Netflix Inc. (NFLX) Sees Large Volume Increase on Better-Than-Expected Earnings
Netflix Inc. (NASDAQ:NFLX) saw unusually-high trading volume on Monday following a better than expected earnings announcement. Approximately 11,148,254 shares traded hands during trading, an increase of 17% from the previous session’s volume of 9,555,373 shares.The stock last traded at $99.93 and had previously closed at $101.47.
The Internet television network reported $0.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.06. Netflix had a return on equity of 5.59% and a net margin of 1.85%. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter in the previous year, the business posted $0.07 earnings per share. The business’s revenue for the quarter was up 31.7% on a year-over-year basis.
NFLX has been the topic of several research reports. Jefferies Group restated a “hold” rating and set a $120.00 price target on shares of Netflix in a report on Monday, July 11th. Cowen and Company restated an “outperform” rating and set a $110.00 price target on shares of Netflix in a report on Wednesday, October 12th. Cantor Fitzgerald restated a “buy” rating on shares of Netflix in a report on Sunday, August 14th. FBR & Co restated a “market perform” rating and set a $90.00 price target (down from $104.00) on shares of Netflix in a report on Sunday, July 17th. Finally, Piper Jaffray Cos. restated an “overweight” rating and set a $122.00 price target on shares of Netflix in a report on Tuesday, July 12th. Eight equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $110.29.
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In other news, Director Richard N. Barton sold 2,800 shares of the company’s stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $104.27, for a total transaction of $291,956.00. Following the transaction, the director now directly owns 15,254 shares of the company’s stock, valued at $1,590,534.58. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Richard N. Barton sold 700 shares of the company’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $93.87, for a total value of $65,709.00. Following the transaction, the director now directly owns 15,562 shares in the company, valued at $1,460,804.94. The disclosure for this sale can be found here. 4.90% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Winslow Capital Management LLC acquired a new position in shares of Netflix during the second quarter worth about $209,447,000. Capital World Investors increased its position in shares of Netflix by 32.4% in the second quarter. Capital World Investors now owns 6,656,926 shares of the Internet television network’s stock worth $608,976,000 after buying an additional 1,630,881 shares during the last quarter. Jericho Capital Asset Management L.P. acquired a new position in shares of Netflix during the first quarter worth about $94,076,000. Capital Research Global Investors increased its position in shares of Netflix by 1.5% in the second quarter. Capital Research Global Investors now owns 49,967,802 shares of the Internet television network’s stock worth $4,571,055,000 after buying an additional 761,325 shares during the last quarter. Finally, Criterion Capital Management LLC increased its position in shares of Netflix by 241.5% in the second quarter. Criterion Capital Management LLC now owns 991,469 shares of the Internet television network’s stock worth $90,700,000 after buying an additional 701,119 shares during the last quarter. 78.41% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a market cap of $42.79 billion, a PE ratio of 311.88 and a beta of 1.14. The stock’s 50-day moving average price is $98.93 and its 200 day moving average price is $96.40.
Netflix Company Profile
Netflix, Inc (Netflix) is a provider of Internet television network. The Company’s members can watch original series, documentaries and feature films in Internet-connected screen. The Company has three operating segments: Domestic streaming, International streaming and Domestic DVD. The Domestic and International streaming segments derive revenues from monthly membership fees for services consisting of streaming content.
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