Cloudflare (NYSE:NET) Updates FY 2024 Earnings Guidance

Cloudflare (NYSE:NET) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 0.700-0.710 for the period, compared to the consensus earnings per share estimate of 0.630. The company issued revenue guidance of $1.7 billion-$1.7 billion, compared to the consensus revenue estimate of $1.7 billion. Cloudflare also updated its FY24 guidance to $0.70-0.71 EPS.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. JPMorgan Chase & Co. decreased their target price on Cloudflare from $90.00 to $80.00 and set a neutral rating for the company in a research note on Friday, May 3rd. Citigroup reduced their price objective on Cloudflare from $95.00 to $90.00 and set a neutral rating for the company in a research report on Thursday, May 9th. Oppenheimer reduced their price objective on Cloudflare from $122.00 to $110.00 and set an outperform rating for the company in a research report on Friday, May 3rd. Morgan Stanley reiterated an equal weight rating and issued a $92.00 price objective on shares of Cloudflare in a research report on Monday, June 17th. Finally, Guggenheim raised their price objective on Cloudflare from $50.00 to $57.00 and gave the stock a sell rating in a research report on Friday. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cloudflare presently has an average rating of Hold and an average target price of $92.08.

Cloudflare Trading Up 6.8 %

NET stock opened at $79.46 on Friday. The business has a fifty day moving average price of $77.83 and a 200 day moving average price of $85.17. Cloudflare has a fifty-two week low of $53.88 and a fifty-two week high of $116.00. The stock has a market capitalization of $27.00 billion, a price-to-earnings ratio of -149.92 and a beta of 1.10. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $378.60 million for the quarter, compared to analyst estimates of $372.93 million. Cloudflare had a negative return on equity of 8.90% and a negative net margin of 6.90%. Analysts expect that Cloudflare will post -0.19 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $72.51, for a total value of $3,798,363.84. Following the transaction, the chief executive officer now directly owns 230,612 shares in the company, valued at approximately $16,721,676.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $72.51, for a total value of $3,798,363.84. Following the transaction, the chief executive officer now directly owns 230,612 shares in the company, valued at approximately $16,721,676.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $85.28, for a total value of $2,186,579.20. Following the completion of the transaction, the chief operating officer now owns 211,394 shares in the company, valued at $18,027,680.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 691,210 shares of company stock worth $53,578,881. Insiders own 12.83% of the company’s stock.

About Cloudflare

Cloudflare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.