Netflix, Inc. to Post Q2 2024 Earnings of $4.70 Per Share, Wedbush Forecasts (NASDAQ:NFLX)

Netflix, Inc. (NASDAQ:NFLX) – Analysts at Wedbush lifted their Q2 2024 earnings per share estimates for Netflix in a research report issued to clients and investors on Friday, April 19th. Wedbush analyst A. Reese now expects that the Internet television network will earn $4.70 per share for the quarter, up from their prior estimate of $4.37. Wedbush currently has a “Outperform” rating and a $725.00 target price on the stock. The consensus estimate for Netflix’s current full-year earnings is $17.13 per share. Wedbush also issued estimates for Netflix’s Q3 2024 earnings at $4.82 EPS, Q4 2024 earnings at $3.71 EPS, Q1 2025 earnings at $5.90 EPS, Q2 2025 earnings at $5.64 EPS, Q3 2025 earnings at $5.76 EPS, Q4 2025 earnings at $4.59 EPS and FY2026 earnings at $25.36 EPS.

Netflix (NASDAQ:NFLX) last released its earnings results on Thursday, April 18th. The Internet television network reported $5.28 EPS for the quarter, beating analysts’ consensus estimates of $4.51 by $0.77. The firm had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $9.28 billion. Netflix had a return on equity of 29.46% and a net margin of 18.42%. The company’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.88 earnings per share.

Other analysts have also issued research reports about the company. Macquarie boosted their price target on Netflix from $595.00 to $685.00 and gave the company an “outperform” rating in a report on Tuesday, April 16th. Rosenblatt Securities lowered their price target on Netflix from $554.00 to $540.00 and set a “neutral” rating for the company in a report on Friday. Piper Sandler boosted their price target on Netflix from $550.00 to $600.00 and gave the company a “neutral” rating in a report on Friday, April 12th. JPMorgan Chase & Co. boosted their price target on Netflix from $610.00 to $650.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Finally, Evercore ISI boosted their price target on Netflix from $640.00 to $650.00 and gave the company an “outperform” rating in a report on Friday. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and twenty-two have given a buy rating to the company’s stock. Based on data from MarketBeat, Netflix has a consensus rating of “Moderate Buy” and a consensus price target of $630.58.

Netflix Trading Down 9.1 %

NFLX opened at $555.04 on Monday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market cap of $240.20 billion, a price-to-earnings ratio of 38.52, a P/E/G ratio of 1.49 and a beta of 1.22. The stock’s 50 day moving average price is $605.65 and its 200-day moving average price is $514.99. Netflix has a one year low of $315.62 and a one year high of $639.00.

Hedge Funds Weigh In On Netflix

Hedge funds have recently made changes to their positions in the company. Indiana Trust & Investment Management CO grew its position in Netflix by 112.0% during the 1st quarter. Indiana Trust & Investment Management CO now owns 53 shares of the Internet television network’s stock worth $32,000 after purchasing an additional 28 shares during the period. VitalStone Financial LLC grew its position in Netflix by 933.3% during the 4th quarter. VitalStone Financial LLC now owns 62 shares of the Internet television network’s stock worth $30,000 after purchasing an additional 56 shares during the period. Scarborough Advisors LLC acquired a new stake in Netflix during the 4th quarter worth about $32,000. Aspect Partners LLC acquired a new stake in Netflix during the 4th quarter worth about $32,000. Finally, Authentikos Wealth Advisory LLC acquired a new stake in Netflix during the 3rd quarter worth about $25,000. 80.93% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider David A. Hyman sold 267 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $556.01, for a total transaction of $148,454.67. Following the completion of the sale, the insider now owns 31,610 shares in the company, valued at approximately $17,575,476.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider David A. Hyman sold 267 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $556.01, for a total value of $148,454.67. Following the transaction, the insider now directly owns 31,610 shares of the company’s stock, valued at approximately $17,575,476.10. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jay C. Hoag sold 47,000 shares of the company’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $550.50, for a total value of $25,873,500.00. Following the completion of the transaction, the director now directly owns 431,034 shares in the company, valued at $237,284,217. The disclosure for this sale can be found here. In the last quarter, insiders sold 268,335 shares of company stock worth $151,619,811. Insiders own 2.45% of the company’s stock.

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.