Cloudflare (NYSE:NET) Updates FY 2024 Earnings Guidance

Cloudflare (NYSE:NET) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 0.740-0.740 for the period, compared to the consensus estimate of 0.720. 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 $0.74 EPS.

Wall Street Analyst Weigh In

NET has been the subject of a number of research analyst reports. Guggenheim lifted their target price 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. Wells Fargo & Company boosted their price objective on Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday. Piper Sandler lifted their price target on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Friday. Cantor Fitzgerald upped their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Royal Bank of Canada raised their price target on shares of Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $92.88.

Cloudflare Stock Down 4.6 %

Shares of Cloudflare stock traded down $4.41 on Friday, hitting $91.25. The company had a trading volume of 7,777,228 shares, compared to its average volume of 2,373,076. The stock has a 50-day moving average of $84.77 and a 200-day moving average of $80.69. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. Cloudflare has a twelve month low of $61.34 and a twelve month high of $116.00. The firm has a market capitalization of $31.18 billion, a P/E ratio of -350.96 and a beta of 1.10.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). The firm had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. Research analysts predict that Cloudflare will post -0.13 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Maria S. Eitel sold 6,875 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $88.00, for a total value of $605,000.00. Following the completion of the transaction, the director now directly owns 5,927 shares of the company’s stock, valued at approximately $521,576. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Maria S. Eitel sold 6,875 shares of Cloudflare stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $88.00, for a total transaction of $605,000.00. Following the completion of the transaction, the director now directly owns 5,927 shares in the company, valued at approximately $521,576. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Janel Riley sold 3,495 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $81.65, for a total transaction of $285,366.75. Following the completion of the transaction, the chief accounting officer now owns 80,183 shares in the company, valued at approximately $6,546,941.95. This represents a 0.00 % decrease in their ownership of the stock. 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. Corporate 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.