Cloudflare (NYSE:NET) Releases FY 2021 Earnings Guidance

Cloudflare (NYSE:NET) updated its FY 2021 earnings guidance on Thursday. The company provided earnings per share guidance of $-0.060-$-0.050 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $-0.120. The company issued revenue guidance of $647 million-$648 million, compared to the consensus revenue estimate of $631.81 million.Cloudflare also updated its Q4 2021 guidance to $-0.010-$0.000 EPS.

A number of brokerages have recently issued reports on NET. Argus increased their price target on shares of Cloudflare from $125.00 to $140.00 and gave the company a buy rating in a report on Tuesday, August 10th. Needham & Company LLC increased their price target on shares of Cloudflare from $140.00 to $245.00 and gave the company a buy rating in a report on Friday, November 5th. Mizuho increased their price objective on shares of Cloudflare from $140.00 to $190.00 and gave the company a neutral rating in a research note on Friday, November 5th. They noted that the move was a valuation call. JMP Securities increased their price objective on shares of Cloudflare from $102.00 to $129.00 and gave the company a market outperform rating in a research note on Monday, August 9th. Finally, Cowen increased their price objective on shares of Cloudflare from $200.00 to $250.00 and gave the company an outperform rating in a research note on Friday, November 5th. Eleven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare has an average rating of Buy and a consensus price target of $155.71.

NET traded up $12.74 during trading on Thursday, reaching $197.39. 3,945,267 shares of the company were exchanged, compared to its average volume of 3,863,304. Cloudflare has a 52 week low of $60.96 and a 52 week high of $221.64. The company has a current ratio of 8.51, a quick ratio of 5.72 and a debt-to-equity ratio of 1.34. The firm has a 50 day moving average of $167.66 and a 200 day moving average of $127.16. The stock has a market cap of $63.51 billion, a P/E ratio of -281.98 and a beta of 0.61.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, November 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.05). The firm had revenue of $172.35 million for the quarter, compared to analyst estimates of $165.65 million. Cloudflare had a negative net margin of 36.83% and a negative return on equity of 13.32%. The business’s revenue was up 51.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.06) EPS. As a group, analysts forecast that Cloudflare will post -0.49 earnings per share for the current fiscal year.

In other Cloudflare news, CAO Paul D. Underwood sold 2,000 shares of the business’s stock in a transaction dated Monday, September 20th. The shares were sold at an average price of $125.70, for a total transaction of $251,400.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Carl Ledbetter sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, October 8th. The shares were sold at an average price of $137.01, for a total transaction of $6,850,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 792,515 shares of company stock valued at $125,275,463. Insiders own 20.69% of the company’s stock.

A hedge fund recently raised its stake in Cloudflare stock. Morgan Stanley boosted its holdings in Cloudflare, Inc. (NYSE:NET) by 120.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 28,729,894 shares of the company’s stock after buying an additional 15,680,274 shares during the quarter. Morgan Stanley owned 9.20% of Cloudflare worth $3,040,771,000 as of its most recent SEC filing. Institutional investors and hedge funds own 66.94% of the company’s stock.

About Cloudflare

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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