Cloudflare (NYSE:NET) Releases Q4 2024 Earnings Guidance

Cloudflare (NYSE:NET) updated its fourth quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.180-0.180 for the period, compared to the consensus EPS 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.

Analysts Set New Price Targets

Several brokerages recently weighed in on NET. Susquehanna increased their target price on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Scotiabank increased their price objective on Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research report on Friday. Cantor Fitzgerald upped their target price on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $135.00 price target on shares of Cloudflare in a research report on Friday, August 2nd. Finally, Guggenheim upped their price objective on shares of Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a research report on Friday, August 2nd. Four investment 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. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $92.88.

Cloudflare Price Performance

Shares of NYSE NET traded down $4.41 during mid-day trading on Friday, hitting $91.25. 7,777,228 shares of the stock were exchanged, compared to its average volume of 2,373,076. The company has a market cap of $31.18 billion, a P/E ratio of -350.96 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare has a twelve month low of $61.34 and a twelve month high of $116.00. The stock’s fifty day simple moving average is $84.77 and its two-hundred day simple moving average is $80.69.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $423.65 million. As a group, analysts forecast that Cloudflare will post -0.13 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other news, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the transaction, the chief financial officer now directly owns 281,403 shares in the company, valued at approximately $24,422,966.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cloudflare news, COO Michelle Zatlyn sold 35,117 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $83.74, for a total transaction of $2,940,697.58. Following the completion of the sale, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at approximately $16,092,901.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the completion of the transaction, the chief financial officer now directly owns 281,403 shares in the company, valued at $24,422,966.37. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 477,043 shares of company stock valued at $39,737,342 over the last ninety days. 12.83% of the stock is owned by insiders.

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.