Cloudflare (NYSE:NET) Issues Q4 2024 Earnings Guidance

Cloudflare (NYSE:NET) updated its fourth quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.180-0.180 for the period, compared to the consensus EPS estimate of 0.170. The company issued revenue guidance of $451.0 million-$452.0 million, compared to the consensus revenue estimate of $455.7 million. Cloudflare also updated its FY 2024 guidance to 0.740-0.740 EPS.

Cloudflare Stock Performance

NYSE:NET traded down $4.41 during mid-day trading on Friday, hitting $91.25. The stock had a trading volume of 7,777,228 shares, compared to its average volume of 2,373,076. Cloudflare has a 52 week low of $61.34 and a 52 week high of $116.00. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $31.18 billion, a price-to-earnings ratio of -350.96 and a beta of 1.10. The company has a 50 day simple moving average of $84.77 and a 200-day simple moving average of $80.69.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The business had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. On average, research analysts expect that Cloudflare will post -0.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Mizuho raised their price target on Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Needham & Company LLC reissued a “buy” rating and set a $135.00 target price on shares of Cloudflare in a research note on Friday, August 2nd. Scotiabank upped their price target on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research note on Friday. Guggenheim raised their price objective on shares of Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a research note on Friday, August 2nd. Finally, Piper Sandler upped their target price on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday. Four investment 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 MarketBeat.com, Cloudflare presently has a consensus rating of “Hold” and an average price target of $92.88.

Insider Activity

In other news, CAO Janel Riley sold 3,495 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $81.65, for a total value of $285,366.75. Following the transaction, the chief accounting officer now owns 80,183 shares in the company, valued at $6,546,941.95. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, COO Michelle Zatlyn sold 64,100 shares of Cloudflare stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $81.60, for a total transaction of $5,230,560.00. Following the completion of the sale, the chief operating officer now directly owns 192,177 shares in the company, valued at $15,681,643.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Janel Riley sold 3,495 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $81.65, for a total value of $285,366.75. Following the completion of the transaction, the chief accounting officer now owns 80,183 shares in the company, valued at $6,546,941.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 477,043 shares of company stock worth $39,737,342. 12.83% of the stock is owned by corporate insiders.

Cloudflare Company Profile

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.