Cloudflare (NYSE:NET – Get Free Report) updated its FY 2024 earnings guidance on Friday. 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 Analyst Weigh In
A number of research analysts have recently weighed in on NET shares. Wells Fargo & Company cut their price objective on Cloudflare from $125.00 to $105.00 and set an overweight rating for the company in a research report on Friday. Mizuho decreased their price objective on Cloudflare from $95.00 to $88.00 and set a neutral rating on the stock in a report on Friday. Morgan Stanley raised their target price on shares of Cloudflare from $66.00 to $92.00 and gave the company an equal weight rating in a report on Monday, February 12th. Royal Bank of Canada upped their price target on shares of Cloudflare from $95.00 to $108.00 and gave the company an outperform rating in a research note on Friday, February 9th. Finally, Oppenheimer lowered their price objective on shares of Cloudflare from $122.00 to $110.00 and set an outperform rating for the company in a research report on Friday. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $90.13.
Cloudflare Stock Down 0.1 %
Cloudflare (NYSE:NET – Get Free Report) last posted its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate 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 business had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. Research analysts anticipate that Cloudflare will post -0.2 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $99.64, for a total transaction of $298,920.00. Following the completion of the sale, the insider now directly owns 205,238 shares of the company’s stock, valued at $20,449,914.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, COO Michelle Zatlyn sold 277,376 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $101.17, for a total transaction of $28,062,129.92. Following the completion of the sale, the chief operating officer now owns 38,545 shares in the company, valued at approximately $3,899,597.65. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $99.64, for a total value of $298,920.00. Following the transaction, the insider now owns 205,238 shares in the company, valued at $20,449,914.32. The disclosure for this sale can be found here. Insiders sold 1,044,347 shares of company stock worth $101,703,776 in the last three months. 12.83% of the stock is owned by 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.
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