Netflix Inc. (NFLX) Sees Large Volume Increase on Better-Than-Expected Earnings
Netflix Inc. (NASDAQ:NFLX) shares saw unusually-high trading volume on Monday following a stronger than expected earnings report. Approximately 11,148,254 shares traded hands during mid-day 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 for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.06. The company earned $2.29 billion during the quarter, compared to analyst estimates of $2.28 billion. Netflix had a net margin of 1.85% and a return on equity of 5.59%. The firm’s revenue for the quarter was up 31.7% compared to the same quarter last year. During the same period last year, the business earned $0.07 EPS.
NFLX has been the subject of several recent analyst reports. Nomura reissued a “buy” rating and set a $115.00 price objective (down from $125.00) on shares of Netflix in a report on Monday, June 20th. Zacks Investment Research raised shares of Netflix from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a report on Tuesday, June 21st. Sanford C. Bernstein reaffirmed an “underperform” rating and issued a $62.00 price target on shares of Netflix in a report on Wednesday, June 22nd. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $140.00 price target on shares of Netflix in a report on Thursday, June 23rd. Finally, Pacific Crest reaffirmed a “buy” rating and issued a $130.00 price target on shares of Netflix in a report on Wednesday, June 22nd. Eight analysts have rated the stock with a sell rating, fifteen have given a hold rating and twenty-seven have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $110.29.
In other news, Director Jay C. Hoag purchased 600,000 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The shares were acquired at an average cost of $86.43 per share, for a total transaction of $51,858,000.00. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jay C. Hoag purchased 300,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The stock was purchased at an average price of $94.31 per share, for a total transaction of $28,293,000.00. The disclosure for this purchase can be found here. 4.90% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of NFLX. Cornerstone Advisors Inc. boosted its stake in Netflix by 25.6% in the second quarter. Cornerstone Advisors Inc. now owns 1,118 shares of the Internet television network’s stock worth $102,000 after buying an additional 228 shares during the last quarter. Signature Estate & Investment Advisors LLC acquired a new stake in Netflix during the second quarter worth about $124,000. Quadrant Capital Group LLC boosted its stake in Netflix by 15.1% in the second quarter. Quadrant Capital Group LLC now owns 1,475 shares of the Internet television network’s stock worth $126,000 after buying an additional 194 shares during the last quarter. Coconut Grove Bank boosted its stake in Netflix by 1.7% in the second quarter. Coconut Grove Bank now owns 1,526 shares of the Internet television network’s stock worth $140,000 after buying an additional 26 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its stake in Netflix by 15.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,690 shares of the Internet television network’s stock worth $155,000 after buying an additional 224 shares during the last quarter. 78.41% of the stock is owned by institutional investors and hedge funds.
The stock has a 50 day moving average price of $98.93 and a 200-day moving average price of $96.40. The firm has a market capitalization of $42.79 billion, a price-to-earnings ratio of 311.88 and a beta of 1.14.
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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