Cloudflare (NYSE:NET) Issues FY 2024 Earnings Guidance

Cloudflare (NYSE:NET) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of 0.600-0.610 for the period, compared to the consensus estimate of 0.600. The company issued revenue guidance of $1.6 billion-$1.7 billion, compared to the consensus revenue estimate of $1.7 billion. Cloudflare also updated its Q2 2024 guidance to 0.140-0.140 EPS.

Wall Street Analyst Weigh In

NET has been the subject of several research reports. Robert W. Baird reduced their target price on Cloudflare from $100.00 to $94.00 and set an outperform rating for the company in a report on Friday. The Goldman Sachs Group decreased their price objective on Cloudflare from $89.00 to $77.00 and set a sell rating for the company in a report on Monday. KeyCorp cut their target price on shares of Cloudflare from $132.00 to $94.00 and set an overweight rating on the stock in a report on Friday. Cantor Fitzgerald decreased their price target on shares of Cloudflare from $100.00 to $80.00 and set a neutral rating for the company in a research note on Friday. Finally, Oppenheimer reduced their target price on shares of Cloudflare from $122.00 to $110.00 and set an outperform rating for the company in a report on Friday. Four analysts have rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Cloudflare has an average rating of Hold and an average price target of $90.13.

Cloudflare Price Performance

Shares of NET stock traded down $0.11 during midday trading on Monday, reaching $74.29. 6,576,970 shares of the company traded hands, compared to its average volume of 3,961,452. The firm has a market cap of $25.08 billion, a PE ratio of -141.34 and a beta of 1.15. 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 firm’s 50 day simple moving average is $93.67 and its two-hundred day simple moving average is $83.75. Cloudflare has a 1-year low of $44.60 and a 1-year high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. On average, equities research analysts expect that Cloudflare will post -0.2 EPS for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, COO Michelle Zatlyn sold 277,376 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $101.17, for a total transaction of $28,062,129.92. Following the completion of the transaction, the chief operating officer now directly owns 38,545 shares in the company, valued at approximately $3,899,597.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Michelle Zatlyn sold 277,376 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $101.17, for a total value of $28,062,129.92. Following the sale, the chief operating officer now directly owns 38,545 shares in the company, valued at $3,899,597.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carl Ledbetter sold 7,962 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the sale, the director now directly owns 1,446,957 shares of the company’s stock, valued at $117,811,238.94. The disclosure for this sale can be found here. Insiders have sold 1,044,347 shares of company stock worth $101,703,776 in the last three months. Corporate insiders own 12.83% of the company’s stock.

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.