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 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.

Netflix Stock Down 0.5 %

NASDAQ NFLX opened at $610.56 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. The company has a market capitalization of $264.23 billion, a P/E ratio of 50.84, a P/E/G ratio of 1.65 and a beta of 1.22. Netflix has a one year low of $315.62 and a one year high of $639.00. The stock has a 50 day moving average price of $605.77 and a 200-day moving average price of $511.86.

Netflix (NASDAQ:NFLX) last posted its 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. The firm had revenue of $9.37 billion during the quarter, compared to the consensus estimate of $9.28 billion. Netflix had a return on equity of 24.76% and a net margin of 16.04%. The company’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same period in the prior year, the company earned $2.88 EPS. As a group, equities analysts predict that Netflix will post 17.05 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NFLX. Canaccord Genuity Group restated a hold rating and issued a $585.00 price target (down from $720.00) on shares of Netflix in a research report on Friday. BMO Capital Markets restated an outperform rating and issued a $713.00 price target (up from $638.00) on shares of Netflix in a research report on Wednesday. Seaport Res Ptn downgraded Netflix from a buy rating to a neutral rating in a research report on Tuesday, January 30th. UBS Group raised their price target on Netflix from $570.00 to $685.00 and gave the stock a buy rating in a research report on Tuesday, February 27th. Finally, Pivotal Research raised their price target on Netflix from $765.00 to $800.00 and gave the stock a buy rating in a research report on Friday. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $628.76.

Insiders Place Their Bets

In other Netflix news, Director Ann Mather sold 3,673 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $600.00, for a total value of $2,203,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Ann Mather sold 3,673 shares of Netflix 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gregory K. Peters sold 13,655 shares of Netflix 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 directly owns 13,090 shares of the company’s stock, valued at approximately $7,118,342. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 268,335 shares of company stock valued at $151,619,811. 2.45% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Netflix

A number of institutional investors and hedge funds have recently modified their holdings of NFLX. Aspect Partners LLC acquired a new stake in shares of Netflix during the fourth quarter worth about $32,000. Evermay Wealth Management LLC lifted its holdings in Netflix by 94.9% in the first quarter. Evermay Wealth Management LLC now owns 115 shares of the Internet television network’s stock valued at $40,000 after acquiring an additional 56 shares during the period. Resurgent Financial Advisors LLC acquired a new position in Netflix in the fourth quarter valued at approximately $42,000. KB Financial Partners LLC lifted its holdings in Netflix by 108.5% in the second 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 during the period. Finally, Financial Freedom LLC acquired a new position in Netflix in the fourth quarter valued at approximately $47,000. Institutional investors and hedge funds 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.