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 guidance of 0.180-0.180 for the period, compared to the consensus earnings per share 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.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Piper Sandler lifted their price target on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday. Wells Fargo & Company increased their price target on Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday. UBS Group lifted their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday. Royal Bank of Canada upped their target price on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, 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. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $92.88.

Cloudflare Stock Performance

Shares of Cloudflare stock traded down $4.41 during trading hours 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 company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. Cloudflare has a one year low of $61.34 and a one year 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. The business has a fifty day simple moving average of $84.77 and a 200 day simple moving average of $80.69.

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

Insider Buying and Selling at Cloudflare

In other news, CAO Janel Riley sold 3,495 shares of Cloudflare stock in a transaction 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 completion of the sale, the chief accounting officer now directly owns 80,183 shares of the company’s stock, valued at approximately $6,546,941.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO Janel Riley sold 3,495 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $81.65, for a total transaction of $285,366.75. Following the completion of the transaction, the chief accounting officer now directly owns 80,183 shares of the company’s stock, valued at approximately $6,546,941.95. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Michelle Zatlyn sold 12,820 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total value of $976,114.80. Following the transaction, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at $14,632,356.78. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 477,043 shares of company stock valued at $39,737,342 in the last three months. Company 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.