Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Netflix co-CEO Gregory Peters sells $979,190 in stock

Published 07/11/2024, 01:58
© Reuters.
NFLX
-

Gregory K. Peters, Co-CEO of Netflix Inc. (NASDAQ:NFLX), recently sold shares in the company, according to a filing with the Securities and Exchange Commission. On November 5, Peters sold 1,278 shares of Netflix common stock at an average price of $766.19 each, amounting to a total transaction value of approximately $979,190.

In a related transaction on November 4, Peters acquired 2,592 shares through the vesting of restricted stock units (RSUs), which converted to common stock on a one-for-one basis. Additionally, 1,314 shares were withheld to cover tax obligations at a price of $755.51 per share, totaling $992,740.

Following these transactions, Peters now directly owns 12,950 shares of Netflix common stock.

In other recent news, Netflix has been the subject of significant events. The company's offices in Paris and Amsterdam were recently searched by tax fraud investigators from the PNF, France's financial crime unit. This operation is part of an ongoing preliminary investigation into allegations of tax fraud laundering, with the specific reasons not yet disclosed.

In another development, Netflix announced that executives Dean Garfield and Rachel Whetstone will be leaving as the company seeks a new chief global affairs officer. This role will encompass responsibilities for both public policy and communications, marking a strategic move by Netflix to consolidate these efforts under a single leadership position.

On the financial front, Guggenheim maintained a positive stance on Netflix, raising its price target to $825 and keeping a Buy rating on the shares. The firm's revised outlook reflects an optimistic view of Netflix's operating income and the expected growth of its ad-supported and gaming segments.

In addition, Jefferies, a global investment banking firm, increased its price target for Netflix to $800, anticipating a surge in subscribers driven by a strong content lineup. Meanwhile, Verizon Communications (NYSE:VZ) reported an increase in wireless subscribers for the third quarter, exceeding analyst predictions due to flexible 5G plans and bundled streaming services, including Netflix.

These recent developments underscore the ongoing shifts in Netflix's business strategy and market positioning.

InvestingPro Insights

The recent stock sale by Netflix Co-CEO Gregory K. Peters comes at a time when the company's shares are trading near their 52-week high, as indicated by InvestingPro data. With a market capitalization of $333.44 billion, Netflix continues to be a dominant force in the entertainment industry.

InvestingPro Tips highlight that Netflix is trading at a low P/E ratio relative to its near-term earnings growth, with a PEG ratio of 0.55. This suggests that despite the stock's high valuation, there may still be room for growth relative to its earnings potential. The company's strong financial position is further underscored by its ability to cover interest payments with cash flows and maintain a moderate level of debt.

Netflix's recent performance has been impressive, with a one-year price total return of 79.52% and a year-to-date return of 60.25%. The company's revenue growth remains solid at 14.8% over the last twelve months, with an operating income margin of 25.65%, indicating efficient operations.

For investors seeking more comprehensive analysis, InvestingPro offers 19 additional tips for Netflix, providing a deeper understanding of the company's financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.