Cloudflare (NYSE:NET) Updates Q4 2024 Earnings Guidance

Cloudflare (NYSE:NET) issued an update on its fourth quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 0.180-0.180 for the period, compared to the consensus estimate of 0.170. The company issued revenue guidance of $451.0 million-$452.0 million, compared to the consensus revenue estimate of $455.7 million. Cloudflare also updated its FY 2024 guidance to 0.740-0.740 EPS.

Cloudflare Price Performance

Shares of Cloudflare stock traded down $4.41 during trading on Friday, hitting $91.25. The stock had a trading volume of 7,777,228 shares, compared to its average volume of 2,373,076. The business’s 50-day moving average is $84.77 and its 200 day moving average is $80.69. Cloudflare has a 12 month low of $61.34 and a 12 month high of $116.00. The firm has a market cap of $31.18 billion, a price-to-earnings ratio of -350.96 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.

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

Analysts Set New Price Targets

NET has been the topic of several analyst reports. Piper Sandler lifted their price objective on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday. Needham & Company LLC reaffirmed a “buy” rating and set a $135.00 price objective on shares of Cloudflare in a research note on Friday, August 2nd. Royal Bank of Canada raised their target price on Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Susquehanna upped their price target on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Finally, BNP Paribas assumed coverage on Cloudflare in a research report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price objective on the stock. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $92.88.

Insider Activity

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total value 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 position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Cloudflare news, COO Michelle Zatlyn sold 64,100 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $81.60, for a total transaction of $5,230,560.00. Following the completion of the transaction, the chief operating officer now owns 192,177 shares in the company, valued at $15,681,643.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Douglas James Kramer sold 3,000 shares of the firm’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 completion of the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $15,114,520.58. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 477,043 shares of company stock valued at $39,737,342 in the last ninety days. Corporate 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.