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FY2024 Earnings Estimate for Cloudflare Issued By Scotiabank

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Cloudflare, Inc. (NYSE:NET - Free Report) - Scotiabank issued their FY2024 EPS estimates for shares of Cloudflare in a report released 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 objective 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.

A number of other equities research analysts also recently commented on NET. The Goldman Sachs Group raised shares of Cloudflare from a "sell" rating to a "buy" rating and increased their price objective for the company from $77.00 to $140.00 in a research report on Thursday, January 2nd. Jefferies Financial Group lifted their price target on Cloudflare from $100.00 to $125.00 and gave the stock a "hold" rating in a report on Thursday, December 19th. BNP Paribas assumed coverage on Cloudflare in a report on Tuesday, October 8th. They issued an "underperform" rating and a $65.00 price objective on the stock. UBS Group boosted their target price on Cloudflare from $88.00 to $95.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Finally, Wells Fargo & Company increased their price target on shares of Cloudflare from $110.00 to $135.00 and gave the company an "overweight" rating in a research note on Tuesday, January 7th. Three 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's stock. According to data from MarketBeat, Cloudflare currently has an average rating of "Hold" and a consensus price target of $102.30.

Check Out Our Latest Stock Report on Cloudflare

Cloudflare Stock Down 2.4 %

NET stock opened at $112.91 on Monday. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $119.42. The company's 50 day moving average price is $105.41 and its 200 day moving average price is $90.40. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The firm has a market capitalization of $38.75 billion, a price-to-earnings ratio of -434.27 and a beta of 1.10.

Cloudflare (NYSE:NET - Get Free Report) last released 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 during the quarter, compared to analysts' expectations of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%.

Insiders Place Their Bets

In other news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the completion of the transaction, the chief financial officer now directly owns 252,869 shares of the company's stock, valued at approximately $28,779,020.89. This represents a 5.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $90.92, for a total value of $4,762,753.28. Following the completion of the sale, the chief executive officer now owns 10,761 shares in the company, valued at approximately $978,390.12. This trade represents a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 644,620 shares of company stock worth $66,433,687. 12.83% of the stock is owned by insiders.

Institutional Investors Weigh In On Cloudflare

Several institutional investors have recently made changes to their positions in NET. Marshall Wace LLP boosted its position in Cloudflare by 123.4% during the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company's stock worth $128,265,000 after purchasing an additional 855,334 shares in the last quarter. WIM INVESTMENT MANAGEMENT Ltd purchased a new stake in shares of Cloudflare in the 3rd quarter worth about $25,588,000. International Assets Investment Management LLC acquired a new stake in Cloudflare in the 3rd quarter valued at about $147,160,000. Parnassus Investments LLC increased its holdings in Cloudflare by 1,851.9% during the 3rd quarter. Parnassus Investments LLC now owns 138,410 shares of the company's stock valued at $11,196,000 after acquiring an additional 131,319 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company's stock worth $390,130,000 after acquiring an additional 121,810 shares during the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

About Cloudflare

(Get Free Report)

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.

Further Reading

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