Cloudflare (NYSE:NET) Issues FY 2022 Earnings Guidance

Posted by on Jun 6th, 2022

Cloudflare (NYSE:NET – Get Rating) updated its FY 2022 earnings guidance on Monday. 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.

Several equities research analysts have issued reports on the company. KeyCorp lifted their price target on Cloudflare from $132.00 to $150.00 and gave the stock an overweight rating in a research note on Friday, February 11th. Needham & Company LLC dropped their price target on Cloudflare from $245.00 to $100.00 and set a na rating for the company in a research note on Monday, May 16th. Royal Bank of Canada dropped their price target on Cloudflare from $155.00 to $120.00 in a research note on Monday, May 2nd. Zacks Investment Research lowered Cloudflare from a buy rating to a hold rating in a research note on Thursday, April 14th. Finally, Robert W. Baird lowered their target price on Cloudflare from $210.00 to $130.00 and set a neutral rating for the company in a research note on Friday, February 11th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of Hold and an average target price of $130.02.

Shares of NET stock traded up $1.38 during midday trading on Monday, reaching $55.92. 22,148 shares of the stock were exchanged, compared to its average volume of 5,952,106. Cloudflare has a 1 year low of $50.03 and a 1 year high of $221.64. The company’s 50 day moving average is $85.93 and its two-hundred day moving average is $108.51. The company has a current ratio of 6.85, a quick ratio of 6.85 and a debt-to-equity ratio of 2.78. The firm has a market cap of $18.24 billion, a PE ratio of -67.26 and a beta of 1.06.

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

In other news, Director Carl Ledbetter sold 450 shares of the stock in a transaction on Monday, April 4th. The stock was sold at an average price of $128.40, for a total transaction of $57,780.00. Following the transaction, the director now directly owns 9,063 shares of the company’s stock, valued at approximately $1,163,689.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction on Thursday, March 17th. The shares were sold at an average price of $100.00, for a total value of $1,000,000.00. The disclosure for this sale can be found here. Insiders sold a total of 372,633 shares of company stock worth $40,714,548 in the last 90 days. 20.69% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the company. Morgan Stanley increased its stake in Cloudflare by 120.2% in the 2nd 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 in the last quarter. Vanguard Group Inc. grew its position in shares of Cloudflare by 2.4% during the first quarter. Vanguard Group Inc. now owns 23,358,000 shares of the company’s stock valued at $2,795,953,000 after purchasing an additional 548,149 shares in the last quarter. State Street Corp grew its position in shares of Cloudflare by 5.3% during the first quarter. State Street Corp now owns 5,552,609 shares of the company’s stock valued at $664,647,000 after purchasing an additional 278,422 shares in the last quarter. Northern Trust Corp grew its position in shares of Cloudflare by 3.8% during the first quarter. Northern Trust Corp now owns 1,685,204 shares of the company’s stock valued at $201,719,000 after purchasing an additional 62,004 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of Cloudflare by 62.2% during the first 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 in the last quarter. Hedge funds and other 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.

See Also

Earnings History and Estimates for Cloudflare (NYSE:NET)

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