FY2024 Earnings Estimate for Cloudflare Issued By Scotiabank

Cloudflare, Inc. (NYSE:NET) – Analysts at Scotiabank issued their FY2024 earnings estimates for shares of Cloudflare in a research report issued on Wednesday, January 8th. Scotiabank analyst P. Colville expects that the company will post earnings of ($0.10) per share for the year. Scotiabank has a “Sector Perform” rating and a $87.00 price objective on the stock. The consensus estimate for Cloudflare’s current full-year earnings is ($0.10) per share. Scotiabank also issued estimates for Cloudflare’s FY2025 earnings at ($0.02) EPS.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). The company had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%.

A number of other equities analysts have also commented on NET. Mizuho lifted their price objective on Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Piper Sandler boosted their price target on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Jefferies Financial Group increased their price objective on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. UBS Group boosted their target price on shares of Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Morgan Stanley upgraded Cloudflare from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $92.00 to $130.00 in a report on Monday, December 2nd. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $102.30.

Cloudflare Stock Down 1.8 %

Shares of NET opened at $110.59 on Monday. The company has a market capitalization of $37.95 billion, a PE ratio of -425.35 and a beta of 1.10. The stock’s 50-day moving average price is $105.41 and its two-hundred day moving average price is $90.48. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a 12 month low of $66.24 and a 12 month high of $119.42.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $90.92, for a total value of $4,762,753.28. Following the completion of the sale, the chief executive officer now directly owns 10,761 shares of the company’s stock, valued at approximately $978,390.12. This represents a 82.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Friday, October 18th. The stock was sold at an average price of $90.88, for a total transaction of $1,363,200.00. Following the transaction, the chief financial officer now directly owns 281,403 shares in the company, valued at $25,573,904.64. This represents a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 592,236 shares of company stock valued at $61,512,210. 12.83% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cloudflare

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Marshall Wace LLP grew its holdings in shares of Cloudflare by 123.4% in the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after acquiring an additional 855,334 shares in the last quarter. WIM INVESTMENT MANAGEMENT Ltd purchased a new position in Cloudflare in the third quarter worth $25,588,000. International Assets Investment Management LLC bought a new position in Cloudflare in the 3rd quarter valued at $147,160,000. Parnassus Investments LLC increased its position in shares of Cloudflare by 1,851.9% during the 3rd quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock valued at $11,196,000 after purchasing an additional 131,319 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Cloudflare by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after purchasing an additional 121,810 shares during the period. Hedge funds and other institutional investors own 82.68% 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.