Netflix Inc. (NASDAQ:NFLX) shares rose 19.5% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $119.70 and last traded at $119.26, with a volume of 32,869,834 shares changing hands. The stock had previously closed at $99.80.
The Internet television network reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.06. Netflix had a net margin of 1.85% and a return on equity of 5.59%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same period last year, the firm earned $0.07 earnings per share. Netflix’s revenue for the quarter was up 31.7% compared to the same quarter last year.
NFLX has been the topic of a number of recent research reports. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $116.00 price target (down from $125.00) on shares of Netflix in a research report on Tuesday, July 19th. MKM Partners lowered their price target on shares of Netflix from $145.00 to $130.00 and set a “buy” rating on the stock in a research report on Wednesday, July 20th. Vetr raised shares of Netflix from a “hold” rating to a “buy” rating and set a $103.71 price target on the stock in a research report on Thursday, September 8th. BMO Capital Markets reaffirmed a “market perform” rating and set a $85.00 price target on shares of Netflix in a research report on Thursday, July 28th. Finally, Jefferies Group reaffirmed an “underperform” rating and set a $76.00 price target on shares of Netflix in a research report on Friday, September 23rd. Eight investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-eight have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $115.51.
In related news, Director Richard N. Barton sold 2,800 shares of the firm’s stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $104.27, for a total value of $291,956.00. Following the completion of the sale, the director now owns 15,254 shares of the company’s stock, valued at $1,590,534.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jay C. Hoag purchased 600,000 shares of the company’s stock in a transaction that occurred on Monday, July 25th. The stock was acquired at an average cost of $86.43 per share, with a total value of $51,858,000.00. The disclosure for this purchase can be found here. 4.90% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. Fulton Bank N.A. raised its position in shares of Netflix by 0.3% in the third quarter. Fulton Bank N.A. now owns 4,450 shares of the Internet television network’s stock valued at $439,000 after buying an additional 12 shares in the last quarter. Concorde Asset Management LLC raised its position in shares of Netflix by 0.5% in the second quarter. Concorde Asset Management LLC now owns 4,205 shares of the Internet television network’s stock valued at $385,000 after buying an additional 20 shares in the last quarter. Coconut Grove Bank raised its position in shares of Netflix by 1.7% in the second quarter. Coconut Grove Bank now owns 1,526 shares of the Internet television network’s stock valued at $140,000 after buying an additional 26 shares in the last quarter. Conning Inc. raised its position in shares of Netflix by 0.3% in the second quarter. Conning Inc. now owns 10,915 shares of the Internet television network’s stock valued at $999,000 after buying an additional 30 shares in the last quarter. Finally, Mycio Wealth Partners LLC raised its position in shares of Netflix by 1.5% in the second quarter. Mycio Wealth Partners LLC now owns 2,348 shares of the Internet television network’s stock valued at $215,000 after buying an additional 35 shares in the last quarter. 78.41% of the stock is owned by institutional investors.
The stock has a market capitalization of $50.93 billion, a price-to-earnings ratio of 371.22 and a beta of 1.14. The company’s 50-day moving average is $99.60 and its 200 day moving average is $96.38.
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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