FY2024 Earnings Forecast for Cloudflare Issued By Scotiabank

Cloudflare, Inc. (NYSE:NET) – Analysts at Scotiabank issued their FY2024 earnings per share estimates for shares of Cloudflare in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst P. Colville forecasts that the company will post earnings per share of ($0.10) for the year. Scotiabank has a “Sector Perform” rating and a $87.00 price target on the stock. The consensus estimate for Cloudflare’s current full-year earnings is ($0.10) per share. Scotiabank also issued estimates for Cloudflare’s FY2025 earnings at ($0.02) EPS.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%.

NET has been the subject of a number of other research reports. Stifel Nicolaus raised shares of Cloudflare from a “hold” rating to a “buy” rating and raised their target price for the company from $95.00 to $136.00 in a research report on Tuesday, December 17th. Mizuho raised their price objective on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, December 13th. UBS Group upped their target price on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Jefferies Financial Group boosted their price target on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Finally, BNP Paribas initiated coverage on Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price objective for the company. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $102.30.

Cloudflare Price Performance

Shares of NYSE NET opened at $111.93 on Monday. The company has a fifty day moving average price of $105.89 and a 200 day moving average price of $90.68. Cloudflare has a 1-year low of $66.24 and a 1-year high of $119.42. The firm has a market cap of $38.41 billion, a PE ratio of -430.50 and a beta of 1.10. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Insider Buying and Selling

In other news, Director Maria S. Eitel sold 6,875 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $88.00, for a total value of $605,000.00. Following the completion of the sale, the director now owns 5,927 shares of the company’s stock, valued at approximately $521,576. This represents a 53.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $88.60, for a total value of $265,800.00. Following the completion of the transaction, the insider now directly owns 185,386 shares in the company, valued at approximately $16,425,199.60. This represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 592,236 shares of company stock worth $61,512,210 in the last 90 days. Insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NET. Geode Capital Management LLC increased its holdings in Cloudflare by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after purchasing an additional 121,810 shares in the last quarter. Marshall Wace LLP increased its stake in Cloudflare by 123.4% in the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after purchasing an additional 855,334 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Cloudflare by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after purchasing an additional 29,960 shares during the period. Swiss National Bank boosted its position in shares of Cloudflare by 1.1% during the 3rd quarter. Swiss National Bank now owns 893,600 shares of the company’s stock worth $72,283,000 after purchasing an additional 10,100 shares in the last quarter. Finally, National Pension Service grew its stake in shares of Cloudflare by 0.9% in the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after buying an additional 4,062 shares during the period. Institutional investors own 82.68% of the company’s stock.

Cloudflare Company Profile

Cloudflare, Inc operates as a cloud services provider that delivers a range of 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 IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.