Cloudflare (NYSE:NET) Issues FY 2024 Earnings Guidance

Cloudflare (NYSE:NET) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 0.700-0.710 for the period, compared to the consensus EPS estimate of 0.630. 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 $0.70-0.71 EPS.

Cloudflare Price Performance

Shares of NYSE:NET traded up $5.06 during trading on Friday, hitting $79.46. 10,348,642 shares of the company were exchanged, compared to its average volume of 2,542,594. The business’s 50 day moving average is $77.83 and its 200-day moving average is $85.17. The company has a market capitalization of $27.00 billion, a P/E ratio of -149.92 and a beta of 1.10. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare has a 1-year low of $53.88 and a 1-year high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $378.60 million during the quarter, compared to the consensus estimate of $372.93 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.90%. Equities analysts forecast that Cloudflare will post -0.19 earnings per share for the current year.

Analysts Set New Price Targets

NET has been the subject of a number of recent research reports. UBS Group upgraded Cloudflare from a sell rating to a neutral rating and increased their price objective for the company from $76.00 to $82.00 in a report on Tuesday, June 25th. KeyCorp decreased their price objective on Cloudflare from $132.00 to $94.00 and set an overweight rating for the company in a report on Friday, May 3rd. JMP Securities restated a market outperform rating and issued a $120.00 price objective on shares of Cloudflare in a report on Tuesday, May 14th. Wells Fargo & Company decreased their price target on Cloudflare from $125.00 to $105.00 and set an overweight rating for the company in a report on Friday, May 3rd. Finally, Oppenheimer decreased their price target on Cloudflare from $122.00 to $110.00 and set an outperform rating for the company in a report on Friday, May 3rd. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $92.08.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, COO Michelle Zatlyn sold 102,580 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $82.52, for a total value of $8,464,901.60. Following the completion of the sale, the chief operating officer now owns 211,394 shares in the company, valued at approximately $17,444,232.88. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Katrin Suder sold 574 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $67.11, for a total transaction of $38,521.14. Following the completion of the sale, the director now owns 51,162 shares in the company, valued at approximately $3,433,481.82. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Michelle Zatlyn sold 102,580 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $82.52, for a total transaction of $8,464,901.60. Following the sale, the chief operating officer now owns 211,394 shares of the company’s stock, valued at approximately $17,444,232.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 691,210 shares of company stock worth $53,578,881. 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.