Netflix (NASDAQ:NFLX) Updates Q4 Earnings Guidance

Netflix (NASDAQ:NFLX) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $4.23 for the period, compared to the consensus earnings per share estimate of $3.90. The company issued revenue guidance of $10.128 billion, compared to the consensus revenue estimate of $10.04 billion. Netflix also updated its FY 2024 guidance to EPS.

Netflix Trading Up 11.1 %

NFLX opened at $763.89 on Friday. The firm has a market capitalization of $329.24 billion, a price-to-earnings ratio of 53.01, a PEG ratio of 1.49 and a beta of 1.26. Netflix has a one year low of $392.26 and a one year high of $766.28. The business has a 50 day simple moving average of $696.38 and a two-hundred day simple moving average of $654.94. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.95 and a quick ratio of 0.95.

Netflix (NASDAQ:NFLX) last announced its quarterly earnings results on Thursday, July 18th. The Internet television network reported $4.88 EPS for the quarter, topping analysts’ consensus estimates of $4.74 by $0.14. The company had revenue of $9.56 billion during the quarter, compared to analyst estimates of $9.53 billion. Netflix had a return on equity of 32.93% and a net margin of 19.54%. The firm’s revenue was up 16.8% on a year-over-year basis. During the same quarter last year, the firm posted $3.29 earnings per share. Analysts predict that Netflix will post 19.08 EPS for the current year.

Wall Street Analysts Forecast Growth

NFLX has been the topic of several research reports. China Renaissance initiated coverage on Netflix in a research report on Thursday, September 5th. They set a “hold” rating and a $680.00 price objective on the stock. Redburn Atlantic lifted their price objective on Netflix from $740.00 to $760.00 and gave the company a “buy” rating in a research note on Friday, July 19th. The Goldman Sachs Group set a $750.00 target price on Netflix in a research note on Friday. Argus lifted their price target on Netflix from $660.00 to $767.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Finally, Canaccord Genuity Group upped their price target on shares of Netflix from $750.00 to $760.00 and gave the stock a “hold” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, Netflix has a consensus rating of “Moderate Buy” and a consensus target price of $747.70.

Insider Buying and Selling at Netflix

In other news, Chairman Reed Hastings sold 25,599 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $631.43, for a total transaction of $16,163,976.57. Following the sale, the chairman now directly owns 57 shares in the company, valued at $35,991.51. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Gregory K. Peters sold 1,278 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $614.44, for a total value of $785,254.32. Following the transaction, the chief executive officer now owns 13,090 shares of the company’s stock, valued at approximately $8,043,019.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Reed Hastings sold 25,599 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $631.43, for a total transaction of $16,163,976.57. Following the transaction, the chairman now directly owns 57 shares of the company’s stock, valued at $35,991.51. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 225,167 shares of company stock valued at $150,492,460 over the last 90 days. 1.76% of the stock is currently owned by corporate insiders.

Netflix Company Profile

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.