Netflix (NASDAQ:NFLX) Updates Q2 2024 Earnings Guidance

Netflix (NASDAQ:NFLX) updated its second quarter 2024 earnings guidance on Thursday. 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.

Netflix Stock Down 0.5 %

Shares of NFLX stock traded down $3.13 during trading hours on Thursday, hitting $610.56. 7,911,729 shares of the company’s stock traded hands, compared to its average volume of 4,290,592. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.69. The stock has a market cap of $264.23 billion, a price-to-earnings ratio of 51.53, a PEG ratio of 1.67 and a beta of 1.22. The stock’s fifty day simple moving average is $604.73 and its two-hundred day simple moving average is $511.17. Netflix has a 12-month low of $315.62 and a 12-month high of $639.00.

Netflix (NASDAQ:NFLX) last released its earnings results on Thursday, April 18th. The Internet television network reported $5.28 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 for the quarter, compared to the consensus estimate of $9.28 billion. During the same period in the previous year, the company posted $2.88 earnings per share. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. On average, analysts expect that Netflix will post 17.05 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Pivotal Research raised their price objective on shares of Netflix from $700.00 to $765.00 and gave the company a buy rating in a research note on Friday, April 5th. Sanford C. Bernstein increased their target price on Netflix from $390.00 to $490.00 and gave the company a market perform rating in a research note on Wednesday, January 24th. Benchmark restated a sell rating and issued a $440.00 price target on shares of Netflix in a research note on Thursday. Guggenheim increased their price objective on Netflix from $600.00 to $700.00 and gave the company a buy rating in a research report on Tuesday. Finally, Redburn Atlantic boosted their target price on Netflix from $550.00 to $610.00 and gave the stock a buy rating in a research report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $614.75.

Insider Buying and Selling at Netflix

In other 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 transaction of $25,591,006.08. Following the sale, the insider now directly owns 31,610 shares in the company, valued at approximately $17,003,651.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider David A. Hyman sold 267 shares of Netflix stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $556.01, for a total value of $148,454.67. Following the sale, the insider now owns 31,610 shares in the company, valued at $17,575,476.10. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider David A. Hyman sold 47,574 shares of the company’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $537.92, for a total transaction of $25,591,006.08. Following the transaction, the insider now 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 sold 268,335 shares of company stock valued at $151,619,811. Corporate insiders own 2.45% of the company’s stock.

Institutional Investors Weigh In On Netflix

Several institutional investors have recently bought and sold shares of NFLX. Aspect Partners LLC purchased a new position in shares of Netflix in the fourth quarter valued at approximately $32,000. KB Financial Partners LLC lifted its holdings in 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 in the last quarter. West Tower Group LLC boosted its stake in Netflix by 83.6% during the 4th quarter. West Tower Group LLC now owns 112 shares of the Internet television network’s stock worth $55,000 after purchasing an additional 51 shares during the last quarter. Evermay Wealth Management LLC grew its holdings 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 buying an additional 56 shares in the last quarter. Finally, SkyView Investment Advisors LLC raised its position in shares of 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 buying an additional 122 shares during the last quarter. 80.93% of the stock is currently owned by institutional investors and hedge funds.

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.