Cloudflare (NYSE:NET) Issues FY 2024 Earnings Guidance

Cloudflare (NYSE:NET) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.740-0.740 for the period, compared to the consensus EPS 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.

Analyst Ratings Changes

Several brokerages recently weighed in on NET. Mizuho increased their target price on Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Wells Fargo & Company raised their price target on Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday. Robert W. Baird lifted their target price on Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and set a $135.00 target price on shares of Cloudflare in a report on Friday, August 2nd. Finally, UBS Group lifted their price target on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $92.88.

Cloudflare Stock Down 4.6 %

NYSE:NET traded down $4.41 during mid-day trading on Friday, hitting $91.25. The stock had a trading volume of 7,777,228 shares, compared to its average volume of 2,373,076. The stock has a 50-day simple moving average of $84.77 and a two-hundred day simple moving average of $80.69. The company has a market capitalization of $31.18 billion, a PE ratio of -350.96 and a beta of 1.10. Cloudflare has a twelve month low of $61.34 and a twelve month high of $116.00. 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 announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The business had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. On average, equities research analysts anticipate that Cloudflare will post -0.13 EPS for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, COO Michelle Zatlyn sold 12,820 shares of Cloudflare stock in a transaction dated 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 in the company, valued at $14,632,356.78. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Janel Riley sold 3,495 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $81.65, for a total transaction of $285,366.75. Following the completion of the transaction, the chief accounting officer now owns 80,183 shares of the company’s stock, valued at $6,546,941.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Michelle Zatlyn sold 12,820 shares of Cloudflare stock in a transaction dated 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 transaction, the chief operating officer now directly owns 192,177 shares in the company, valued at $14,632,356.78. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, 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.