Cloudflare (NYSE:NET) Issues Q2 2022 Earnings Guidance

Cloudflare (NYSE:NETGet Rating) issued an update on its second quarter 2022 earnings guidance on Monday morning. The company provided EPS guidance of -$0.01-0 for the period, compared to the consensus EPS estimate of 0. The company issued revenue guidance of $226.50 million-$227.50 million, compared to the consensus revenue estimate of $217.87 million.Cloudflare also updated its FY 2022 guidance to $0.03-$0.04 EPS.

NYSE NET opened at $63.36 on Monday. Cloudflare has a 1-year low of $51.00 and a 1-year high of $221.64. The company has a market cap of $20.53 billion, a P/E ratio of -76.91 and a beta of 1.01. The company has a debt-to-equity ratio of 2.78, a current ratio of 6.85 and a quick ratio of 6.85. The stock has a 50-day moving average of $100.12 and a two-hundred day moving average of $123.98.

Cloudflare (NYSE:NETGet Rating) last posted its earnings results on Thursday, February 10th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.04). The business had revenue of $193.60 million for the quarter, compared to analysts’ expectations of $184.79 million. Cloudflare had a negative return on equity of 17.74% and a negative net margin of 35.83%. On average, analysts anticipate that Cloudflare will post -0.41 EPS for the current fiscal year.

Several research firms recently weighed in on NET. Royal Bank of Canada decreased their target price on Cloudflare from $155.00 to $120.00 in a research note on Monday, May 2nd. Needham & Company LLC reduced their price objective on Cloudflare from $245.00 to $100.00 in a research note on Monday. Stifel Nicolaus cut their price target on Cloudflare from $126.00 to $120.00 and set a hold rating for the company in a research note on Monday, March 21st. Piper Sandler upped their price target on Cloudflare from $115.00 to $125.00 and gave the stock a neutral rating in a research note on Friday, February 11th. Finally, Stifel Europe upped their price objective on Cloudflare from $113.00 to $128.00 and gave the stock a hold rating in a report on Monday, February 14th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Cloudflare currently has a consensus rating of Hold and an average target price of $132.98.

In related news, COO Michelle Zatlyn sold 89,747 shares of the business’s stock in a transaction that occurred on Wednesday, April 13th. The stock was sold at an average price of $120.70, for a total transaction of $10,832,462.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Carl Ledbetter sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, March 24th. The shares were sold at an average price of $122.51, for a total value of $2,450,200.00. The disclosure for this sale can be found here. Insiders sold a total of 633,056 shares of company stock valued at $66,892,149 over the last quarter. Company insiders own 20.69% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC boosted its position in Cloudflare by 62.2% during the 1st quarter. Renaissance Technologies LLC now owns 1,339,500 shares of the company’s stock valued at $160,338,000 after purchasing an additional 513,800 shares during the period. Northern Trust Corp boosted its position in Cloudflare by 3.8% during the 1st quarter. Northern Trust Corp now owns 1,685,204 shares of the company’s stock worth $201,719,000 after acquiring an additional 62,004 shares during the period. SW Investment Management LLC boosted its position in Cloudflare by 20.8% during the 1st quarter. SW Investment Management LLC now owns 725,000 shares of the company’s stock worth $86,782,000 after acquiring an additional 125,000 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Cloudflare by 3.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 856,242 shares of the company’s stock worth $102,493,000 after acquiring an additional 27,897 shares during the period. Finally, Berkshire Capital Holdings Inc. boosted its position in Cloudflare by 2,408,600.0% during the 1st quarter. Berkshire Capital Holdings Inc. now owns 240,870 shares of the company’s stock worth $28,832,000 after acquiring an additional 240,860 shares during the period. Institutional investors and hedge funds own 69.96% of the company’s stock.

Cloudflare Company Profile (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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Earnings History and Estimates for Cloudflare (NYSE:NET)

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