Cloudflare (NYSE:NET) Issues Q2 2024 Earnings Guidance

Cloudflare (NYSE:NET - Get Free Report) issued an update on its second quarter 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 0.140-0.140 for the period, compared to the consensus estimate of 0.130. The company issued revenue guidance of $393.5 million-$394.5 million, compared to the consensus revenue estimate of $393.5 million. Cloudflare also updated its FY 2024 guidance to 0.600-0.610 EPS.

Analyst Upgrades and Downgrades

NET has been the subject of a number of recent analyst reports. TD Cowen lowered their price target on Cloudflare from $117.00 to $110.00 and set a buy rating for the company in a research note on Friday. Cantor Fitzgerald lowered their target price on shares of Cloudflare from $100.00 to $80.00 and set a neutral rating for the company in a research note on Friday. Needham & Company LLC reissued a buy rating and issued a $135.00 price target on shares of Cloudflare in a report on Friday. Royal Bank of Canada raised their price objective on Cloudflare from $95.00 to $108.00 and gave the stock an outperform rating in a research note on Friday, February 9th. Finally, Capital One Financial assumed coverage on Cloudflare in a research note on Wednesday, January 17th. They issued an equal weight rating and a $83.00 target price for the company. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $90.17.

Cloudflare Stock Down 16.2 %

Shares of NYSE:NET traded down $14.45 during trading on Friday, hitting $74.52. 18,643,020 shares of the company were exchanged, compared to its average volume of 3,930,820. Cloudflare has a fifty-two week low of $39.90 and a fifty-two week high of $116.00. The stock has a market cap of $25.16 billion, a price-to-earnings ratio of -135.49 and a beta of 1.15. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68. The firm has a fifty day moving average price of $94.15 and a two-hundred day moving average price of $83.39.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.01. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. The business had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. As a group, research analysts anticipate that Cloudflare will post -0.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of the firm's stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total transaction of $648,266.04. Following the completion of the sale, the director now owns 1,446,957 shares of the company's stock, valued at approximately $117,811,238.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cloudflare news, Director Carl Ledbetter sold 7,962 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total value of $648,266.04. Following the transaction, the director now directly owns 1,446,957 shares of the company's stock, valued at approximately $117,811,238.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Douglas James Kramer sold 6,000 shares of the business's stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $110.08, for a total value of $660,480.00. Following the sale, the insider now owns 216,114 shares of the company's stock, valued at approximately $23,789,829.12. The disclosure for this sale can be found here. Insiders have sold a total of 1,029,347 shares of company stock valued at $100,594,226 over the last 90 days. 12.83% of the stock is currently 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.