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 (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.

Cloudflare Trading Down 4.6 %

Shares of NYSE NET traded down $4.41 during mid-day trading on Friday, reaching $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 market cap of $31.18 billion, a price-to-earnings ratio of -350.96 and a beta of 1.10. Cloudflare has a 52 week low of $61.34 and a 52 week high of $116.00. The business’s 50-day moving average is $84.77 and its 200-day moving average is $80.69. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates 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 analyst estimates of $423.65 million. Equities analysts expect that Cloudflare will post -0.13 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NET. Wells Fargo & Company upped their price target on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday. Cantor Fitzgerald increased their target price on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Guggenheim lifted their price target on Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a report on Friday, August 2nd. Scotiabank upped their price objective on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research note on Friday. Finally, Robert W. Baird lifted their target price on Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Four 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $92.88.

Insider Activity at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the sale, the insider now owns 185,386 shares of the company’s stock, valued at $15,114,520.58. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, COO Michelle Zatlyn sold 12,820 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $76.14, for a total value of $976,114.80. Following the completion of the sale, the chief operating officer now owns 192,177 shares of the company’s stock, valued at approximately $14,632,356.78. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the completion of the sale, the insider now owns 185,386 shares of the company’s stock, valued at approximately $15,114,520.58. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 477,043 shares of company stock valued at $39,737,342. 12.83% of the stock is owned by 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.