Cloudflare (NYSE:NET) Issues Q2 2024 Earnings Guidance

Cloudflare (NYSE:NET) updated its second quarter 2024 earnings guidance on Friday. The company provided earnings per share guidance of 0.140-0.140 for the period, compared to the consensus earnings per share estimate of 0.130. The company issued revenue guidance of $393.5 million-$394.5 million, compared to the consensus revenue estimate of $393.5 million. Cloudflare also updated its FY 2024 guidance to 0.600-0.610 EPS.

Cloudflare Price Performance

Shares of NYSE:NET traded down $0.11 during trading on Monday, reaching $74.29. The stock had a trading volume of 6,576,970 shares, compared to its average volume of 3,961,452. The stock has a market capitalization of $25.08 billion, a PE ratio of -141.34 and a beta of 1.15. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. Cloudflare has a 52 week low of $44.60 and a 52 week high of $116.00. The business’s 50-day moving average price is $93.67 and its 200 day moving average price is $83.75.

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, beating the consensus estimate of ($0.07) by $0.01. The firm had revenue of $362.47 million during the quarter, compared to the consensus estimate of $352.70 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. As a group, equities analysts predict that Cloudflare will post -0.2 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on NET shares. JPMorgan Chase & Co. lowered their price objective on shares of Cloudflare from $90.00 to $80.00 and set a neutral rating for the company in a research report on Friday. Truist Financial raised their price target on shares of Cloudflare from $90.00 to $120.00 and gave the company a buy rating in a report on Friday, February 9th. Susquehanna reduced their price objective on Cloudflare from $115.00 to $80.00 and set a neutral rating on the stock in a report on Monday. Cantor Fitzgerald lowered their target price on Cloudflare from $100.00 to $80.00 and set a neutral rating for the company in a research note on Friday. Finally, Mizuho dropped their price objective on Cloudflare from $95.00 to $88.00 and set a neutral rating for the company in a report on Friday. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $90.13.

Insider Activity

In related news, insider Douglas James Kramer sold 6,000 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $110.08, for a total transaction of $660,480.00. Following the completion of the sale, the insider now directly owns 216,114 shares of the company’s stock, valued at approximately $23,789,829.12. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Douglas James Kramer sold 6,000 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $110.08, for a total value of $660,480.00. Following the sale, the insider now directly owns 216,114 shares of the company’s stock, valued at approximately $23,789,829.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Maria S. Eitel sold 6,875 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $98.51, for a total value of $677,256.25. Following the transaction, the director now owns 23,513 shares of the company’s stock, valued at approximately $2,316,265.63. The disclosure for this sale can be found here. Insiders have sold 1,044,347 shares of company stock worth $101,703,776 in the last 90 days. Corporate insiders own 12.83% of the company’s stock.

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.