Cloudflare (NYSE:NET) Releases Q2 2022 Earnings Guidance

Cloudflare (NYSE:NET – Get Rating) updated its second quarter 2022 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of -$0.01-0 for the period, compared to the consensus 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.

A number of equities analysts have recently commented on the stock. Stifel Nicolaus cut their target price on shares of Cloudflare from $126.00 to $120.00 and set a hold rating on the stock in a report on Monday, March 21st. Piper Sandler lifted their price objective on shares of Cloudflare from $115.00 to $125.00 and gave the company a neutral rating in a research report on Friday, February 11th. Zacks Investment Research lowered shares of Cloudflare from a buy rating to a hold rating in a research report on Thursday, April 14th. Morgan Stanley lifted their price objective on shares of Cloudflare from $91.00 to $100.00 and gave the company an equal weight rating in a research report on Friday, February 11th. Finally, Needham & Company LLC lowered their price objective on shares of Cloudflare from $245.00 to $100.00 and set a na rating on the stock in a research report on Monday, May 16th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $130.02.

Cloudflare stock opened at $56.01 on Monday. The firm’s 50-day simple moving average is $96.52 and its 200 day simple moving average is $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 PE ratio of -67.10 and a beta of 1.01. The company has a quick ratio of 6.85, a current ratio of 6.85 and a debt-to-equity ratio of 2.78.

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

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

Institutional investors and hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC acquired a new position in shares of Cloudflare in the 4th quarter valued at $34,000. Advisors Asset Management Inc. boosted its holdings in shares of Cloudflare by 128.4% in the 4th quarter. Advisors Asset Management Inc. now owns 1,462 shares of the company’s stock valued at $192,000 after purchasing an additional 822 shares during the last quarter. Sawtooth Solutions LLC acquired a new position in shares of Cloudflare in the 1st quarter valued at $215,000. Bridgefront Capital LLC acquired a new position in shares of Cloudflare in the 1st quarter valued at $221,000. Finally, Fund Management at Engine No. 1 LLC acquired a new position in shares of Cloudflare in the 1st quarter valued at $281,000. Institutional investors 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.

Featured Articles