Cloudflare (NYSE:NET) Releases Q4 2024 Earnings Guidance

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. UBS Group boosted their target price on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Friday. Guggenheim upped their price objective on Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a research note on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $135.00 price objective on shares of Cloudflare in a research note on Friday, August 2nd. Mizuho upped their price objective on Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Wolfe Research started coverage on Cloudflare in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Cloudflare presently has a consensus rating of “Hold” and an average price target of $92.88.

Cloudflare Stock Performance

Shares of NET traded down $4.41 during mid-day trading on Friday, reaching $91.25. 7,777,228 shares of the company’s stock traded hands, compared to its average volume of 2,373,076. Cloudflare has a 12 month low of $61.34 and a 12 month high of $116.00. The stock has a market capitalization of $31.18 billion, a P/E ratio of -350.96 and a beta of 1.10. The business’s 50-day moving average price is $84.77 and its 200-day moving average price is $80.69. 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 (NYSE:NET) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. Equities analysts predict that Cloudflare will post -0.13 earnings per share for the current year.

Insiders Place Their Bets

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction 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 sale, the chief financial officer now directly owns 281,403 shares of the company’s stock, valued at $24,422,966.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Janel Riley sold 3,495 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $81.65, for a total value of $285,366.75. Following the transaction, the chief accounting officer now directly owns 80,183 shares of the company’s stock, valued at approximately $6,546,941.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction on Monday, November 4th. The stock was 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 $24,422,966.37. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 477,043 shares of company stock worth $39,737,342. 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.