Cloudflare (NYSE:NET) Releases FY24 Earnings Guidance

Cloudflare (NYSE:NET) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $0.60-0.61 for the period, compared to the consensus earnings per share estimate of $0.58. The company issued revenue guidance of $1.648-1.652 billion, compared to the consensus revenue estimate of $1.65 billion. Cloudflare also updated its Q2 guidance to $0.14 EPS.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Needham & Company LLC increased their price objective on Cloudflare from $110.00 to $135.00 and gave the stock a buy rating in a research report on Friday, February 9th. JPMorgan Chase & Co. raised their price target on Cloudflare from $53.00 to $90.00 and gave the stock a neutral rating in a research report on Friday, February 9th. KeyCorp raised their price target on Cloudflare from $94.00 to $132.00 and gave the stock an overweight rating in a research report on Friday, February 9th. Morgan Stanley raised their price target on Cloudflare from $66.00 to $92.00 and gave the stock an equal weight rating in a research report on Monday, February 12th. Finally, Mizuho reduced their price objective on Cloudflare from $105.00 to $95.00 and set a neutral rating on the stock in a research note on Monday, April 15th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Cloudflare has a consensus rating of Hold and an average price target of $89.09.

Cloudflare Stock Performance

Shares of NYSE NET traded up $0.90 during trading on Thursday, hitting $88.94. 7,700,136 shares of the company traded hands, compared to its average volume of 3,753,151. The business’s fifty day moving average is $94.36 and its 200 day moving average is $83.35. Cloudflare has a fifty-two week low of $39.90 and a fifty-two week high of $116.00. The company has a debt-to-equity ratio of 1.68, a current ratio of 3.50 and a quick ratio of 3.50.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. The firm had revenue of $362.47 million for the quarter, compared to analyst estimates of $352.70 million. On average, equities research analysts forecast that Cloudflare will post -0.2 EPS for the current year.

Insider Buying and Selling

In related news, Director Carl Ledbetter sold 8,022 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $87.49, for a total value of $701,844.78. Following the sale, the director now owns 1,196,793 shares in the company, valued at approximately $104,707,419.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Cloudflare news, Director Carl Ledbetter sold 8,022 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $87.49, for a total value of $701,844.78. Following the completion of the sale, the director now directly owns 1,196,793 shares of the company’s stock, valued at approximately $104,707,419.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Michelle Zatlyn sold 277,376 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $101.17, for a total transaction of $28,062,129.92. Following the completion of the sale, the chief operating officer now directly owns 38,545 shares of the company’s stock, valued at $3,899,597.65. The disclosure for this sale can be found here. Insiders have sold 1,041,347 shares of company stock worth $101,557,916 in the last quarter. 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.