Analysts forecast that Cloudflare Inc (NYSE:NET) will report $94.26 million in sales for the current fiscal quarter, according to Zacks. Six analysts have issued estimates for Cloudflare’s earnings. The highest sales estimate is $95.10 million and the lowest is $93.97 million. The firm is scheduled to issue its next earnings report after the market closes on Thursday, August 6th.
According to Zacks, analysts expect that Cloudflare will report full-year sales of $393.31 million for the current fiscal year, with estimates ranging from $391.00 million to $405.10 million. For the next financial year, analysts expect that the company will post sales of $513.90 million, with estimates ranging from $497.00 million to $546.10 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow Cloudflare.
Cloudflare (NYSE:NET) last posted its earnings results on Thursday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $91.25 million during the quarter, compared to analyst estimates of $86.85 million. During the same quarter in the previous year, the business posted ($0.19) earnings per share. The business’s quarterly revenue was up 47.8% compared to the same quarter last year.
A number of research analysts recently issued reports on NET shares. Jefferies Financial Group raised their target price on shares of Cloudflare from $20.00 to $27.00 and gave the company a “hold” rating in a research note on Friday, May 8th. They noted that the move was a valuation call. SunTrust Banks lowered shares of Cloudflare from a “buy” rating to a “hold” rating and set a $24.00 price target on the stock. in a research report on Friday, April 24th. Wells Fargo & Co raised their price target on shares of Cloudflare from $27.50 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, May 15th. Royal Bank of Canada raised their price target on shares of Cloudflare from $24.00 to $29.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Finally, Zacks Investment Research upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research report on Thursday. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $31.50.
In related news, General Counsel Douglas James Kramer sold 7,084 shares of Cloudflare stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $29.65, for a total transaction of $210,040.60. Following the completion of the transaction, the general counsel now directly owns 2,632 shares of the company’s stock, valued at approximately $78,038.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $23.21, for a total transaction of $348,150.00. Following the transaction, the chief financial officer now directly owns 15,000 shares of the company’s stock, valued at $348,150. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,727,574 shares of company stock worth $472,808,233. 35.89% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. lifted its holdings in Cloudflare by 134.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 527,055 shares of the company’s stock valued at $8,992,000 after purchasing an additional 302,028 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Cloudflare by 107.5% during the 4th quarter. Franklin Resources Inc. now owns 5,925,638 shares of the company’s stock valued at $99,545,000 after purchasing an additional 3,069,938 shares during the last quarter. Capital World Investors bought a new position in Cloudflare during the 1st quarter valued at about $6,208,000. Blueshift Asset Management LLC bought a new position in shares of Cloudflare in the fourth quarter worth about $1,334,000. Finally, Raymond James Financial Services Advisors Inc. bought a new position in shares of Cloudflare in the first quarter worth about $1,284,000. 25.44% of the stock is owned by hedge funds and other institutional investors.
NYSE:NET opened at $40.08 on Monday. Cloudflare has a 1 year low of $14.50 and a 1 year high of $42.60. The firm’s fifty day simple moving average is $32.41 and its 200 day simple moving average is $23.86. The firm has a market capitalization of $12.17 billion and a PE ratio of -55.67.
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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