Netflix, Inc. (NASDAQ:NFLX – Get Free Report)’s share price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $346.19, but opened at $404.74. Netflix shares last traded at $400.60, with a volume of 7,937,620 shares.
The Internet television network reported $3.73 earnings per share for the quarter, topping analysts’ consensus estimates of $3.49 by $0.24. The firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.54 billion. Netflix had a return on equity of 19.76% and a net margin of 13.22%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the firm earned $3.10 EPS.
Analysts Set New Price Targets
A number of brokerages recently issued reports on NFLX. JPMorgan Chase & Co. raised their target price on Netflix from $455.00 to $480.00 and gave the stock an “overweight” rating in a research note on Thursday. Evercore ISI reduced their target price on Netflix from $550.00 to $500.00 and set an “outperform” rating for the company in a research note on Monday, September 18th. Pivotal Research raised their target price on Netflix from $535.00 to $600.00 in a research note on Thursday, July 20th. Citigroup lifted their price objective on Netflix from $400.00 to $500.00 and gave the company a “buy” rating in a research note on Thursday, June 29th. Finally, The Goldman Sachs Group reduced their price objective on Netflix from $400.00 to $390.00 and set a “neutral” rating for the company in a research note on Monday, October 9th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, Netflix currently has an average rating of “Moderate Buy” and a consensus target price of $437.34.
Insider Activity at Netflix
In related news, Director Jay C. Hoag sold 4,954 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $422.24, for a total value of $2,091,776.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Netflix news, Director Richard N. Barton sold 500 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $443.07, for a total value of $221,535.00. Following the sale, the director now owns 152 shares of the company’s stock, valued at $67,346.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jay C. Hoag sold 4,954 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $422.24, for a total value of $2,091,776.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 117,714 shares of company stock worth $50,138,516. Insiders own 2.45% of the company’s stock.
Institutional Trading of Netflix
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aveo Capital Partners LLC raised its holdings in shares of Netflix by 3.7% during the second quarter. Aveo Capital Partners LLC now owns 637 shares of the Internet television network’s stock valued at $281,000 after acquiring an additional 23 shares during the period. Financial Gravity Asset Management Inc. lifted its position in Netflix by 0.8% in the 2nd quarter. Financial Gravity Asset Management Inc. now owns 3,002 shares of the Internet television network’s stock worth $6,679,000 after buying an additional 23 shares in the last quarter. Global Assets Advisory LLC boosted its stake in shares of Netflix by 2.0% during the 2nd quarter. Global Assets Advisory LLC now owns 1,226 shares of the Internet television network’s stock valued at $537,000 after buying an additional 24 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Netflix by 13.9% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 197 shares of the Internet television network’s stock valued at $87,000 after acquiring an additional 24 shares in the last quarter. Finally, Fulton Breakefield Broenniman LLC increased its stake in shares of Netflix by 3.8% in the second quarter. Fulton Breakefield Broenniman LLC now owns 686 shares of the Internet television network’s stock worth $302,000 after acquiring an additional 25 shares during the last quarter. Hedge funds and other institutional investors own 79.95% of the company’s stock.
Netflix Trading Up 16.1 %
The firm has a market capitalization of $178.04 billion, a PE ratio of 42.79, a price-to-earnings-growth ratio of 1.32 and a beta of 1.31. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.33 and a quick ratio of 1.33. The company has a fifty day moving average of $401.31 and a 200-day moving average of $394.22.
About Netflix
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.
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