Cloudflare (NYSE:NET) Releases Q4 2024 Earnings Guidance

Cloudflare (NYSE:NET) issued an update on its fourth quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 0.180-0.180 for the period, compared to the consensus estimate of 0.170. The company issued revenue guidance of $451.0 million-$452.0 million, compared to the consensus revenue estimate of $455.7 million. Cloudflare also updated its FY 2024 guidance to 0.740-0.740 EPS.

Cloudflare Stock Performance

Shares of NYSE:NET traded up $3.19 during trading on Thursday, reaching $95.70. The company had a trading volume of 7,062,695 shares, compared to its average volume of 3,140,079. The firm has a market capitalization of $32.70 billion, a price-to-earnings ratio of -329.03 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. The stock’s fifty day moving average price is $84.30 and its 200 day moving average price is $80.59. Cloudflare has a fifty-two week low of $61.34 and a fifty-two week high of $116.00.

Wall Street Analyst Weigh In

NET has been the topic of a number of recent research reports. Guggenheim boosted their target price on Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a report on Friday, August 2nd. Wolfe Research initiated coverage on Cloudflare in a report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Royal Bank of Canada upped their price objective on Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Cantor Fitzgerald upped their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Robert W. Baird upped their price objective on Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $91.72.

Insider Activity at Cloudflare

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 sale, the chief accounting officer now directly owns 80,183 shares in the company, valued at approximately $6,546,941.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Cloudflare news, COO Michelle Zatlyn sold 35,117 shares of Cloudflare stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $83.74, for a total transaction of $2,940,697.58. Following the sale, the chief operating officer now directly owns 192,177 shares in the company, valued at $16,092,901.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Janel Riley sold 3,495 shares of Cloudflare stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $81.65, for a total value of $285,366.75. Following the sale, the chief accounting officer now owns 80,183 shares in the company, valued at $6,546,941.95. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 477,043 shares of company stock worth $39,737,342. 12.83% of the stock is currently owned by company 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.