Cloudflare (NYSE:NET) Releases FY24 Earnings Guidance

Cloudflare (NYSE:NET) 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.

Cloudflare Price Performance

Shares of NET traded down $3.11 during midday trading on Thursday, reaching $74.40. The stock had a trading volume of 5,072,566 shares, compared to its average volume of 3,546,106. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. The company has a market capitalization of $25.28 billion, a P/E ratio of -140.37 and a beta of 1.10. The firm’s 50 day moving average price is $77.70 and its 200-day moving average price is $85.25. Cloudflare has a 52 week low of $53.88 and a 52 week high of $116.00.

Cloudflare (NYSE:NET) 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.