On Monday, Netflix stock jumped to a record high as the platform persisted in steering positive momentum from its better quarterly data released last week.
The video streaming platform’s stock rose 1.07% to $772.07 apiece in the closed trading. However, it declined by -0.31% to $796.70 in the premarket session.
Furthermore, the Los Gatos-based company beat forecasts in its third quarter data last week and forecast sales for the current quarter that came ahead of analysts’ anticipations.
On the other hand, experts revealed that Netflix remains one of the best-positioned media businesses and has several growth steerers.
Nevertheless, despite the 60.00% stock increase since January, its high market cap has caused some worries.
Meanwhile, Netflix co-CEO Gregory Peters noted that the firm will continue to transform the pricing of its tiers. However, they appreciate the lower price and raised accessibility offered by the ad-supported plan, which is $6.99 in the US.
Despite that, the company recently disclosed that year-over-year engagement levels remained roughly flat, which could pose a challenge to its ability to increase prices.
Co-CEO of Netflix Sells Over $3M Worth of Shares
According to reports, Peters, Netflix’s co-CEO, has sold 4,186 shares of the firm’s common stock, amounting to over $3.14 million.
Ahead of the sale, the co-CEO applied for a stock option to purchase the same number of shares at $162.99 apiece, equating to a total value of $682,276.00. After these transactions, Peters now holds 13,090 shares of the firm’s stock.
Meanwhile, Netflix has garnered attention with its strong third-quarter performance. It exceeded analysts’ expectations by adding 5 million new subscribers.
The company’s revenue forecast for 2025 predicts growth of 11.00% to 13.00%, a slight slowdown compared to the projected 15.00% growth in 2024.
Global investment bank Jefferies remains optimistic about Netflix’s future, increasing its price target to $800 while keeping a Buy rating. The firm expects a surge of over 10 million subscribers in the fourth quarter, fueled by a robust content slate.
