Netflix (NASDAQ:NFLX) Shares Gap Up After Strong Earnings – MarketBeat

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Netflix, Inc. (NASDAQ:NFLXGet Rating)’s stock price gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $240.86, but opened at $272.24. Netflix shares last traded at $274.62, with a volume of 395,274 shares traded.
The Internet television network reported $3.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.13 by $0.97. Netflix had a return on equity of 30.07% and a net margin of 16.42%. The company had revenue of $7.93 billion during the quarter, compared to analyst estimates of $7.84 billion. During the same quarter in the previous year, the firm posted $3.19 EPS. The firm’s quarterly revenue was up 5.9% on a year-over-year basis.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NFLX shares. Truist Financial lowered their price target on Netflix from $300.00 to $210.00 and set a “hold” rating on the stock in a research report on Thursday, June 30th. Pivotal Research lifted their target price on Netflix from $175.00 to $200.00 and gave the stock a “sell” rating in a report on Wednesday. UBS Group upped their price target on shares of Netflix from $198.00 to $250.00 and gave the company a “neutral” rating in a report on Friday, October 14th. Evercore ISI raised shares of Netflix from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $245.00 to $300.00 in a research note on Thursday, September 15th. Finally, Cfra lowered shares of Netflix from a “hold” rating to a “sell” rating and cut their target price for the company from $245.00 to $238.00 in a research note on Monday, August 22nd. Six analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, Netflix currently has a consensus rating of “Hold” and a consensus target price of $322.41.

Institutional Investors Weigh In On Netflix

A number of institutional investors and hedge funds have recently modified their holdings of the business. Pacifica Partners Inc. boosted its position in Netflix by 44.1% in the first quarter. Pacifica Partners Inc. now owns 98 shares of the Internet television network’s stock valued at $37,000 after buying an additional 30 shares in the last quarter. Brown Miller Wealth Management LLC boosted its holdings in shares of Netflix by 6.0% during the 1st quarter. Brown Miller Wealth Management LLC now owns 551 shares of the Internet television network’s stock valued at $206,000 after acquiring an additional 31 shares in the last quarter. Revolve Wealth Partners LLC grew its position in Netflix by 3.5% during the 1st quarter. Revolve Wealth Partners LLC now owns 1,041 shares of the Internet television network’s stock worth $390,000 after acquiring an additional 35 shares during the last quarter. Checchi Capital Advisers LLC increased its holdings in Netflix by 1.2% in the 2nd quarter. Checchi Capital Advisers LLC now owns 3,624 shares of the Internet television network’s stock worth $815,000 after purchasing an additional 42 shares in the last quarter. Finally, TCG Advisory Services LLC raised its position in Netflix by 2.6% in the second quarter. TCG Advisory Services LLC now owns 1,673 shares of the Internet television network’s stock valued at $293,000 after purchasing an additional 42 shares during the last quarter. 75.52% of the stock is owned by institutional investors.

Netflix Stock Up 13.8 %

The stock has a market capitalization of $121.92 billion, a price-to-earnings ratio of 24.12, a price-to-earnings-growth ratio of 1.18 and a beta of 1.22. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.75. The stock has a 50 day moving average price of $233.21 and a 200 day moving average price of $221.84.

Netflix Company Profile

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Netflix, Inc provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and languages. The company provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, television set-top boxes, and mobile devices.

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