Netflix (NASDAQ:NFLX) Updates Q2 2024 Earnings Guidance

Netflix (NASDAQ:NFLX) issued an update on its second quarter 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 4.680-4.680 for the period, compared to the consensus EPS 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

NFLX has been the topic of several research reports. Bank of America boosted their price target on shares of Netflix from $585.00 to $650.00 and gave the company a buy rating in a research report on Wednesday, January 24th. DZ Bank raised Netflix from a hold rating to a buy rating and set a $600.00 price target for the company in a report on Thursday, January 25th. Pivotal Research lifted their price target on Netflix from $700.00 to $765.00 and gave the company a buy rating in a research report on Friday, April 5th. BMO Capital Markets reissued an outperform rating and set a $713.00 price objective (up previously from $638.00) on shares of Netflix in a report on Wednesday. Finally, Canaccord Genuity Group lifted their target price on Netflix from $575.00 to $625.00 and gave the company a buy rating in a report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $614.75.

Netflix Trading Down 0.5 %

Shares of NASDAQ:NFLX traded down $3.13 on Thursday, reaching $610.56. 6,996,683 shares of the company traded hands, compared to its average volume of 4,278,392. The business’s 50-day simple moving average is $604.73 and its 200 day simple moving average is $511.17. 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 52 week low of $315.62 and a 52 week high of $639.00. The stock has a market capitalization of $264.23 billion, a P/E ratio of 51.53, a price-to-earnings-growth ratio of 1.67 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 earnings per share for the quarter, beating analysts’ consensus estimates of $4.51 by $0.77. Netflix had a return on equity of 24.76% and a net margin of 16.04%. The firm had revenue of $9.37 billion during the quarter, compared to analyst estimates of $9.28 billion. During the same quarter in the prior year, the firm posted $2.88 earnings per share. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. As a group, equities analysts anticipate that Netflix will post 17.05 EPS for the current fiscal year.

Insider Buying and Selling at Netflix

In related news, insider David A. Hyman sold 47,574 shares of the firm’s 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 directly owns 31,610 shares of the company’s stock, valued at $17,003,651.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Netflix news, CEO Theodore A. Sarandos sold 68,957 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $561.33, for a total transaction of $38,707,632.81. Following 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David A. Hyman sold 47,574 shares of the stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 31,610 shares of the company’s stock, valued at approximately $17,003,651.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 268,335 shares of company stock worth $151,619,811. 2.45% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Netflix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NFLX. Vanguard Group Inc. boosted its holdings in shares of Netflix by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 36,438,570 shares of the Internet television network’s stock valued at $17,741,211,000 after buying an additional 178,286 shares in the last quarter. State Street Corp boosted its stake in Netflix by 0.4% during the first quarter. State Street Corp now owns 16,195,490 shares of the Internet television network’s stock worth $5,595,196,000 after acquiring an additional 62,507 shares in the last quarter. Morgan Stanley grew its holdings in Netflix by 11.1% in the fourth quarter. Morgan Stanley now owns 6,463,661 shares of the Internet television network’s stock worth $1,906,005,000 after purchasing an additional 644,162 shares during the period. Norges Bank bought a new position in shares of Netflix during the fourth quarter valued at approximately $1,501,762,000. Finally, Legal & General Group Plc raised its stake in Netflix by 34.2% during the fourth quarter. Legal & General Group Plc now owns 3,382,145 shares of the Internet television network’s stock valued at $1,646,699,000 after buying an additional 862,463 shares during the last quarter. 80.93% of the stock is owned by hedge funds and other 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.