FY2024 Earnings Estimate for Cloudflare Issued By Scotiabank

Cloudflare, Inc. (NYSE:NET) – Equities research analysts at Scotiabank issued their FY2024 earnings per share estimates for shares of Cloudflare in a note issued to investors on Wednesday, January 8th. Scotiabank analyst P. Colville expects that the company will earn ($0.10) per share for the year. Scotiabank currently has a “Sector Perform” rating and a $87.00 target price 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.

A number of other analysts have also issued reports on the stock. Jefferies Financial Group raised their target price 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. Wells Fargo & Company lifted their price objective on Cloudflare from $110.00 to $135.00 and gave the company an “overweight” rating in a research report on Tuesday, January 7th. Morgan Stanley upgraded Cloudflare from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $92.00 to $130.00 in a research report on Monday, December 2nd. Royal Bank of Canada lifted their price target on Cloudflare from $99.00 to $123.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, The Goldman Sachs Group upgraded shares of Cloudflare from a “sell” rating to a “buy” rating and increased their price objective for the stock from $77.00 to $140.00 in a report on Thursday, January 2nd. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $102.30.

Cloudflare Stock Down 2.4 %

Shares of NYSE:NET opened at $112.91 on Monday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $38.75 billion, a P/E ratio of -434.27 and a beta of 1.10. Cloudflare has a 52-week low of $66.24 and a 52-week high of $119.42. The stock’s fifty day simple moving average is $105.41 and its 200-day simple moving average is $90.40.

Cloudflare (NYSE:NET) last issued its earnings results 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 analyst estimates of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%.

Insiders Place Their Bets

In other news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $88.60, for a total transaction of $265,800.00. Following the transaction, the insider now directly owns 185,386 shares in the company, valued at $16,425,199.60. The trade was a 1.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $113.98, for a total value of $5,970,728.32. Following the sale, the chief executive officer now owns 10,762 shares of the company’s stock, valued at approximately $1,226,652.76. This represents a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 644,620 shares of company stock worth $66,433,687. 12.83% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cloudflare

Large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its stake in Cloudflare by 13.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after acquiring an additional 119 shares during the last quarter. Quarry LP lifted its stake in shares of Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after purchasing an additional 133 shares during the last quarter. Elo Mutual Pension Insurance Co boosted its holdings in Cloudflare by 0.5% in the second quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock worth $2,253,000 after purchasing an additional 136 shares in the last quarter. OneDigital Investment Advisors LLC increased its position in Cloudflare by 3.5% during the third quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $327,000 after buying an additional 137 shares during the last quarter. Finally, Versant Capital Management Inc raised its holdings in Cloudflare by 44.9% during the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after buying an additional 170 shares in the last quarter. Institutional investors own 82.68% 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.