Cloudflare (NYSE:NET) Releases Q2 Earnings Guidance

Cloudflare (NYSE:NET) updated its second quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.14 for the period, compared to the consensus estimate of $0.13. The company issued revenue guidance of $393.5-394.5 million, compared to the consensus revenue estimate of $393.48 million. Cloudflare also updated its FY24 guidance to $0.60-0.61 EPS.

Analyst Ratings Changes

A number of analysts recently commented on the company. Susquehanna increased their price target on Cloudflare from $75.00 to $115.00 and gave the company a neutral rating in a research report on Friday, February 9th. KeyCorp increased their price objective on Cloudflare from $94.00 to $132.00 and gave the company an overweight rating in a report on Friday, February 9th. Sanford C. Bernstein initiated coverage on Cloudflare in a report on Thursday, January 18th. They set a market perform rating and a $85.00 price objective for the company. Truist Financial increased their price objective on Cloudflare from $90.00 to $120.00 and gave the company a buy rating in a report on Friday, February 9th. Finally, Cantor Fitzgerald reissued a neutral rating and set a $100.00 price objective on shares of Cloudflare in a report on Wednesday, April 17th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Cloudflare presently has a consensus rating of Hold and an average price target of $89.09.

Cloudflare Stock Up 1.0 %

Shares of NET stock traded up $0.90 on Thursday, reaching $88.94. The company’s stock had a trading volume of 7,700,136 shares, compared to its average volume of 3,753,151. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68. Cloudflare has a 12-month low of $39.90 and a 12-month high of $116.00. The stock’s 50 day simple moving average is $94.36 and its 200-day simple moving average is $83.35.

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

Insider Buying and Selling

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $99.64, for a total transaction of $298,920.00. Following the sale, the insider now owns 205,238 shares in the company, valued at $20,449,914.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $99.64, for a total transaction of $298,920.00. Following the sale, the insider now owns 205,238 shares in the company, valued at $20,449,914.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $81.87, for a total value of $1,228,050.00. Following the sale, the chief financial officer now owns 366,465 shares in the company, valued at approximately $30,002,489.55. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,041,347 shares of company stock worth $101,557,916. Corporate insiders own 12.83% of the company’s stock.

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.