Netflix shares news: Streaming service plans around 700 original series, films in 2018
Netflix shares closed lower Tuesday, but are seen a little higher at the open Wednesday. Meanwhile, CFO David Wells said that the streaming service is planning to create and offer some 700, original series and films during 2018.
Netflix shares closed lower at $290.61 Tuesday, below the all-time high of around $295 it hit on Monday. However, pre-market trading has the stock in the green.
Create more content
Wells was speaking at the Morgan Stanley Technology, Media and Telecom conference Tuesday, when he told delegates that Netflix was continuing to create more original content to offer its growing number of global subscribers.
“People seem to love high production quality and a good story," Wells said. “It doesn't really seem to matter where it comes from.”
The streaming service has a budget of around $8 billion to spend on creating content. The planned programs and films include 80 foreign language productions.
Netflix will also boost its marketing budget to $2 billion to help ensure everyone who needs to, knows about all the new content they create.
“We think marketing is a multiplier on the content spend,” Wells said.
Netflix share moves
While Wells promotes the company’s content plans, other Netflix news is that a company Director, Jay C. Hoag, sold 11,264 shares of the company’s stock, on February 1st. The shares sold for an average price of $267.50 and a total price of $3,013,120.00, according to the legal SEC filing note.
The move by Hoag comes as some analysts have revised their price targets for the stock in the early weeks of 2018.
- Goldman Sachs upped its Netflix price target to $315 and gave it a ‘Buy rating.
- MKM Partners raised its price target to $320 from $245 and also added a ‘Buy rating.
Meanwhile, Trustcore Financial Services LLC bought a new position in Netflix during the fourth quarter of 2017, buying 2,770 shares for around $532,000.
