Cloudflare (NYSE:NET) Releases FY 2024 Earnings Guidance

Cloudflare (NYSE:NET) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 0.740-0.740 for the period, compared to the consensus 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 Stock Up 3.4 %

NYSE:NET traded up $3.19 during mid-day trading on Thursday, reaching $95.70. The company’s stock had a trading volume of 7,062,695 shares, compared to its average volume of 3,140,079. Cloudflare has a 1 year low of $61.34 and a 1 year high of $116.00. The stock has a fifty day moving average of $84.30 and a 200-day moving average of $80.59. The firm has a market capitalization of $32.70 billion, a PE ratio of -329.03 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 1.46.

Analyst Upgrades and Downgrades

Several research firms have commented on NET. Royal Bank of Canada increased their price target on shares of Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Cantor Fitzgerald increased their price target on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Susquehanna increased their price target on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Wolfe Research began coverage on shares of Cloudflare in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Finally, Piper Sandler increased their price target on shares of Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. 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. According to MarketBeat, Cloudflare presently has a consensus rating of “Hold” and a consensus target price of $91.72.

Insider Buying and Selling

In related news, CAO Janel Riley sold 3,495 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $81.65, for a total value of $285,366.75. Following the transaction, the chief accounting officer now owns 80,183 shares in the company, valued at approximately $6,546,941.95. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Janel Riley sold 3,495 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $81.65, for a total transaction of $285,366.75. Following the sale, the chief accounting officer now owns 80,183 shares of the company’s stock, valued at $6,546,941.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $78.06, for a total transaction of $4,089,095.04. Following the sale, the chief executive officer now directly owns 10,761 shares in the company, valued at $840,003.66. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 477,043 shares of company stock worth $39,737,342. 12.83% of the stock is owned by company insiders.

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.