Shares of Netflix Inc. (NASDAQ:NFLX) shot up 19.5% during trading on Tuesday following a better than expected earnings announcement. 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 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.06. Netflix had a net margin of 1.85% and a return on equity of 5.59%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the prior year, the firm earned $0.07 EPS. The firm’s revenue for the quarter was up 31.7% on a year-over-year basis.

A number of brokerages have commented on NFLX. FBR & Co reissued a “market perform” rating and issued a $90.00 price objective on shares of Netflix in a research report on Wednesday, October 5th. Deutsche Bank AG began coverage on shares of Netflix in a research report on Monday, October 10th. They issued a “sell” rating and a $90.00 price objective on the stock. They noted that the move was a valuation call. Raymond James Financial Inc. set a $120.00 price objective on shares of Netflix and gave the company a “buy” rating in a research report on Monday, October 10th. Vetr downgraded shares of Netflix from a “buy” rating to a “hold” rating and set a $105.94 price objective on the stock. in a research report on Monday, October 3rd. Finally, Robert W. Baird reissued a “neutral” rating and issued a $94.00 price objective on shares of Netflix in a research report on Tuesday, October 4th. Seven research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twenty-eight have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $115.98.

In other news, Director Richard N. Barton sold 2,800 shares of the business’s stock in a transaction on Thursday, October 6th. The shares were sold at an average price of $104.27, for a total transaction of $291,956.00. Following the completion of the transaction, the director now 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 accessible through this hyperlink. Also, CEO Reed Hastings sold 116,431 shares of the business’s stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $86.59, for a total transaction of $10,081,760.29. Following the transaction, the chief executive officer now directly owns 116,431 shares of the company’s stock, valued at approximately $10,081,760.29. The disclosure for this sale can be found here. Company insiders own 4.90% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Menta Capital LLC increased its position in shares of Netflix by 225.0% in the first quarter. Menta Capital LLC now owns 10,833 shares of the Internet television network’s stock valued at $1,107,000 after buying an additional 7,500 shares during the period. M&T Bank Corp increased its position in shares of Netflix by 5.6% in the first quarter. M&T Bank Corp now owns 32,482 shares of the Internet television network’s stock valued at $3,320,000 after buying an additional 1,737 shares during the period. Meiji Yasuda Asset Management Co Ltd. increased its position in shares of Netflix by 16.4% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,201 shares of the Internet television network’s stock valued at $225,000 after buying an additional 310 shares during the period. Canada Pension Plan Investment Board increased its position in shares of Netflix by 1.1% in the first quarter. Canada Pension Plan Investment Board now owns 46,963 shares of the Internet television network’s stock valued at $4,801,000 after buying an additional 500 shares during the period. Finally, BB&T Securities LLC increased its position in shares of Netflix by 97.1% in the first quarter. BB&T Securities LLC now owns 10,991 shares of the Internet television network’s stock valued at $1,123,000 after buying an additional 5,416 shares during the period. 78.41% of the stock is owned by institutional investors.

The stock’s 50-day moving average is $98.99 and its 200 day moving average is $96.28. The stock has a market capitalization of $51.10 billion, a P/E ratio of 372.50 and a beta of 1.14.

About Netflix

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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