Netflix (NASDAQ:NFLX) Releases Q2 2024 Earnings Guidance

Netflix (NASDAQ:NFLXGet Free Report) 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.

Wall Street Analyst Weigh In

Several research firms recently issued reports on NFLX. The Goldman Sachs Group raised their price target on Netflix from $500.00 to $565.00 and gave the company a neutral rating in a report on Wednesday, January 24th. Deutsche Bank Aktiengesellschaft increased their target price on Netflix from $525.00 to $550.00 and gave the company a hold rating in a research note on Monday, April 15th. Morgan Stanley increased their target price on Netflix from $600.00 to $700.00 and gave the company an overweight rating in a research note on Friday, April 12th. Wedbush reissued an outperform rating and issued a $725.00 target price on shares of Netflix in a research note on Friday. Finally, Seaport Res Ptn lowered Netflix from a buy rating to a neutral rating in a research note on Tuesday, January 30th. One investment 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. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $630.58.

Check Out Our Latest Stock Report on NFLX

Netflix Price Performance

Netflix stock opened at $555.04 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.12 and a current ratio of 1.12. Netflix has a 52 week low of $315.62 and a 52 week high of $639.00. The stock has a market capitalization of $240.20 billion, a P/E ratio of 38.52, a price-to-earnings-growth ratio of 1.64 and a beta of 1.22. The stock has a fifty day moving average of $605.65 and a 200-day moving average of $513.07.

Netflix (NASDAQ:NFLXGet Free Report) last released its quarterly earnings results 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 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 previous year, the company posted $2.88 EPS. The business’s revenue was up 14.8% on a year-over-year basis. On average, sell-side analysts expect that Netflix will post 17.08 earnings per share for the current fiscal year.

Insider Transactions at Netflix

In other news, insider David A. Hyman sold 267 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $556.01, for a total value of $148,454.67. Following the completion of the transaction, the insider now directly owns 31,610 shares of the company’s stock, valued at $17,575,476.10. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Jay C. Hoag sold 47,000 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $550.50, for a total value of $25,873,500.00. Following the sale, the director now owns 431,034 shares in the company, valued at $237,284,217. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider David A. Hyman sold 267 shares of the firm’s 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 approximately $17,575,476.10. The disclosure for this sale can be found here. Insiders sold a total of 268,335 shares of company stock valued at $151,619,811 over the last ninety days. 2.45% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Aspect Partners LLC bought a new stake in shares of Netflix in the 4th quarter worth approximately $32,000. Evermay Wealth Management LLC boosted its position in shares of Netflix by 94.9% in the 1st 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 in the last quarter. Resurgent Financial Advisors LLC bought a new position in Netflix in the 4th quarter valued at approximately $42,000. KB Financial Partners LLC lifted its position 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 acquiring an additional 51 shares in the last quarter. Finally, Financial Freedom LLC bought a new position in Netflix in the 4th quarter valued at approximately $47,000. Hedge funds and other institutional investors own 80.93% of the company’s stock.

Netflix Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for Netflix (NASDAQ:NFLX)

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