Cloudflare (NYSE:NET) Issues FY24 Earnings Guidance

Cloudflare (NYSE:NET) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $0.60-0.61 for the period, compared to the consensus EPS estimate of $0.58. The company issued revenue guidance of $1.648-1.652 billion, compared to the consensus revenue estimate of $1.65 billion. Cloudflare also updated its Q2 guidance to $0.14 EPS.

Analysts Set New Price Targets

A number of research firms have commented on NET. DZ Bank lowered shares of Cloudflare from a buy rating to a hold rating and set a $110.00 price objective for the company. in a research note on Tuesday, February 13th. KeyCorp upped their price objective on shares of Cloudflare from $94.00 to $132.00 and gave the company an overweight rating in a research note on Friday, February 9th. Wells Fargo & Company upped their price objective on shares of Cloudflare from $95.00 to $125.00 and gave the company an overweight rating in a research note on Friday, February 9th. Needham & Company LLC upped their price objective on shares of Cloudflare from $110.00 to $135.00 and gave the company a buy rating in a research note on Friday, February 9th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cloudflare from $53.00 to $90.00 and gave the company a neutral rating in a research note on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Cloudflare presently has a consensus rating of Hold and an average price target of $89.09.

Cloudflare Stock Up 1.0 %

NYSE:NET traded up $0.90 during mid-day trading on Thursday, reaching $88.94. The stock had a trading volume of 7,700,136 shares, compared to its average volume of 3,753,151. The business’s 50 day moving average is $94.36 and its 200 day moving average is $83.35. Cloudflare has a fifty-two week low of $39.90 and a fifty-two week high of $116.00. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. The firm had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. As a group, equities research analysts anticipate that Cloudflare will post -0.2 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $81.87, for a total transaction of $1,228,050.00. Following the transaction, the chief financial officer now owns 366,465 shares in the company, valued at $30,002,489.55. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total transaction of $648,266.04. Following the transaction, the director now owns 1,446,957 shares in the company, valued at $117,811,238.94. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $81.87, for a total value of $1,228,050.00. Following the transaction, the chief financial officer now owns 366,465 shares in the company, valued at approximately $30,002,489.55. The disclosure for this sale can be found here. Insiders have sold a total of 1,041,347 shares of company stock worth $101,557,916 over the last 90 days. 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.