Cloudflare (NYSE:NET – Get Free Report) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided EPS guidance of 0.600-0.610 for the period, compared to the consensus EPS estimate of 0.600. The company issued revenue guidance of $1.6 billion-$1.7 billion, compared to the consensus revenue estimate of $1.7 billion. Cloudflare also updated its Q2 2024 guidance to 0.140-0.140 EPS.
Wall Street Analysts Forecast Growth
NET has been the topic of several research analyst reports. JMP Securities boosted their price objective on Cloudflare from $75.00 to $90.00 and gave the stock a market outperform rating in a research report on Wednesday, January 31st. Capital One Financial began coverage on shares of Cloudflare in a report on Wednesday, January 17th. They set an equal weight rating and a $83.00 price objective on the stock. Mizuho lowered their price target on shares of Cloudflare from $95.00 to $88.00 and set a neutral rating on the stock in a research report on Friday. JPMorgan Chase & Co. reduced their price objective on shares of Cloudflare from $90.00 to $80.00 and set a neutral rating for the company in a research note on Friday. Finally, Bank of America increased their target price on Cloudflare from $52.00 to $60.00 and gave the stock an underperform rating in a research report on Friday. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $90.13.
Cloudflare Trading Down 0.1 %
Cloudflare (NYSE:NET – Get Free Report) last announced its earnings results on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The firm had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. As a group, sell-side analysts predict that Cloudflare will post -0.2 EPS for the current year.
Insider Buying and Selling
In other news, Director Carl Ledbetter sold 7,962 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total value of $648,266.04. Following the transaction, the director now owns 1,446,957 shares in the company, valued at $117,811,238.94. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the transaction, the director now owns 1,446,957 shares in the company, valued at approximately $117,811,238.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $73.97, for a total transaction of $1,109,550.00. Following the transaction, the chief financial officer now owns 338,469 shares in the company, valued at approximately $25,036,551.93. The disclosure for this sale can be found here. Insiders have sold a total of 1,044,347 shares of company stock worth $101,703,776 in the last quarter. 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.
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