Netflix (NASDAQ:NFLX) Issues Q2 Earnings Guidance

Netflix (NASDAQ:NFLX) issued an update on its second quarter earnings guidance on Thursday morning. The company provided EPS guidance of $4.68 for the period, compared to the consensus EPS 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 Stock Performance

Shares of NFLX stock opened at $610.56 on Friday. The stock has a market capitalization of $264.23 billion, a PE ratio of 50.84, a price-to-earnings-growth ratio of 1.65 and a beta of 1.22. Netflix has a 52-week low of $315.62 and a 52-week high of $639.00. The stock’s 50-day moving average price is $605.77 and its 200 day moving average price is $511.86. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.69.

Netflix (NASDAQ:NFLX) last released its earnings results on Thursday, April 18th. The Internet television network reported $5.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.51 by $0.77. Netflix had a return on equity of 24.76% and a net margin of 16.04%. The company had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $9.28 billion. During the same quarter in the previous year, the firm posted $2.88 EPS. The firm’s quarterly revenue was up 14.8% on a year-over-year basis. As a group, equities research analysts forecast that Netflix will post 17.05 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on NFLX shares. Bank of America boosted their target price on Netflix from $585.00 to $650.00 and gave the stock a buy rating in a research report on Wednesday, January 24th. Wedbush boosted their price target on Netflix from $615.00 to $725.00 and gave the stock an outperform rating in a research note on Wednesday, March 27th. Citigroup boosted their price target on Netflix from $555.00 to $660.00 and gave the stock a neutral rating in a research note on Monday, March 25th. Pivotal Research boosted their price target on Netflix from $765.00 to $800.00 and gave the stock a buy rating in a research note on Friday. Finally, Benchmark reissued a sell rating and set a $440.00 price target on shares of Netflix in a research note on Thursday. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to MarketBeat, Netflix currently has an average rating of Moderate Buy and an average price target of $628.76.

Insider Activity at Netflix

In other Netflix news, Director Ann Mather sold 3,673 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $600.00, for a total value of $2,203,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider David A. Hyman sold 47,574 shares of the stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $537.92, for a total transaction of $25,591,006.08. Following the transaction, the insider now owns 31,610 shares of the company’s stock, valued at $17,003,651.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ann Mather sold 3,673 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $600.00, for a total transaction of $2,203,800.00. The disclosure for this sale can be found here. In the last three months, insiders sold 268,335 shares of company stock worth $151,619,811. Corporate insiders own 2.45% of the company’s stock.

Hedge Funds Weigh In On Netflix

Large investors have recently modified their holdings of the stock. Aspect Partners LLC bought a new position in shares of Netflix during the fourth quarter worth about $32,000. KB Financial Partners LLC lifted its position in shares of Netflix by 108.5% during the second quarter. KB Financial Partners LLC now owns 98 shares of the Internet television network’s stock worth $43,000 after purchasing an additional 51 shares during the last quarter. West Tower Group LLC lifted its position in shares of Netflix by 83.6% during the fourth quarter. West Tower Group LLC now owns 112 shares of the Internet television network’s stock worth $55,000 after purchasing an additional 51 shares during the last quarter. Evermay Wealth Management LLC lifted its holdings in Netflix by 94.9% in the first quarter. Evermay Wealth Management LLC now owns 115 shares of the Internet television network’s stock worth $40,000 after acquiring an additional 56 shares during the last quarter. Finally, SkyView Investment Advisors LLC lifted its holdings in Netflix by 2,033.3% in the second quarter. SkyView Investment Advisors LLC now owns 128 shares of the Internet television network’s stock worth $78,000 after acquiring an additional 122 shares during the last quarter. Institutional investors own 80.93% of the company’s stock.

About Netflix

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.