KeyCorp Estimates Cloudflare's FY2029 Earnings (NYSE:NET)

Cloudflare, Inc. (NYSE:NET - Free Report) - Research analysts at KeyCorp issued their FY2029 earnings estimates for shares of Cloudflare in a report issued on Thursday, June 5th. KeyCorp analyst J. Ader anticipates that the company will post earnings per share of $1.10 for the year. KeyCorp currently has a "Strong Sell" rating on the stock. The consensus estimate for Cloudflare's current full-year earnings is ($0.11) per share.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). The business had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The business's revenue for the quarter was up 26.5% on a year-over-year basis. During the same period last year, the company earned $0.16 EPS.

Several other brokerages have also commented on NET. Royal Bank of Canada cut their price target on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Bank of America raised Cloudflare from an "underperform" rating to a "buy" rating and upped their target price for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. JMP Securities boosted their price objective on Cloudflare from $135.00 to $180.00 and gave the company a "market outperform" rating in a research note on Friday, February 7th. The Goldman Sachs Group decreased their price objective on Cloudflare from $183.00 to $161.00 and set a "buy" rating for the company in a report on Friday, March 14th. Finally, Stifel Nicolaus lifted their target price on shares of Cloudflare from $136.00 to $175.00 and gave the company a "buy" rating in a report on Friday, February 7th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Cloudflare currently has an average rating of "Hold" and a consensus price target of $143.25.

Cloudflare Trading Up 3.2%

Shares of NET stock opened at $176.33 on Friday. The company has a 50-day moving average of $131.14 and a two-hundred day moving average of $126.74. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare has a 1-year low of $69.26 and a 1-year high of $181.12. The firm has a market cap of $61.12 billion, a PE ratio of -801.51 and a beta of 1.78.

Institutional Investors Weigh In On Cloudflare

Hedge funds and other institutional investors have recently made changes to their positions in the business. Groupama Asset Managment acquired a new position in shares of Cloudflare in the 4th quarter valued at $269,200,000. Norges Bank acquired a new stake in shares of Cloudflare in the fourth quarter worth $249,544,000. American Century Companies Inc. lifted its stake in shares of Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after purchasing an additional 1,017,399 shares in the last quarter. Fred Alger Management LLC boosted its holdings in Cloudflare by 856.3% in the 4th quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after acquiring an additional 836,591 shares during the period. Finally, Invesco Ltd. grew its holdings in Cloudflare by 292.5% during the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock valued at $116,178,000 after purchasing an additional 804,059 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

Insider Transactions at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $117.32, for a total value of $6,145,690.88. Following the completion of the transaction, the chief executive officer now owns 413,413 shares of the company's stock, valued at approximately $48,501,613.16. The trade was a 11.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 41,556 shares of Cloudflare stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $156.78, for a total transaction of $6,515,149.68. Following the sale, the chief financial officer now owns 241,550 shares of the company's stock, valued at approximately $37,870,209. This trade represents a 14.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 504,085 shares of company stock valued at $65,810,967 in the last ninety days. Corporate 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.

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