Netflix shares close higher on Friday, streaming company opens new office in Paris, to develop over 20 French-language productions

Netflix Inc (NFLX) said last week that it intended to develop over 20 original French-language productions this year.

The streaming company also said it had opened a new office in Paris.

Netflix shares closed higher for the fifth time in the past ten trading sessions on NASDAQ on Friday. The stock went up 0.31% ($1.05) to $339.67, after touching an intraday low at $337.48 and an intraday high at $341.50.

Shares of Netflix Inc have risen 4.98% so far in 2020 compared with a 3.06% gain for the benchmark index, S&P 500 (SPX).

In 2019, Netflix Inc’s stock went up 20.89%, thus, it underperformed the S&P 500, which registered a 28.88% gain.

The company said it intended to develop several new shows over the upcoming years along with a number of series and films made by production partners.

“This office is a sign of our long-term commitment to the country,” Reed Hastings, Netflix Chief Executive Officer, said in a statement, cited by Reuters.

“(It) will enable us to work even more closely with the French creative community on great shows and films that are made in France and watched all around the world,” Hastings added.

So far, the streaming company has developed 24 French productions – 3 documentaries, 9 series and 6 films.

Netflix was launched in France in 2014 and has existing operations in Paris. Currently, the company has 40 employees in the country.

Analyst stock price forecast and recommendation

According to CNN Money, the 38 analysts, offering 12-month forecasts regarding Netflix Inc’s stock price, have a median target of $400.00, with a high estimate of $450.00 and a low estimate of $188.00. The median estimate represents a 17.76% upside compared to the closing price of $339.67 on January 17th.

The same media also reported that at least 25 out of 43 surveyed investment analysts had rated Netflix Inc’s stock as “Buy”, while 11 – as “Hold”. On the other hand, 4 analysts had recommended selling the stock.

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