Netflix Inc. (NFLX) Bond Prices Rise 1.9% Insider Trade
An issue of Netflix Inc. (NASDAQ:NFLX) bonds rose 1.9% against their face value during trading on Wednesday after an insider sold shares in the company. The high-yield issue of debt has a 5.875% coupon and is set to mature on February 15, 2025. The debt is now trading at $113.00 and was trading at $107.95 one week ago. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price. Specifically, Director Richard N. Barton sold 1,400 shares of the firm’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $100.00, for a total value of $140,000.00. Following the transaction, the director now directly owns 16,262 shares of the company’s stock, valued at approximately $1,626,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jay C. Hoag purchased 600,000 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The stock was bought at an average cost of $86.43 per share, for a total transaction of $51,858,000.00. The disclosure for this purchase can be found here. Insiders own 4.90% of the company’s stock.
A number of research analysts recently weighed in on NFLX shares. Vetr raised shares of Netflix from a “buy” rating to a “strong-buy” rating and set a $109.84 price target on the stock in a research note on Wednesday, June 8th. Nomura reaffirmed a “buy” rating and issued a $115.00 price target (down from $125.00) on shares of Netflix in a research note 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 on the stock in a research note on Tuesday, June 21st. Sanford C. Bernstein reaffirmed an “underperform” rating and issued a $62.00 price target on shares of Netflix in a research note on Wednesday, June 22nd. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and issued a $140.00 price target on shares of Netflix in a research note on Thursday, June 23rd. Seven research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $110.97.
The stock has a market cap of $45.56 billion, a price-to-earnings ratio of 332.12 and a beta of 1.14. The firm has a 50 day moving average price of $97.70 and a 200-day moving average price of $96.24.
Netflix (NASDAQ:NFLX) last released its quarterly earnings results on Monday, July 18th. The Internet television network reported $0.09 EPS for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.07. Netflix had a net margin of 1.85% and a return on equity of 5.59%. The company had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same quarter last year, the firm posted $0.06 earnings per share. The company’s quarterly revenue was up 19.5% compared to the same quarter last year. Equities analysts expect that Netflix Inc. will post $0.29 earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in NFLX. Fulton Bank N.A. raised its position in Netflix by 0.3% in the third quarter. Fulton Bank N.A. now owns 4,450 shares of the Internet television network’s stock worth $439,000 after buying an additional 12 shares in the last quarter. Eqis Capital Management Inc. raised its position in Netflix by 5.2% in the third quarter. Eqis Capital Management Inc. now owns 27,694 shares of the Internet television network’s stock worth $2,729,000 after buying an additional 1,380 shares in the last quarter. Macquarie Group Ltd. raised its position in Netflix by 34.9% in the second quarter. Macquarie Group Ltd. now owns 115,690 shares of the Internet television network’s stock worth $10,583,000 after buying an additional 29,915 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Netflix during the second quarter worth approximately $1,582,000. Finally, Kentucky Retirement Systems purchased a new position in Netflix during the second quarter worth approximately $3,332,000. 78.43% of the stock is currently owned by institutional investors.
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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