Cloudflare, Inc. (NYSE:NET) Expected to Announce Quarterly Sales of $146.22 Million

Last updated on Thursday, July 22, 2021 | 2021 MarketBeat

Brokerages expect that Cloudflare, Inc. (NYSE:NET) will announce $146.22 million in sales for the current fiscal quarter, according to Zacks. Seven analysts have made estimates for Cloudflare's earnings. The lowest sales estimate is $146.00 million and the highest is $146.60 million. Cloudflare posted sales of $99.72 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 46.6%. The business is scheduled to report its next earnings results after the market closes on Thursday, August 5th.

On average, analysts expect that Cloudflare will report full year sales of $612.16 million for the current fiscal year, with estimates ranging from $591.18 million to $616.45 million. For the next financial year, analysts forecast that the firm will report sales of $811.63 million, with estimates ranging from $771.40 million to $835.70 million. Zacks' sales calculations are an average based on a survey of sell-side research analysts that follow Cloudflare.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, May 6th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.01). The company had revenue of $138.06 million during the quarter, compared to the consensus estimate of $131.26 million. Cloudflare had a negative return on equity of 11.84% and a negative net margin of 26.49%.

A number of analysts have weighed in on the stock. Jefferies Financial Group decreased their target price on shares of Cloudflare from $100.00 to $85.00 and set a "buy" rating for the company in a research report on Tuesday, May 18th. They noted that the move was a valuation call. Morgan Stanley lifted their price target on shares of Cloudflare from $88.00 to $91.00 and gave the company an "equal weight" rating in a research report on Friday, May 7th. Zacks Investment Research downgraded shares of Cloudflare from a "hold" rating to a "sell" rating in a research report on Wednesday, July 14th. Mizuho lifted their price target on shares of Cloudflare from $77.00 to $96.00 and gave the company a "neutral" rating in a research report on Monday, July 12th. Finally, Truist Securities upgraded Cloudflare from a "hold" rating to a "buy" rating and raised their price objective for the company from $75.00 to $110.00 in a research note on Wednesday, March 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company's stock. The company currently has an average rating of "Buy" and an average price target of $91.44.

In other news, COO Michelle Zatlyn sold 33,330 shares of the stock in a transaction on Friday, July 9th. The stock was sold at an average price of $108.12, for a total value of $3,603,639.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Matthew Prince sold 52,385 shares of the stock in a transaction on Monday, July 19th. The stock was sold at an average price of $103.44, for a total value of $5,418,704.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 923,787 shares of company stock worth $85,542,623. Insiders own 20.69% of the company's stock.

Several institutional investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. boosted its position in shares of Cloudflare by 0.4% during the first quarter. Baillie Gifford & Co. now owns 29,995,218 shares of the company's stock valued at $2,107,465,000 after buying an additional 132,980 shares during the last quarter. Morgan Stanley boosted its position in shares of Cloudflare by 49.5% during the first quarter. Morgan Stanley now owns 13,049,620 shares of the company's stock valued at $916,866,000 after buying an additional 4,319,588 shares during the last quarter. BlackRock Inc. boosted its position in shares of Cloudflare by 20.7% during the first quarter. BlackRock Inc. now owns 11,003,860 shares of the company's stock valued at $773,131,000 after buying an additional 1,889,327 shares during the last quarter. Norges Bank purchased a new stake in shares of Cloudflare during the fourth quarter valued at $337,085,000. Finally, Franklin Resources Inc. boosted its position in shares of Cloudflare by 3.3% during the first quarter. Franklin Resources Inc. now owns 2,469,414 shares of the company's stock valued at $173,502,000 after buying an additional 79,571 shares during the last quarter. 61.64% of the stock is currently owned by institutional investors.

NET stock opened at $109.52 on Thursday. The company has a market capitalization of $34.02 billion, a PE ratio of -260.76 and a beta of 0.04. The company has a debt-to-equity ratio of 0.49, a current ratio of 6.78 and a quick ratio of 6.78. Cloudflare has a 12 month low of $32.69 and a 12 month high of $111.97. The business has a 50-day moving average of $93.84.

Cloudflare Company Profile

CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.

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Earnings History and Estimates for Cloudflare (NYSE:NET)

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