Netflix (NASDAQ:NFLX) Updates Q2 Earnings Guidance

Netflix (NASDAQ:NFLX) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $4.68 for the period, compared to the consensus earnings per share estimate of $4.54. The company issued revenue guidance of $9.491 billion, compared to the consensus revenue estimate of $9.53 billion. Netflix also updated its FY 2024 guidance to EPS.

Netflix Trading Down 9.1 %

NFLX opened at $555.04 on Friday. Netflix has a twelve month low of $315.62 and a twelve month high of $639.00. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.69. The company has a fifty day moving average of $605.65 and a 200-day moving average of $514.02. The stock has a market cap of $240.20 billion, a PE ratio of 38.52, a price-to-earnings-growth ratio of 1.49 and a beta of 1.22.

Netflix (NASDAQ:NFLX) last posted its quarterly earnings data on Thursday, April 18th. The Internet television network reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.51 by $0.77. The company had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $9.28 billion. Netflix had a net margin of 18.42% and a return on equity of 29.46%. Netflix’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.88 earnings per share. On average, sell-side analysts predict that Netflix will post 17.13 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. KeyCorp raised their price target on shares of Netflix from $580.00 to $705.00 and gave the stock an overweight rating in a report on Wednesday, March 20th. Robert W. Baird raised their price target on shares of Netflix from $500.00 to $600.00 and gave the stock an outperform rating in a report on Wednesday, January 24th. Barclays raised their price target on shares of Netflix from $475.00 to $550.00 and gave the stock an equal weight rating in a report on Tuesday, April 9th. Morgan Stanley raised their price target on shares of Netflix from $600.00 to $700.00 and gave the stock an overweight rating in a report on Friday, April 12th. Finally, StockNews.com upgraded shares of Netflix from a hold rating to a buy rating in a report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $630.58.

Insider Transactions at Netflix

In other news, insider David A. Hyman sold 267 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $556.01, for a total value of $148,454.67. Following the completion of the sale, the insider now directly owns 31,610 shares in the company, valued at approximately $17,575,476.10. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider David A. Hyman sold 267 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $556.01, for a total value of $148,454.67. Following the completion of the sale, the insider now directly owns 31,610 shares in the company, valued at approximately $17,575,476.10. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Theodore A. Sarandos sold 68,957 shares of the company’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $561.33, for a total transaction of $38,707,632.81. Following the sale, the chief executive officer now owns 1,278 shares of the company’s stock, valued at $717,379.74. The disclosure for this sale can be found here. In the last ninety days, insiders sold 268,335 shares of company stock worth $151,619,811. 2.45% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Netflix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Wyoming bought a new stake in Netflix during the 4th quarter valued at $106,000. Pacific Center for Financial Services bought a new stake in Netflix during the 1st quarter valued at $103,000. First Capital Advisors Group LLC. bought a new stake in Netflix during the 2nd quarter valued at $98,000. SkyView Investment Advisors LLC increased its position in Netflix by 2,033.3% during the 2nd quarter. SkyView Investment Advisors LLC now owns 128 shares of the Internet television network’s stock valued at $78,000 after purchasing an additional 122 shares during the period. Finally, Strategic Investment Solutions Inc. IL purchased a new position in Netflix during the 1st quarter valued at $75,000. 80.93% of the stock is currently owned by institutional investors.

Netflix Company Profile

Netflix, Inc provides entertainment services. It offers TV series, documentaries, feature films, and games across various genres and languages. The company also provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, TV set-top boxes, and mobile devices.