Netflix (NASDAQ:NFLX) Issues 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 Upgrades and Downgrades

Several equities analysts have recently issued reports on NFLX shares. Barclays lifted their price objective on Netflix from $475.00 to $550.00 and gave the company an equal weight rating in a research note on Tuesday, April 9th. Morgan Stanley boosted 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. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Netflix from $525.00 to $550.00 and gave the company a hold rating in a report on Monday. Pivotal Research boosted their target price on shares of Netflix from $700.00 to $765.00 and gave the stock a buy rating in a research note on Friday, April 5th. Finally, Benchmark reissued a sell rating and issued a $440.00 price target on shares of Netflix in a research report on Thursday. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat, Netflix presently has a consensus rating of Moderate Buy and an average target price of $614.75.

Netflix Price Performance

Shares of NFLX traded down $3.13 on Thursday, hitting $610.56. The company’s stock had a trading volume of 7,911,729 shares, compared to its average volume of 4,290,592. The company has a 50 day moving average price of $604.73 and a 200 day moving average price of $511.17. Netflix has a fifty-two week low of $315.62 and a fifty-two week high of $639.00. The company has a market capitalization of $264.23 billion, a PE ratio of 51.53, a PEG ratio of 1.67 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.

Netflix (NASDAQ:NFLX) last announced its earnings results on Thursday, April 18th. The Internet television network reported $5.28 earnings per share for the quarter, beating analysts’ consensus estimates of $4.51 by $0.77. The company had revenue of $9.37 billion during the quarter, compared to analyst estimates of $9.28 billion. Netflix had a return on equity of 24.76% and a net margin of 16.04%. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same period last year, the company posted $2.88 earnings per share. On average, research analysts anticipate that Netflix will post 17.05 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Theodore A. Sarandos sold 68,957 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $561.33, for a total value of $38,707,632.81. Following the completion of the transaction, the chief executive officer now owns 1,278 shares in the company, valued at approximately $717,379.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Jay C. Hoag sold 47,000 shares of Netflix stock in a transaction 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 directly owns 431,034 shares of the company’s stock, valued at $237,284,217. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Theodore A. Sarandos sold 68,957 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $561.33, for a total value of $38,707,632.81. Following the completion of the sale, the chief executive officer now directly owns 1,278 shares of the company’s stock, valued at $717,379.74. The disclosure for this sale can be found here. Insiders have 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 insiders.

Institutional Investors Weigh In On Netflix

Large investors have recently bought and sold shares of the company. Aspect Partners LLC bought a new stake in shares of Netflix in the 4th quarter valued at $32,000. Evermay Wealth Management LLC raised its position in shares of Netflix by 94.9% during the first quarter. Evermay Wealth Management LLC now owns 115 shares of the Internet television network’s stock worth $40,000 after purchasing an additional 56 shares during the period. Resurgent Financial Advisors LLC bought a new position in shares of Netflix during the 4th quarter valued at about $42,000. KB Financial Partners LLC grew its position in shares of Netflix by 108.5% in the 2nd quarter. KB Financial Partners LLC now owns 98 shares of the Internet television network’s stock valued at $43,000 after purchasing an additional 51 shares during the period. Finally, Financial Freedom LLC bought a new stake in Netflix during the 4th quarter worth approximately $47,000. 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.