Cloudflare (NYSE:NET) Issues Q4 2024 Earnings Guidance

Cloudflare (NYSE:NET) issued an update on its fourth quarter 2024 earnings guidance on Thursday morning. 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.

Cloudflare Price Performance

Cloudflare stock traded down $4.41 during mid-day trading on Friday, hitting $91.25. The company’s stock had a trading volume of 7,777,228 shares, compared to its average volume of 2,373,076. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $31.18 billion, a P/E ratio of -350.96 and a beta of 1.10. The stock’s fifty day moving average price is $84.77 and its two-hundred day moving average price is $80.69. Cloudflare has a twelve month low of $61.34 and a twelve month high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. Research analysts forecast that Cloudflare will post -0.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. UBS Group raised their target price on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Friday. Guggenheim boosted their price target on shares of Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a research report on Friday, August 2nd. Wells Fargo & Company raised their price objective on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday. Robert W. Baird raised their target price on Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $135.00 price objective on shares of Cloudflare in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $92.88.

Insiders Place Their Bets

In other Cloudflare news, COO Michelle Zatlyn sold 12,820 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $76.14, for a total transaction of $976,114.80. Following the transaction, the chief operating officer now owns 192,177 shares in the company, valued at $14,632,356.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $78.05, for a total transaction of $1,170,750.00. Following the sale, the chief financial officer now directly owns 281,403 shares of the company’s stock, valued at approximately $21,963,504.15. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 12,820 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total value of $976,114.80. Following the completion of the transaction, the chief operating officer now owns 192,177 shares of the company’s stock, valued at $14,632,356.78. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 477,043 shares of company stock worth $39,737,342 in the last quarter. 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.