Netflix (NASDAQ:NFLX) Releases Earnings Results, Misses Estimates By $0.30 EPS

Netflix (NASDAQ:NFLX – Get Rating) posted its quarterly earnings data on Thursday. The Internet television network reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.30), RTT News reports. The firm had revenue of $7.85 billion for the quarter, compared to analysts’ expectations of $7.85 billion. Netflix had a net margin of 16.03% and a return on equity of 27.64%. The firm’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.33 EPS. Netflix updated its Q1 2023 guidance to $2.82-$2.82 EPS and its Q1 guidance to $2.82 EPS.

Netflix Stock Performance

Netflix stock traded up $26.72 during mid-day trading on Friday, reaching $342.50. The company had a trading volume of 28,430,339 shares, compared to its average volume of 11,185,224. The company has a 50 day moving average of $304.91 and a 200-day moving average of $259.17. The firm has a market cap of $152.42 billion, a price-to-earnings ratio of 30.69, a PEG ratio of 3.69 and a beta of 1.27. Netflix has a 52 week low of $162.71 and a 52 week high of $458.48. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.68.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Bank of America reiterated a “buy” rating and set a $370.00 target price on shares of Netflix in a research report on Tuesday, November 15th. Barclays raised their price target on Netflix from $235.00 to $250.00 and gave the stock an “equal weight” rating in a research note on Friday. StockNews.com started coverage on Netflix in a report on Wednesday, October 12th. They set a “hold” rating on the stock. New Street Research started coverage on Netflix in a report on Wednesday, January 4th. They set a “neutral” rating and a $304.00 price objective on the stock. Finally, Cowen lifted their price target on Netflix from $405.00 to $440.00 in a report on Friday. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $338.47.

Hedge Funds Weigh In On Netflix

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ruane Cunniff & Goldfarb L.P. increased its position in shares of Netflix by 84.4% during the 1st quarter. Ruane Cunniff & Goldfarb L.P. now owns 1,428,972 shares of the Internet television network’s stock worth $535,279,000 after purchasing an additional 653,867 shares in the last quarter. Clearbridge Investments LLC increased its position in Netflix by 26.3% in the 1st quarter. Clearbridge Investments LLC now owns 2,482,995 shares of the Internet television network’s stock valued at $930,105,000 after acquiring an additional 516,505 shares in the last quarter. MFN Partners Management LP acquired a new stake in Netflix in the 1st quarter valued at about $166,268,000. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Netflix by 149.1% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 263,550 shares of the Internet television network’s stock valued at $98,723,000 after purchasing an additional 157,766 shares during the last quarter. Finally, Capital Group Private Client Services Inc. boosted its stake in Netflix by 67.8% during the 1st quarter. Capital Group Private Client Services Inc. now owns 239,159 shares of the Internet television network’s stock worth $89,587,000 after acquiring an additional 96,628 shares during the last quarter. 77.26% of the stock is owned by institutional investors.

About Netflix

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Netflix, Inc provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and languages. The company provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, television set-top boxes, and mobile devices.