Verdict of US Federal Communication Commission goes in favor of Netflix, Inc. (NFLX)
Netflix, Inc. (NASDAQ:NFLX) is free from litigation charges by AT&T Inc. (NYSE:T) and Verizon Communications Inc. (NYSE:VZ) in terms of lowering picture quality in their devices. Netflix reduced the quality for the benefit of the users as it will cost them less mobile data charges and will also help to maintain the mobile data caps. Moreover, US Federal Communication Commission lately said that Netflix didn’t violate any regulatory requirements while doing so.
Netflix stock has lost 10.86% market value year-to-date (YTD) while there is a 0.70% gain in Dow Jones Index and 0.02% drop in S&P 500 Index during the same period. The company’s stock is trading away from its 52-week high of $133.27 at $10.4.85 up 2.55% as of 11:37AM EDT April 1. The company’s shares are traded on average 14.56 million per day and have a total float of 428.08 million shares with a market capitalization of $44.57 billion.
Netflix earnings are due this month on April 18, the Street projects revenue of $1.97 billion with an earnings per share (EPS) of $0.04. Moreover, Street analysts have also provided consensus estimates for fiscal year revenue and EPS of $8.77 billion and $0.26 respectively. The five year growth projection of Netflix stands at 30.9%
The Street has given a consensus price target of $127.389 for Netflix stock with a mean but rating. The company’s stock has a wide range of bearish and bullish price target where the most bullish price target stands at $164 while the most bearish price target is $45. This stock information is as per Zacks Investment Research and may vary from Thomson Reuters.
There has been some insider selling at the company since 2016 started. Chief Executive Officer of Netflix sold 86,933 shares of the company at an average price of $107.31 on January 19. The other insider selling was done by one of the directors of the company, Richard N. Barton as he sold 2,800 shares of Netflix at an average price of $100.15 on March 23.