Cloudflare (NYSE:NET) Announces Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Cloudflare (NYSE:NET – Get Rating) announced its quarterly earnings results on Thursday. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.09) by $0.10, MarketWatch Earnings reports. The business had revenue of $212.20 million for the quarter, compared to analyst estimates of $205.66 million. Cloudflare had a negative return on equity of 15.45% and a negative net margin of 39.65%. Cloudflare’s quarterly revenue was up 53.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.11) EPS. Cloudflare updated its FY22 guidance to $0.03-0.04 EPS.

NYSE NET traded down $12.20 on Friday, reaching $65.61. The company had a trading volume of 16,745,459 shares, compared to its average volume of 3,464,551. The stock’s 50 day moving average is $104.98 and its 200-day moving average is $129.09. The stock has a market cap of $21.26 billion, a price-to-earnings ratio of -79.05 and a beta of 1.01. The company has a quick ratio of 6.78, a current ratio of 6.78 and a debt-to-equity ratio of 1.41. Cloudflare has a 52 week low of $60.90 and a 52 week high of $221.64.

In other Cloudflare news, COO Michelle Zatlyn sold 89,747 shares of the stock in a transaction dated Wednesday, April 13th. The stock was sold at an average price of $120.70, for a total value of $10,832,462.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction dated Tuesday, March 29th. The stock was sold at an average price of $129.35, for a total value of $1,293,500.00. The disclosure for this sale can be found here. Insiders sold 599,294 shares of company stock valued at $65,886,479 in the last quarter. 20.69% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in NET. Morgan Stanley boosted its position in shares of Cloudflare by 120.2% during the second quarter. Morgan Stanley now owns 28,729,894 shares of the company’s stock worth $3,040,771,000 after buying an additional 15,680,274 shares during the period. Privium Fund Management UK Ltd acquired a new position in shares of Cloudflare during the fourth quarter worth about $29,628,000. Parametric Portfolio Associates LLC boosted its position in shares of Cloudflare by 20.2% during the fourth quarter. Parametric Portfolio Associates LLC now owns 369,139 shares of the company’s stock worth $48,542,000 after buying an additional 61,988 shares during the period. Allstate Corp acquired a new position in shares of Cloudflare during the fourth quarter worth about $3,085,000. Finally, Millennium Management LLC acquired a new position in shares of Cloudflare during the third quarter worth about $2,043,000. Institutional investors own 69.96% of the company’s stock.

Several analysts recently commented on NET shares. Argus decreased their price target on Cloudflare from $230.00 to $160.00 in a research note on Tuesday, February 15th. KeyCorp boosted their price objective on Cloudflare from $132.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 11th. Piper Sandler boosted their price objective on Cloudflare from $115.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, February 11th. JMP Securities assumed coverage on Cloudflare in a research note on Tuesday, February 22nd. They issued a “buy” rating and a $175.00 price objective on the stock. Finally, Morgan Stanley boosted their price objective on Cloudflare from $91.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Friday, February 11th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Cloudflare presently has a consensus rating of “Hold” and an average price target of $139.57.

About Cloudflare (Get Rating)

CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.

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