Netflix (NASDAQ:NFLX) Releases Q2 2024 Earnings Guidance

Netflix (NASDAQ:NFLX) updated its second quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 4.680-4.680 for the period, compared to the consensus earnings per share estimate of 4.270. The company issued revenue guidance of $9.5 billion-$9.5 billion, compared to the consensus revenue estimate of $9.0 billion. Netflix also updated its FY 2024 guidance to EPS.

Analyst Ratings Changes

NFLX has been the subject of a number of recent research reports. Wells Fargo & Company increased their target price on shares of Netflix from $460.00 to $650.00 and gave the company an overweight rating in a research report on Wednesday, January 24th. Oppenheimer upped their price target on Netflix from $615.00 to $725.00 and gave the company an outperform rating in a research report on Monday, March 11th. Loop Capital boosted their price objective on Netflix from $585.00 to $700.00 and gave the stock a buy rating in a research note on Monday, March 18th. Citigroup lifted their price target on Netflix from $555.00 to $660.00 and gave the stock a neutral rating in a report on Monday, March 25th. Finally, Wedbush increased their price target on shares of Netflix from $615.00 to $725.00 and gave the company an outperform rating in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat, Netflix has a consensus rating of Moderate Buy and an average price target of $614.75.

Netflix Stock Down 0.5 %

Shares of Netflix stock traded down $3.13 during trading on Thursday, hitting $610.56. 6,996,683 shares of the stock were exchanged, compared to its average volume of 4,278,392. The stock has a market cap of $264.23 billion, a price-to-earnings ratio of 51.53, a price-to-earnings-growth ratio of 1.67 and a beta of 1.22. The firm’s 50-day moving average price is $604.73 and its 200 day moving average price is $511.17. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.12 and a quick ratio of 1.12. Netflix has a 12-month low of $315.62 and a 12-month high of $639.00.

Netflix (NASDAQ:NFLX) last released its quarterly earnings data 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 business had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $9.28 billion. During the same period in the prior year, the firm posted $2.88 EPS. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. As a group, analysts forecast that Netflix will post 17.05 earnings per share for the current fiscal year.

Insider Activity at Netflix

In other Netflix news, insider David A. Hyman sold 47,574 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 31,610 shares of the company’s stock, valued at $17,003,651.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Netflix news, Chairman Reed Hastings sold 20,566 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $610.42, for a total transaction of $12,553,897.72. Following the transaction, the chairman now owns 28 shares of the company’s stock, valued at $17,091.76. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider David A. Hyman sold 47,574 shares of Netflix stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $537.92, for a total value of $25,591,006.08. Following the sale, the insider now owns 31,610 shares in the company, valued at approximately $17,003,651.20. The disclosure for this sale can be found here. Insiders sold 268,335 shares of company stock valued at $151,619,811 over the last three months. 2.45% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. State of Wyoming acquired a new stake in shares of Netflix in the fourth quarter valued at approximately $106,000. Pacific Center for Financial Services acquired a new stake in Netflix during the 1st quarter worth $103,000. First Capital Advisors Group LLC. purchased a new position in Netflix during the 2nd quarter worth $98,000. SkyView Investment Advisors LLC increased its stake 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 valued at $78,000 after purchasing an additional 122 shares during the period. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Netflix in the first quarter valued at about $75,000. Hedge funds and other institutional investors own 80.93% of the company’s stock.

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.