Cloudflare (NYSE:NET) Issues FY 2024 Earnings Guidance

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

A number of brokerages recently issued reports on NET. Cantor Fitzgerald raised their target price on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. BNP Paribas began coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 target price on the stock. Guggenheim raised their price objective on shares of Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a report on Friday, August 2nd. Wolfe Research initiated coverage on shares of Cloudflare in a report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Finally, Susquehanna boosted their target price on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $92.88.

Cloudflare Stock Performance

Shares of NYSE:NET traded down $4.41 during midday trading on Friday, reaching $91.25. 7,777,228 shares of the company’s stock traded hands, compared to its average volume of 2,373,076. The stock has a 50 day moving average of $84.77 and a 200 day moving average of $80.69. Cloudflare has a one year low of $61.34 and a one year high of $116.00. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. The company has a market cap of $31.18 billion, a price-to-earnings ratio of -350.96 and a beta of 1.10.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). The company had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. As a group, equities research analysts anticipate that Cloudflare will post -0.13 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other news, CAO Janel Riley sold 3,495 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $81.65, for a total transaction of $285,366.75. Following the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CAO Janel Riley sold 3,495 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $81.65, for a total value of $285,366.75. Following the sale, the chief accounting officer now directly owns 80,183 shares in the company, valued at approximately $6,546,941.95. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Michelle Zatlyn sold 35,117 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $83.74, for a total value of $2,940,697.58. Following the transaction, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at approximately $16,092,901.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 477,043 shares of company stock valued at $39,737,342 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.