Netflix (NASDAQ:NFLX) Updates 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.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NFLX. KeyCorp lifted their price target on Netflix from $580.00 to $705.00 and gave the stock an overweight rating in a research note on Wednesday, March 20th. Loop Capital lifted their price objective on Netflix from $585.00 to $700.00 and gave the stock a buy rating in a research report on Monday, March 18th. Seaport Res Ptn downgraded Netflix from a buy rating to a neutral rating in a research report on Tuesday, January 30th. BMO Capital Markets reiterated an outperform rating and set a $713.00 price objective (up previously from $638.00) on shares of Netflix in a research report on Wednesday. Finally, Jefferies Financial Group lifted their price objective on Netflix from $580.00 to $700.00 and gave the stock a buy rating in a research report on Tuesday, March 12th. 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 stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $630.58.

Netflix Price Performance

NFLX opened at $555.04 on Friday. The stock’s 50-day moving average price is $605.65 and its 200 day moving average price is $514.02. Netflix has a 12-month low of $315.62 and a 12-month high of $639.00. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.69. The firm has a market cap of $240.20 billion, a price-to-earnings ratio of 38.52, a PEG ratio of 1.49 and a beta of 1.22.

Netflix (NASDAQ:NFLX) last posted its earnings results 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 29.46% and a net margin of 18.42%. The firm had revenue of $9.37 billion for the quarter, compared to analyst estimates of $9.28 billion. During the same quarter in the prior year, the company earned $2.88 EPS. Netflix’s revenue was up 14.8% on a year-over-year basis. As a group, sell-side analysts expect that Netflix will post 17.13 earnings per share for the current year.

Insiders Place Their Bets

In other Netflix news, Director Ann Mather sold 3,673 shares of the company’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $600.00, for a total transaction of $2,203,800.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Netflix news, Director Ann Mather sold 3,673 shares of the company’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $600.00, for a total transaction of $2,203,800.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Gregory K. Peters sold 13,655 shares of the company’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $543.80, for a total value of $7,425,589.00. Following the sale, the chief executive officer now owns 13,090 shares in the company, valued at approximately $7,118,342. The disclosure for this sale can be found here. Insiders have sold a total of 268,335 shares of company stock worth $151,619,811 in the last quarter. 2.45% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. SageView Advisory Group LLC increased its holdings in shares of Netflix by 245.0% in the 4th quarter. SageView Advisory Group LLC now owns 3,136 shares of the Internet television network’s stock valued at $1,527,000 after acquiring an additional 2,227 shares during the last quarter. Sanibel Captiva Trust Company Inc. purchased a new position in shares of Netflix in the 4th quarter valued at about $861,000. Harbour Investments Inc. increased its holdings in shares of Netflix by 2.2% in the 4th quarter. Harbour Investments Inc. now owns 5,145 shares of the Internet television network’s stock valued at $2,505,000 after acquiring an additional 110 shares during the last quarter. Aspect Partners LLC purchased a new position in shares of Netflix in the 4th quarter valued at about $32,000. Finally, O Dell Group LLC purchased a new position in shares of Netflix in the 4th quarter valued at about $145,000. Hedge funds and other 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.