Cloudflare (NYSE:NET) Updates Q4 Earnings Guidance

Cloudflare (NYSE:NET) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.18 for the period, compared to the consensus earnings per share estimate of $0.17. The company issued revenue guidance of $451-452 million, compared to the consensus revenue estimate of $454.83 million. Cloudflare also updated its FY24 guidance to $0.74 EPS.

Cloudflare Stock Up 3.4 %

Shares of NYSE NET traded up $3.15 during midday trading on Thursday, hitting $95.66. 6,472,719 shares of the stock traded hands, compared to its average volume of 3,137,926. Cloudflare has a one year low of $61.34 and a one year high of $116.00. The business has a 50 day moving average price of $84.30 and a two-hundred day moving average price of $80.59. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. The company has a market cap of $32.69 billion, a PE ratio of -329.03 and a beta of 1.10.

Wall Street Analysts Forecast Growth

NET has been the subject of several research reports. Wolfe Research started coverage on shares of Cloudflare in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Cantor Fitzgerald raised their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Royal Bank of Canada upped their price objective on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Susquehanna raised their target price on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Finally, Mizuho upped their price target on Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Four 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 stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $91.72.

Insider Transactions at Cloudflare

In other news, CAO Janel Riley sold 3,495 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $81.65, for a total transaction of $285,366.75. Following the transaction, the chief accounting officer now directly owns 80,183 shares in the company, valued at approximately $6,546,941.95. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Maria S. Eitel sold 6,875 shares of Cloudflare stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $88.00, for a total value of $605,000.00. Following the transaction, the director now owns 5,927 shares in the company, valued at approximately $521,576. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Janel Riley sold 3,495 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $81.65, for a total value of $285,366.75. Following the sale, the chief accounting officer now owns 80,183 shares of the company’s stock, valued at $6,546,941.95. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 477,043 shares of company stock valued at $39,737,342 in the last quarter. 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.