Cloudflare (NYSE:NET) Updates Q4 2021 Earnings Guidance

Cloudflare (NYSE:NET) issued an update on its fourth quarter 2021 earnings guidance on Thursday morning. The company provided earnings per share guidance of $-0.010-$0.000 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $-0.030. The company issued revenue guidance of $184 million-$185 million, compared to the consensus revenue estimate of $175.74 million.Cloudflare also updated its FY 2021 guidance to $-0.060-$-0.050 EPS.

Shares of NET traded up $12.74 during mid-day trading on Thursday, hitting $197.39. 3,945,267 shares of the stock were exchanged, compared to its average volume of 3,863,304. The company has a market cap of $63.51 billion, a PE ratio of -281.98 and a beta of 0.61. Cloudflare has a 52-week low of $60.96 and a 52-week high of $221.64. The firm has a 50-day moving average of $167.66 and a two-hundred day moving average of $127.16. The company has a debt-to-equity ratio of 1.34, a quick ratio of 5.72 and a current ratio of 8.51.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, November 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.05). The firm had revenue of $172.35 million for the quarter, compared to analysts’ expectations of $165.65 million. Cloudflare had a negative return on equity of 13.32% and a negative net margin of 36.83%. The firm’s revenue was up 51.0% on a year-over-year basis. During the same period last year, the company earned ($0.06) earnings per share. On average, sell-side analysts predict that Cloudflare will post -0.49 EPS for the current year.

Several analysts recently weighed in on the company. Argus increased their price target on Cloudflare from $125.00 to $140.00 and gave the company a buy rating in a report on Tuesday, August 10th. Cowen increased their price target on Cloudflare from $200.00 to $250.00 and gave the company an outperform rating in a report on Friday, November 5th. Needham & Company LLC increased their price target on Cloudflare from $140.00 to $245.00 and gave the company a buy rating in a report on Friday, November 5th. Credit Suisse Group assumed coverage on Cloudflare in a report on Tuesday, November 16th. They set a neutral rating and a $205.00 price target on the stock. Finally, William Blair restated an outperform rating on shares of Cloudflare in a report on Thursday, August 5th. Eleven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Buy and a consensus price target of $155.71.

In other Cloudflare news, CAO Paul D. Underwood sold 2,000 shares of the stock in a transaction dated Monday, September 20th. The stock was sold at an average price of $125.70, for a total value of $251,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 20,000 shares of the stock in a transaction dated Tuesday, November 23rd. The shares were sold at an average price of $183.68, for a total value of $3,673,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 792,515 shares of company stock worth $125,275,463 in the last three months. Corporate insiders own 20.69% of the company’s stock.

An institutional investor recently bought a new position in Cloudflare stock. Millennium Management LLC purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 18,139 shares of the company’s stock, valued at approximately $2,043,000. Institutional investors and hedge funds own 66.94% of the company’s stock.

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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