Brokers Set Expectations for Cloudflare FY2024 Earnings

Cloudflare, Inc. (NYSE:NET) – Equities research analysts at Scotiabank issued their FY2024 earnings per share (EPS) estimates for shares of Cloudflare in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst P. Colville anticipates that the company will post earnings of ($0.10) per share for the year. Scotiabank has a “Sector Perform” rating and a $87.00 price objective on the stock. The consensus estimate for Cloudflare’s current full-year earnings is ($0.10) per share. Scotiabank also issued estimates for Cloudflare’s FY2025 earnings at ($0.02) EPS.

A number of other research analysts also recently issued reports on the company. Wells Fargo & Company upped their price objective on Cloudflare from $110.00 to $135.00 and gave the company an “overweight” rating in a research note on Tuesday, January 7th. BNP Paribas initiated coverage on shares of Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target on the stock. Stifel Nicolaus raised Cloudflare from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $95.00 to $136.00 in a report on Tuesday, December 17th. Mizuho lifted their target price on shares of Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. Finally, Jefferies Financial Group increased their price target on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $102.30.

Cloudflare Stock Up 1.1 %

NET opened at $111.93 on Monday. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $119.42. The company’s 50-day moving average is $105.89 and its 200 day moving average is $90.68. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The firm has a market capitalization of $38.41 billion, a P/E ratio of -430.50 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). The company had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%.

Institutional Investors Weigh In On Cloudflare

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NET. Allspring Global Investments Holdings LLC increased its stake in shares of Cloudflare by 13.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after acquiring an additional 119 shares in the last quarter. Quarry LP grew its holdings in Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after purchasing an additional 133 shares during the period. Elo Mutual Pension Insurance Co increased its stake in shares of Cloudflare by 0.5% during the second quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after purchasing an additional 136 shares in the last quarter. OneDigital Investment Advisors LLC lifted its holdings in shares of Cloudflare by 3.5% during the third quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $327,000 after purchasing an additional 137 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in shares of Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after purchasing an additional 170 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $90.92, for a total transaction of $4,762,753.28. Following the sale, the chief executive officer now directly owns 10,761 shares of the company’s stock, valued at approximately $978,390.12. The trade was a 82.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $88.60, for a total value of $265,800.00. Following the completion of the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at $16,425,199.60. This represents a 1.59 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 592,236 shares of company stock worth $61,512,210. 12.83% of the stock is currently owned by insiders.

About Cloudflare

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.