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.
Featured Article: Why is the Consumer Price Index (CPI) important?
Get a free copy of the Zacks research report on Cloudflare (NET)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Before you consider Cloudflare, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Cloudflare wasn't on the list.
While Cloudflare currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The 5 Stocks Here