Piper Sandler Cuts Netflix (NFLX) Price Target to $78

On October 21, 2026, Piper Sandler maintained its Overweight rating on Netflix, Inc. (NFLX) while lowering its price target on the streaming giant from $85.00 to $78.00. The research note joins a wave of recent commentary from Wall Street firms evaluating the entertainment company's valuation against its current market standing.

NFLX Netflix, Inc.

$68.69 ▼ -24.51% year to date

1M 3M YTD

Daily close · Oct 20, 2026

Piper Sandler's Call on Netflix

In its research note published on October 21, 2026, Piper Sandler kept an Overweight rating on Netflix while reducing its target by $7.00 from a previous level of $85.00. The firm's forward-looking stance points to an expected return above the broader market despite the reduced target.

Netflix, Inc. Stock Down 7.1%

Netflix shares recently traded around $65.54 as of October 21, 2026, down about 4.6% from its previous close of $68.69 on October 20, 2026. The stock trades well below its 50-day moving average of $75.01 and its 200-day moving average of $82.76, hovering near its 52-week low of $65.08.

Recent Earnings

Netflix reported trailing-twelve-month revenue of $48.37 billion alongside trailing-twelve-month earnings per share of $3.18. The company holds a net profit margin of 28.2% and a return on equity of 49.5%.

Dividend

Netflix does not pay a dividend to shareholders, retaining its earnings to fund ongoing content production and streaming technology investments.

Insider Buying and Selling at Netflix, Inc.

Company insiders executed several stock sales over the late summer months. Chief Executive Officer Gregory K. Peters sold 27,312 shares on August 6, 2026, at an average price of $73.54 for a total value of about $2.01 million. Chief Financial Officer Spencer Adam Neumann sold 9,248 shares on August 10, 2026, at $75.79 per share, totaling roughly $700,907. Additionally, Director Richard N. Barton parted with 720 shares on September 8, 2026, at $77.60 apiece, and another 1,440 shares on September 10, 2026.

Analysts Set New Price Targets

Wall Street firms updated their outlooks on October 21, 2026. TD Cowen reiterated its Buy rating with a $100.00 price target. Evercore ISI Group maintained an Outperform rating while reducing its target from $110.00 to $90.00. Barclays kept an Equal-Weight rating, lowering its target to $65.00 from $70.00. Guggenheim maintained a Buy rating and trimmed its target from $80.00 to $78.00. Across the broader analyst community, Netflix carries a consensus buy recommendation with a mean price target of $91.13.

About Netflix

Netflix, Inc. operates a global entertainment platform providing television series, documentaries, feature films, games, and live programming. Members access streaming content across internet-connected devices including smart TVs, digital players, and mobile hardware. Founded in 1997 and headquartered in Los Gatos, California, the company reaches audiences worldwide.

Bottom Line

Piper Sandler's revised target places Netflix below the broader analyst consensus while maintaining a positive rating on the streaming provider. Investors will continue tracking how shares perform relative to key moving averages and upcoming quarterly reports.