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 (EPS) guidance of $-0.060-$-0.050 for the period, compared to the Thomson Reuters consensus 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 research firms recently weighed in on NET. Wells Fargo & Company raised their target price on shares of Cloudflare from $122.00 to $210.00 and gave the company an equal weight rating in a research report on Friday, November 5th. Needham & Company LLC raised their target price on shares of Cloudflare from $140.00 to $245.00 and gave the company a buy rating in a research report on Friday, November 5th. JMP Securities raised their target price on shares of Cloudflare from $102.00 to $129.00 and gave the company a market outperform rating in a research report on Monday, August 9th. Royal Bank of Canada raised their target price on shares of Cloudflare from $130.00 to $220.00 and gave the company an outperform rating in a research report on Friday, November 5th. Finally, Evercore ISI reissued a buy rating on shares of Cloudflare in a research report on Sunday, November 7th. Eleven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Cloudflare currently has a consensus rating of Buy and a consensus price target of $155.71.

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

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

In other news, CEO Matthew Prince sold 52,385 shares of the business’s stock in a transaction that occurred on Monday, September 13th. The shares were sold at an average price of $123.97, for a total value of $6,494,168.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Paul D. Underwood sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, September 20th. The shares were sold at an average price of $125.70, for a total transaction of $251,400.00. The disclosure for this sale can be found here. Insiders sold a total of 792,515 shares of company stock valued at $125,275,463 in the last quarter. Corporate insiders own 20.69% of the company’s stock.

A hedge fund recently bought a new stake in Cloudflare stock. Millennium Management LLC purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 18,139 shares of the company’s stock, valued at approximately $2,043,000. Hedge funds and other institutional investors 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.

Further Reading: What are earnings reports?

Earnings History and Estimates for Cloudflare (NYSE:NET)

Receive News & Ratings for Cloudflare Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cloudflare and related companies with MarketBeat.com's FREE daily email newsletter.