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 (EPS) guidance of 4.680-4.680 for the period, compared to the consensus 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

Several research analysts recently issued reports on the stock. TD Cowen raised their price objective on shares of Netflix from $600.00 to $725.00 and gave the company a buy rating in a research note on Monday, April 8th. UBS Group raised their price objective on shares of Netflix from $570.00 to $685.00 and gave the company a buy rating in a research note on Tuesday, February 27th. Guggenheim raised their price objective on shares of Netflix from $600.00 to $700.00 and gave the company a buy rating in a research note on Tuesday. Morgan Stanley raised their price objective on shares of Netflix from $600.00 to $700.00 and gave the company an overweight rating in a research note on Friday, April 12th. Finally, Citigroup increased their target price on shares of Netflix from $555.00 to $660.00 and gave the company a neutral rating in a report on Monday, March 25th. One equities research 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. Based on data from MarketBeat, Netflix has a consensus rating of Moderate Buy and an average target price of $628.76.

Netflix Price Performance

NFLX stock opened at $610.56 on Friday. The firm has a 50 day moving average of $605.77 and a 200-day moving average of $511.86. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.69. Netflix has a 12 month low of $315.62 and a 12 month high of $639.00. The firm has a market capitalization of $264.23 billion, a P/E ratio of 50.84, a price-to-earnings-growth ratio of 1.65 and a beta of 1.22.

Netflix (NASDAQ:NFLX) last released its quarterly earnings data on Thursday, April 18th. The Internet television network reported $5.28 EPS for the quarter, beating analysts’ consensus estimates of $4.51 by $0.77. Netflix had a net margin of 16.04% and a return on equity of 24.76%. The company had revenue of $9.37 billion during the quarter, compared to analyst estimates of $9.28 billion. During the same period last year, the business earned $2.88 earnings per share. Netflix’s revenue was up 14.8% compared to the same quarter last year. As a group, sell-side analysts predict that Netflix will post 17.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Netflix

In other Netflix news, Director Jay C. Hoag sold 47,000 shares of Netflix stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $550.50, for a total transaction of $25,873,500.00. Following the completion of the sale, the director now directly owns 431,034 shares in the company, valued at $237,284,217. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Gregory K. Peters sold 13,655 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $543.80, for a total value of $7,425,589.00. Following the completion of the sale, the chief executive officer now directly owns 13,090 shares in the company, valued at approximately $7,118,342. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jay C. Hoag sold 47,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $550.50, for a total transaction of $25,873,500.00. Following the completion of the sale, the director now owns 431,034 shares of the company’s stock, valued at $237,284,217. The disclosure for this sale can be found here. Insiders sold a total of 268,335 shares of company stock worth $151,619,811 over the last three months. 2.45% of the stock is owned by insiders.

Institutional Investors Weigh In On Netflix

A number of hedge funds have recently made changes to their positions in the business. Bartlett & CO. Wealth Management LLC increased its stake in shares of Netflix by 9.3% in the fourth quarter. Bartlett & CO. Wealth Management LLC now owns 295 shares of the Internet television network’s stock worth $145,000 after buying an additional 25 shares during the period. Gordian Capital Singapore Pte Ltd increased its stake in shares of Netflix by 0.3% in the second quarter. Gordian Capital Singapore Pte Ltd now owns 9,821 shares of the Internet television network’s stock worth $4,326,000 after buying an additional 25 shares during the period. Coastal Bridge Advisors LLC increased its stake in shares of Netflix by 2.2% in the fourth quarter. Coastal Bridge Advisors LLC now owns 1,351 shares of the Internet television network’s stock worth $658,000 after buying an additional 29 shares during the period. Cornerstone Wealth Group LLC increased its stake in shares of Netflix by 4.6% in the fourth quarter. Cornerstone Wealth Group LLC now owns 752 shares of the Internet television network’s stock worth $366,000 after buying an additional 33 shares during the period. Finally, BRYN MAWR TRUST Co increased its stake in shares of Netflix by 1.3% in the first quarter. BRYN MAWR TRUST Co now owns 2,483 shares of the Internet television network’s stock worth $858,000 after buying an additional 33 shares during the period. 80.93% of the stock is currently owned by institutional investors.

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.