Cloudflare (NYSE:NET) Updates FY 2024 Earnings Guidance

Cloudflare (NYSE:NET) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 0.700-0.710 for the period, compared to the consensus earnings per share 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.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Robert W. Baird increased their price objective on shares of Cloudflare from $94.00 to $100.00 and gave the stock an outperform rating in a research note on Friday. Citigroup reduced their price objective on shares of Cloudflare from $95.00 to $90.00 and set a neutral rating for the company in a research note on Thursday, May 9th. Cantor Fitzgerald increased their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the stock a neutral rating in a research note on Friday. Piper Sandler raised their target price on shares of Cloudflare from $82.00 to $83.00 and gave the company a neutral rating in a research note on Friday. Finally, Bank of America raised their target price on shares of Cloudflare from $52.00 to $60.00 and gave the company an underperform rating in a research note on Friday, May 3rd. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Hold and a consensus target price of $92.08.

Cloudflare Stock Up 6.8 %

NYSE NET traded up $5.06 during trading on Friday, reaching $79.46. 10,348,642 shares of the company’s stock traded hands, compared to its average volume of 2,542,594. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. The firm has a market cap of $27.00 billion, a price-to-earnings ratio of -149.92 and a beta of 1.10. The company’s 50 day simple moving average is $77.83 and its two-hundred day simple moving average is $85.17. Cloudflare has a 12-month low of $53.88 and a 12-month high of $116.00.

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

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $72.51, for a total value of $3,798,363.84. Following the transaction, the chief executive officer now owns 230,612 shares of the company’s stock, valued at approximately $16,721,676.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cloudflare news, CFO Thomas J. Seifert sold 28,634 shares of Cloudflare stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $75.13, for a total transaction of $2,151,272.42. Following the completion of the sale, the chief financial officer now directly owns 309,937 shares in the company, valued at approximately $23,285,566.81. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $72.51, for a total transaction of $3,798,363.84. Following the sale, the chief executive officer now owns 230,612 shares of the company’s stock, valued at $16,721,676.12. The disclosure for this sale can be found here. Insiders have sold a total of 691,210 shares of company stock valued at $53,578,881 in the last 90 days. 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.