up 50% in 2020 compared to a 3.3% drop in the S&P 500 so far this year.
The stock has 28 buy-equivalent ratings, nine holds and five sell-equivalents, according to MarketWatch, with an average price target of $468.34. Shares are trading at about $495, compared to Imperial’s price target of $489.
Netflix shares closed up 3.6% on Monday at $493.92 after hitting a record high $499.50, while Nasdaq rose 2.2%.