Cloudflare (NYSE:NET – Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.70-0.71 for the period, compared to the consensus estimate of $0.61. The company issued revenue guidance of $1.657-1.659 billion, compared to the consensus revenue estimate of $1.65 billion. Cloudflare also updated its FY 2024 guidance to 0.700-0.710 EPS.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on NET shares. JMP Securities reaffirmed a market outperform rating and issued a $120.00 price objective on shares of Cloudflare in a research report on Tuesday, May 14th. Guggenheim reiterated a sell rating and issued a $50.00 price target on shares of Cloudflare in a report on Tuesday, June 25th. Cantor Fitzgerald reaffirmed a neutral rating and issued a $80.00 target price on shares of Cloudflare in a research report on Friday, June 21st. Royal Bank of Canada lowered their price target on Cloudflare from $108.00 to $90.00 and set an outperform rating for the company in a research report on Friday, May 31st. Finally, KeyCorp cut their price objective on Cloudflare from $132.00 to $94.00 and set an overweight rating on the stock in a report on Friday, May 3rd. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $90.92.
Read Our Latest Research Report on NET
Cloudflare Price Performance
Cloudflare (NYSE:NET – Get Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The company had revenue of $378.60 million during the quarter, compared to analyst estimates of $372.93 million. On average, analysts forecast that Cloudflare will post -0.19 earnings per share for the current fiscal year.
Insider Buying and Selling at Cloudflare
In other news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $78.89, for a total transaction of $1,183,350.00. Following the completion of the sale, the chief financial officer now directly owns 309,937 shares of the company’s stock, valued at approximately $24,450,929.93. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Carl Ledbetter sold 30,145 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $72.86, for a total transaction of $2,196,364.70. Following the completion of the transaction, the director now owns 1,166,648 shares of the company’s stock, valued at $85,001,973.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $78.89, for a total value of $1,183,350.00. Following the transaction, the chief financial officer now owns 309,937 shares in the company, valued at $24,450,929.93. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 703,210 shares of company stock valued at $54,456,921. Corporate insiders own 12.83% of the company’s stock.
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.
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