Cloudflare (NYSE:NET) Issues FY 2022 Earnings Guidance

Cloudflare (NYSE:NETGet Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided EPS guidance of $0.03-$0.04 for the period, compared to the consensus EPS estimate of $0.03. The company issued revenue guidance of $955.00 million-$959.00 million, compared to the consensus revenue estimate of $932.73 million.Cloudflare also updated its Q2 2022 guidance to -$0.01-0 EPS.

Cloudflare stock opened at $56.01 on Monday. 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 fifty day moving average price of $96.52 and a two-hundred day moving average price of $119.07. Cloudflare has a 52-week low of $51.00 and a 52-week high of $221.64. The firm has a market capitalization of $18.27 billion, a P/E ratio of -67.10 and a beta of 1.01.

Cloudflare (NYSE:NETGet Rating) last released its quarterly earnings data on Thursday, May 5th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.10. Cloudflare had a negative return on equity of 17.74% and a negative net margin of 35.83%. The firm had revenue of $212.20 million during the quarter, compared to analyst estimates of $205.66 million. During the same period in the prior year, the company posted ($0.11) earnings per share. The business’s revenue for the quarter was up 53.7% compared to the same quarter last year. On average, equities research analysts predict that Cloudflare will post -0.41 EPS for the current fiscal year.

A number of analysts have recently weighed in on NET shares. Argus lowered their target price on Cloudflare from $230.00 to $160.00 in a research note on Tuesday, February 15th. Zacks Investment Research lowered Cloudflare from a buy rating to a hold rating in a research note on Thursday, April 14th. Jefferies Financial Group lowered their target price on Cloudflare from $75.00 to $55.00 in a research note on Monday. Credit Suisse Group raised their target price on Cloudflare from $140.00 to $150.00 and gave the company an outperform rating in a research note on Friday, February 11th. Finally, Needham & Company LLC lowered their target price on Cloudflare from $245.00 to $100.00 and set a na rating for the company in a research note on Monday, May 16th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Cloudflare currently has a consensus rating of Hold and an average target price of $130.02.

In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Thursday, May 12th. The shares were sold at an average price of $56.88, for a total transaction of $2,979,601.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Maria S. Eitel acquired 15,000 shares of the company’s stock in a transaction that occurred on Monday, May 9th. The shares were bought at an average price of $62.77 per share, for a total transaction of $941,550.00. Following the completion of the acquisition, the director now owns 21,622 shares of the company’s stock, valued at $1,357,212.94. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 516,286 shares of company stock worth $54,673,259. Company insiders own 20.69% of the company’s stock.

Several hedge funds have recently bought and sold shares of NET. Morgan Stanley grew its stake in shares of Cloudflare by 120.2% during the 2nd quarter. Morgan Stanley now owns 28,729,894 shares of the company’s stock worth $3,040,771,000 after acquiring an additional 15,680,274 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Cloudflare by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 23,358,000 shares of the company’s stock worth $2,795,953,000 after acquiring an additional 548,149 shares in the last quarter. State Street Corp grew its stake in shares of Cloudflare by 5.3% during the 1st quarter. State Street Corp now owns 5,552,609 shares of the company’s stock worth $664,647,000 after acquiring an additional 278,422 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Cloudflare by 3.8% in the 1st quarter. Northern Trust Corp now owns 1,685,204 shares of the company’s stock valued at $201,719,000 after buying an additional 62,004 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Cloudflare by 62.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,339,500 shares of the company’s stock valued at $160,338,000 after buying an additional 513,800 shares during the last quarter. 69.96% of the stock is owned by institutional investors.

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.

Featured Articles

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.