Cloudflare (NYSE:NET) Issues 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.

Cloudflare Trading Down 4.6 %

Shares of Cloudflare stock traded down $4.41 on Friday, reaching $91.25. The company had a trading volume of 7,777,228 shares, compared to its average volume of 2,373,076. The firm’s 50 day moving average price is $84.77 and its two-hundred day moving average price is $80.69. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare has a 52-week low of $61.34 and a 52-week high of $116.00. The firm has a market cap of $31.18 billion, a PE ratio of -350.96 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The company had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Sell-side analysts predict that Cloudflare will post -0.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

NET has been the subject of several research reports. Guggenheim lifted their target price on Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a research report on Friday, August 2nd. Mizuho lifted their price objective on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. BNP Paribas began coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price on the stock. Robert W. Baird raised their price target on shares of Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Cantor Fitzgerald increased their price objective on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $92.88.

Insider Activity

In other Cloudflare news, Director Maria S. Eitel sold 6,875 shares of Cloudflare stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $88.00, for a total transaction of $605,000.00. Following the transaction, the director now owns 5,927 shares of the company’s stock, valued at $521,576. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the completion of the sale, the insider now owns 185,386 shares in the company, valued at approximately $15,114,520.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Maria S. Eitel sold 6,875 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $88.00, for a total value of $605,000.00. Following the transaction, the director now directly owns 5,927 shares in the company, valued at approximately $521,576. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 477,043 shares of company stock valued at $39,737,342. 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.