Cloudflare (NYSE:NET) Updates Q4 2021 Earnings Guidance

Cloudflare (NYSE:NET) updated its fourth quarter 2021 earnings guidance on Thursday. The company provided earnings per share guidance of $-0.010-$0.000 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $-0.030. The company issued revenue guidance of $184 million-$185 million, compared to the consensus revenue estimate of $175.74 million.Cloudflare also updated its FY 2021 guidance to $-0.060-$-0.050 EPS.

Several research firms recently commented on NET. Wells Fargo & Company boosted their target price on Cloudflare from $122.00 to $210.00 and gave the stock an equal weight rating in a research note on Friday, November 5th. Jefferies Financial Group cut Cloudflare from a buy rating to a hold rating and boosted their target price for the stock from $135.00 to $195.00 in a research note on Wednesday, October 27th. Oppenheimer cut Cloudflare from an outperform rating to a market perform rating in a research note on Friday, September 24th. Robert W. Baird cut Cloudflare from an outperform rating to a neutral rating and upped their price objective for the stock from $95.00 to $117.00 in a research report on Friday, August 6th. Finally, Needham & Company LLC upped their price objective on Cloudflare from $140.00 to $245.00 and gave the stock a buy rating in a research report on Friday, November 5th. Eleven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Buy and an average target price of $155.71.

NET traded up $12.74 on Thursday, hitting $197.39. 3,945,267 shares of the company traded hands, compared to its average volume of 3,863,304. The company has a 50 day moving average of $167.66 and a 200-day moving average of $127.16. The company has a quick ratio of 5.72, a current ratio of 8.51 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $63.51 billion, a PE ratio of -281.98 and a beta of 0.61. Cloudflare has a 12-month low of $60.96 and a 12-month high of $221.64.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 4th. The company reported ($0.09) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.05). The company had revenue of $172.35 million for the quarter, compared to analysts’ expectations of $165.65 million. Cloudflare had a negative net margin of 36.83% and a negative return on equity of 13.32%. The firm’s revenue was up 51.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.06) earnings per share. On average, research analysts anticipate that Cloudflare will post -0.49 EPS for the current year.

In other news, General Counsel Douglas James Kramer sold 40,000 shares of the stock in a transaction that occurred on Friday, October 1st. The stock was sold at an average price of $112.17, for a total transaction of $4,486,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 31st. The stock was sold at an average price of $121.48, for a total value of $2,429,600.00. Following the completion of the sale, the chief financial officer now owns 75,156 shares in the company, valued at approximately $9,129,950.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 792,515 shares of company stock valued at $125,275,463. Company insiders own 20.69% of the company’s stock.

An institutional investor recently raised its position in Cloudflare stock. Morgan Stanley raised its stake in shares of Cloudflare, Inc. (NYSE:NET) by 120.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 28,729,894 shares of the company’s stock after buying an additional 15,680,274 shares during the quarter. Morgan Stanley owned about 9.20% of Cloudflare worth $3,040,771,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 66.94% of the company’s stock.

Cloudflare Company Profile

CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.

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Earnings History and Estimates for Cloudflare (NYSE:NET)

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