Cloudflare (NYSE:NET) Updates FY24 Earnings Guidance

Cloudflare (NYSE:NET) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.70-0.71 for the period, compared to the consensus earnings per share estimate of $0.61. The company issued revenue guidance of $1.657-1.659 billion, compared to the consensus revenue estimate of $1.65 billion. Cloudflare also updated its FY 2024 guidance to 0.700-0.710 EPS.

Cloudflare Price Performance

NET stock traded up $5.06 during trading on Friday, hitting $79.46. The company had a trading volume of 10,348,642 shares, compared to its average volume of 2,542,594. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. The business has a 50 day moving average of $77.83 and a 200 day moving average of $85.22. Cloudflare has a fifty-two week low of $53.88 and a fifty-two week high of $116.00. The firm has a market capitalization of $27.00 billion, a price-to-earnings ratio of -149.92 and a beta of 1.10.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.90%. The firm had revenue of $378.60 million for the quarter, compared to analysts’ expectations of $372.93 million. As a group, research analysts predict that Cloudflare will post -0.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

NET has been the topic of several research reports. Oppenheimer dropped their price target on shares of Cloudflare from $122.00 to $110.00 and set an outperform rating on the stock in a research report on Friday, May 3rd. Robert W. Baird boosted their price objective on Cloudflare from $94.00 to $100.00 and gave the stock an outperform rating in a report on Friday. Susquehanna cut their price objective on Cloudflare from $115.00 to $80.00 and set a neutral rating on the stock in a report on Monday, May 6th. Cantor Fitzgerald boosted their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a neutral rating in a report on Friday. Finally, Royal Bank of Canada boosted their price objective on Cloudflare from $90.00 to $99.00 and gave the stock an outperform rating in a report on Friday. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $92.08.

Insiders Place Their Bets

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $82.65, for a total transaction of $247,950.00. Following the completion of the transaction, the insider now directly owns 195,303 shares in the company, valued at $16,141,792.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $82.65, for a total transaction of $247,950.00. Following the sale, the insider now owns 195,303 shares in the company, valued at $16,141,792.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $74.67, for a total value of $3,911,513.28. Following the completion of the transaction, the chief executive officer now owns 230,612 shares in the company, valued at approximately $17,219,798.04. The disclosure for this sale can be found here. Insiders sold 691,210 shares of company stock worth $53,578,881 over the last three months. 12.83% of the stock is currently owned by corporate insiders.

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.