Shares of Netflix fell from record-high territory on Tuesday and were headed for their worst session in five months after a mixed quarterly report failed to impress Wall Street.
The stock (NFLX) fell 3.47% to $142.15, losing momentum after touching a record high in extended trade on Monday following its results, the first March-quarter report from a major U.S. technology company.
Netflix’s earnings exceeded expectations, while slower-than-expected subscriber growth was offset by a better-than-expected forecast for subscriber growth in the current quarter.
Helped by a rally in technology stocks, Netflix has soared 15% this year. The report was not enough to win over investors worried about the stock’s pricey valuation, recently at 110 times expected earnings.
Twenty-four analysts recommend buying Netflix’s stock, while two recommend selling and 15 have neutral ratings. “The company is likely to continue to experience quarter-to-quarter volatility, as both the pace of subscriber additions and the path to respectable profitability remains difficult to determine,” wrote Dougherty analyst Steven Frankel in a research note, maintaining his neutral rating.
Analysts from Credit Suisse, Canaccord Genuity, Stifel and Wedbush raised their price targets for Netflix.
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The stock on Tuesday was headed for its worst one-day dip since November 10, when investors abandoned many technology stocks and turned to sectors expected to benefit more from President-elect Donald Trump’s campaign promises.