Cloudflare (NYSE:NET) Releases FY 2024 Earnings Guidance

Cloudflare (NYSE:NET) issued an update on its FY 2024 earnings guidance on Friday morning. 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.

Cloudflare Trading Down 0.1 %

Shares of Cloudflare stock traded down $0.11 on Monday, reaching $74.29. The company had a trading volume of 6,576,970 shares, compared to its average volume of 3,961,452. The firm has a market cap of $25.08 billion, a price-to-earnings 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 moving average price is $93.67 and its two-hundred day moving average price 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 results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. The firm had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. As a group, research analysts predict that Cloudflare will post -0.2 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on NET shares. Truist Financial raised their price target on Cloudflare from $90.00 to $120.00 and gave the stock a buy rating in a research note on Friday, February 9th. Needham & Company LLC reaffirmed a buy rating and set a $135.00 target price on shares of Cloudflare in a research report on Friday. Royal Bank of Canada lifted their target price on Cloudflare from $95.00 to $108.00 and gave the company an outperform rating in a research report on Friday, February 9th. Oppenheimer decreased their target price on Cloudflare from $122.00 to $110.00 and set an outperform rating for the company in a research report on Friday. Finally, JMP Securities lifted their target price on Cloudflare from $75.00 to $90.00 and gave the company a market outperform rating in a research report on Wednesday, January 31st. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $90.13.

Insider Activity

In related news, CFO Thomas J. Seifert sold 50,000 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $110.11, for a total value of $5,505,500.00. Following the completion of the transaction, the chief financial officer now directly owns 366,465 shares in the company, valued at $40,351,461.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Thomas J. Seifert sold 27,901 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $96.56, for a total transaction of $2,694,120.56. Following the completion of the transaction, the chief financial officer now directly owns 338,469 shares in the company, valued at $32,682,566.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Thomas J. Seifert sold 50,000 shares of the stock in a transaction on Friday, February 9th. The shares were sold at an average price of $110.11, for a total value of $5,505,500.00. Following the completion of the sale, the chief financial officer now owns 366,465 shares in the company, valued at $40,351,461.15. The disclosure for this sale can be found here. Insiders sold 1,044,347 shares of company stock worth $101,703,776 over the last ninety days. 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.