Cloudflare (NYSE:NET) Updates FY 2024 Earnings Guidance

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

Analysts Set New Price Targets

NET has been the subject of a number of research analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $135.00 price target on shares of Cloudflare in a research note on Friday, August 2nd. BNP Paribas initiated coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target for the company. Cantor Fitzgerald lifted their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Wolfe Research initiated coverage on shares of Cloudflare in a research note on Tuesday, July 16th. They issued a “peer perform” rating for the company. Finally, Piper Sandler lifted their price target on shares of Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $91.72.

Cloudflare Price Performance

NET traded up $3.19 during trading hours on Thursday, hitting $95.70. The company’s stock had a trading volume of 7,062,695 shares, compared to its average volume of 3,140,079. The business’s 50-day moving average price is $84.30 and its 200-day moving average price is $80.59. Cloudflare has a 12 month low of $61.34 and a 12 month high of $116.00. The stock has a market cap of $32.70 billion, a price-to-earnings ratio of -329.03 and a beta of 1.10. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the transaction, the insider now owns 185,386 shares in the company, valued at $15,114,520.58. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the transaction, the insider now owns 185,386 shares in the company, valued at $15,114,520.58. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Maria S. Eitel sold 6,875 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $88.00, for a total transaction of $605,000.00. Following the completion of the transaction, the director now owns 5,927 shares in the company, valued at approximately $521,576. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 477,043 shares of company stock worth $39,737,342 over the last quarter. 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.