After Netflix Inc. (NASDAQ: NFLX) stock screamed to record highs, it seems like it had to take a step back at some point. The company reported second-quarter financial results late on Monday, and it was the first time in a long time that Netflix disappointed investors. Analysts recognized this shortcoming and adjusted their ratings accordingly.

While the stock took a beating in Tuesday’s session, it could be a real buying opportunity for those looking to get into this red-hot stock.

24/7 Wall St. has included some highlights from the earnings report, as well as a montage of what analysts have said after the fact.

The online streamer said that it had $0.85 in earnings per share (EPS) on $3.91 billion in revenue, which compared with consensus estimates from Thomson Reuters of $0.79 in EPS on $3.94 billion in revenue. The same period of last year had $0.15 in EPS on revenue of $2.79 billion.

During the second quarter, global net adds totaled 5.15 million. In the United States, Netflix added 0.67 million memberships. Internationally, the firm added 4.47 million memberships.

Note that Netflix now has a total of 130.14 million total memberships worldwide.

Looking ahead to the third quarter, the company is calling for $0.68 in EPS on $3.99 billion in revenue. At the same time, the company is expecting to see net adds of 5.0 million. The consensus estimates call for $0.73 in EPS on $4.13 billion in revenue.

Here’s what the analysts had to say:

• Raymond James maintained an Outperform rating but cut its price target to $445 from $465.
• Cowen maintained an Outperform rating but lowered its price target to $400.
• Deutsche Bank downgraded it to Hold from Buy and lowered its target to $350 from $360.
• Monnes Crespi & Hardt maintained a Buy rating but cut the price target from $500 to $435.
• Buckingham Research maintained an Underperform rating and lowered its target from $333 to $305.
• BMO Capital Markets upgraded it to Outperform from Market Perform with a $400 target price.
• Wedbush maintained an Underperform rating with a $125 price target.
• Macquarie maintained an Outperform rating with a $388 price target.
• Credit Suisse maintained an Outperform rating and lowered its target to $470 from $500.
• Canaccord Genuity maintained a Buy rating and cut its price target from $500 to $450.
• Stifel upgraded to a Buy rating from Hold with a $406 price target.
• KeyBanc Capital Markets maintained an Overweight rating but cut its target from $385 to $375.

Shares of Netflix were last seen down about 8% at $368.51, with a consensus analyst price target of $384.40 and a 52-week trading range of $164.23 to $423.21.

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