Netflix (NASDAQ:NFLX) Updates Q2 Earnings Guidance

Netflix (NASDAQ:NFLX) updated its second quarter earnings guidance on Thursday. 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.

Wall Street Analyst Weigh In

A number of research analysts recently commented on NFLX shares. Evercore ISI upped their price target on shares of Netflix from $640.00 to $650.00 and gave the company an outperform rating in a research note on Friday. JPMorgan Chase & Co. upped their price target on shares of Netflix from $610.00 to $650.00 and gave the company an overweight rating in a research note on Monday, April 8th. Robert W. Baird upped their price target on shares of Netflix from $500.00 to $600.00 and gave the company an outperform rating in a research note on Wednesday, January 24th. Pivotal Research upped their price target on shares of Netflix from $765.00 to $800.00 and gave the company a buy rating in a research note on Friday. Finally, DZ Bank upgraded shares of Netflix from a hold rating to a buy rating and set a $600.00 price target on the stock in a research note on Thursday, January 25th. One investment 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. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $630.58.

Netflix Price Performance

Shares of NASDAQ:NFLX opened at $555.04 on Friday. The company has a market cap of $240.20 billion, a price-to-earnings ratio of 38.52, a PEG ratio of 1.64 and a beta of 1.22. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a 50 day simple moving average of $605.65 and a 200 day simple moving average of $513.07. Netflix has a one year low of $315.62 and a one year high of $639.00.

Netflix (NASDAQ:NFLX) last released its quarterly earnings results on Thursday, April 18th. The Internet television network reported $5.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.51 by $0.77. The firm had revenue of $9.37 billion during the quarter, compared to the consensus estimate of $9.28 billion. Netflix had a net margin of 18.42% and a return on equity of 29.46%. The company’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.88 earnings per share. Research analysts predict that Netflix will post 17.08 earnings per share for the current fiscal year.

Insider Activity

In other news, Chairman Reed Hastings sold 20,566 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $610.42, for a total transaction of $12,553,897.72. Following the completion of the transaction, the chairman now owns 28 shares of the company’s stock, valued at $17,091.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Chairman Reed Hastings sold 20,566 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $610.42, for a total transaction of $12,553,897.72. Following the completion of the transaction, the chairman now owns 28 shares of the company’s stock, valued at $17,091.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ann Mather sold 3,673 shares of the stock in a transaction on 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. Over the last 90 days, insiders sold 268,335 shares of company stock valued at $151,619,811. Insiders own 2.45% of the company’s stock.

Institutional Investors Weigh In On Netflix

Large investors have recently modified their holdings of the company. Fairfield Bush & CO. grew its holdings in Netflix by 26.5% in the first quarter. Fairfield Bush & CO. now owns 2,446 shares of the Internet television network’s stock worth $916,000 after purchasing an additional 512 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Netflix by 21.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 480,044 shares of the Internet television network’s stock worth $179,820,000 after purchasing an additional 84,179 shares during the period. Sequoia Financial Advisors LLC grew its holdings in Netflix by 14.2% in the first quarter. Sequoia Financial Advisors LLC now owns 2,922 shares of the Internet television network’s stock worth $1,094,000 after purchasing an additional 363 shares during the period. Candriam Luxembourg S.C.A. grew its holdings in Netflix by 6.9% in the first quarter. Candriam Luxembourg S.C.A. now owns 36,336 shares of the Internet television network’s stock worth $13,610,000 after purchasing an additional 2,358 shares during the period. Finally, Brown Brothers Harriman & Co. grew its holdings in Netflix by 13.1% in the first quarter. Brown Brothers Harriman & Co. now owns 3,808 shares of the Internet television network’s stock worth $1,426,000 after purchasing an additional 441 shares during the period. 80.93% of the stock is currently owned by institutional investors and hedge funds.

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.