Netflix (NASDAQ:NFLX) Shares Up 1.2% Following Better-Than-Expected Earnings

Netflix, Inc. (NASDAQ:NFLX)’s stock price was up 1.2% on Friday following a better than expected earnings announcement. The stock traded as high as $984.70 and last traded at $973.03. Approximately 8,733,404 shares changed hands during mid-day trading, an increase of 133% from the average daily volume of 3,742,602 shares. The stock had previously closed at $961.63.

The Internet television network reported $6.61 earnings per share for the quarter, beating analysts’ consensus estimates of $5.74 by $0.87. Netflix had a return on equity of 38.32% and a net margin of 22.34%. The company had revenue of $10.54 billion for the quarter, compared to the consensus estimate of $10.51 billion. During the same period in the previous year, the business earned $8.28 earnings per share.

Analysts Set New Price Targets

Several equities analysts have issued reports on NFLX shares. Canaccord Genuity Group upgraded Netflix from a “hold” rating to a “buy” rating and lifted their price objective for the company from $940.00 to $1,150.00 in a research report on Wednesday, January 22nd. FBN Securities initiated coverage on shares of Netflix in a research report on Thursday, March 27th. They set an “outperform” rating and a $1,165.00 price target on the stock. Loop Capital restated a “hold” rating on shares of Netflix in a research report on Monday, March 24th. Argus upped their target price on shares of Netflix from $840.00 to $1,040.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, Phillip Securities cut shares of Netflix from a “hold” rating to a “moderate sell” rating in a research note on Friday, January 24th. Nine analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Netflix presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,036.38.

Insider Buying and Selling

In other news, CAO Jeffrey William Karbowski sold 480 shares of Netflix stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $986.75, for a total value of $473,640.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Strive Masiyiwa sold 2,813 shares of the business’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $1,007.87, for a total value of $2,835,138.31. The disclosure for this sale can be found here. In the last ninety days, insiders sold 274,312 shares of company stock valued at $267,919,297. Insiders own 1.76% of the company’s stock.

Hedge Funds Weigh In On Netflix

Several hedge funds and other institutional investors have recently modified their holdings of the business. Halbert Hargrove Global Advisors LLC lifted its holdings in shares of Netflix by 100.0% in the first quarter. Halbert Hargrove Global Advisors LLC now owns 26 shares of the Internet television network’s stock worth $25,000 after acquiring an additional 13 shares during the last quarter. Pathway Financial Advisers LLC boosted its position in Netflix by 82.4% in the fourth quarter. Pathway Financial Advisers LLC now owns 31 shares of the Internet television network’s stock valued at $27,000 after buying an additional 14 shares in the last quarter. Brown Shipley& Co Ltd acquired a new position in shares of Netflix during the fourth quarter worth $27,000. Transce3nd LLC bought a new position in shares of Netflix in the 4th quarter valued at $32,000. Finally, Newton One Investments LLC bought a new stake in Netflix during the 4th quarter worth $34,000. Institutional investors own 80.93% of the company’s stock.

Netflix Trading Up 1.2 %

The business has a fifty day simple moving average of $954.87 and a 200-day simple moving average of $893.08. The firm has a market cap of $416.22 billion, a price-to-earnings ratio of 49.07, a PEG ratio of 2.12 and a beta of 1.55. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.22 and a current ratio of 1.22.

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.