Cloudflare (NYSE:NET) Issues Q2 2023 Earnings Guidance
quarter, compared to the Thomson Reuters consensus estimate of $0.07. The company issued revenue guidance of $97-$98 million, compared to the consensus revenue estimate of $99.2 million. Cloudflare provides guidance that is lower than expected for EPS and revenue for Q2 2023.
On Thursday morning, ) updated its guidance for the second quarter of 2023. The company gave a guidance for earnings per share (EPS), which ranged from $0.07 to $0.08, as opposed to the consensus estimate $0.03. The company provided revenue guidance between $305.00 million and $306.00 million compared to a consensus estimate of $319.82 millions. Cloudflare updated its FY2023 guidance at $0.34-$0.35 per share.
Wall Street analysts forecast growth
Recently, several brokerages have weighed in about NET. In a Friday research note, Stifel Nicolaus lowered their Cloudflare target price from $65.00 down to $55.00. KeyCorp reduced their price target on Cloudflare shares from $80.00 down to $61.00. This was revealed in a Friday research report. Royal Bank of Canada lowered their price target on shares of Cloudflare in a Friday research report from $70.00 down to $54.00. In a report published on February 14th, The Goldman Sachs Group began covering shares of Cloudflare. The company was given a sell recommendation and a price target of $51.00. Cantor Fitzgerald lowered their price target on Cloudflare shares from $65.00 down to $50.00 on Friday in a report. Two analysts have given the stock a sell recommendation, nine others have given it a hold rating, and 11 have given the stock a buy recommendation. The price of the stock fell $12.53 at midday on Friday to reach $47.05. The stock was traded at a volume of 32,919 219 shares, which is higher than its average of 5,238,261. The market capitalization for the company is $15.54 billion. It has a P/E of -78.42, and a beta value of 1.02. The company's debt-to equity ratio is 2.30. Its quick ratio is 4.74, and its current ratio is 4.74. The company's 50-day moving is $59.18, and its 200 day moving is $52.92. Cloudflare's 1 year low is $37.37, and its 1 year high is $97.82.
The last time the company released its results was on Thursday, 9th February. The company's ($0.09) earnings-per-share (EPS) for quarter was in line with the consensus estimate ($0.09). Cloudflare's negative net margin was 19.83%, and its negative return on equity was 27.64%. Revenue for the quarter was $274.70 millions, which is higher than analyst expectations of $274.29million. Cloudflare is expected to post an average of -0.31 earnings per share (EPS) for the current fiscal period, according to analysts at equities.
Insider Activities
On Monday, 13th February, Cloudflare sold 52,384 of its shares. The shares were purchased at an average of $62.41, resulting in a value of $3,269 285.44. In a deal dated February 13th, 52,384 of the company's shares were sold. The shares were purchased at an average of $62.41, resulting in a value of $3,269 285.44. On Tuesday, 18th April, the company sold 15,000 shares. The shares were sold for an average price $64.49 and had a total worth of $967.350.00. After the transaction is complete, the chief executive officer owns approximately 3,956,783.95. worth of shares. In the past three months, insiders have sold 416 007 shares worth $25 494,548. Corporate insiders own 15.99% of stock.
Hedge Funds weigh in on Cloudflare
Several institutional investors recently bought and then sold shares in the company. Natixis increased its stake in Cloudflare from 165.1% to 65% during the fourth quarter. Natixis owns 44 955 shares of company stock, worth $2 032 000, after buying an additional 27 996 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in Cloudflare from 19.6% to $2,032,000 during the fourth quarter. Northwestern Mutual Wealth Management Co. owns 13,647 of the company’s shares worth $617,000, after buying an additional 2,241 during the period. Truist Financial Corp increased its holdings in Cloudflare shares by 64.3% over the last quarter. Truist Financial Corp owns 29,269 of the company’s shares worth $1,323,000. This is after buying an additional 11,456 in the last quarter. Moneta Group Investment Advisors LLC increased its stake in Cloudflare shares by 31.2% during the fourth quarter. Moneta Group Investment Advisors LLC owns 6,074 of the company’s stock worth $275,000, after buying an additional 1,446 during the period. Alliancebernstein L.P. increased its shares of Cloudflare holdings by 9.8% during the fourth quarter. Alliancebernstein L.P. owns 195.371 shares valued at $8.833,000, after buying an additional 17.498 shares during the last quarter. Hedge funds and institutional investors own 69.97%.
Cloudflare Company profile
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CloudFlare, Inc is a cloud service provider that offers a variety of services to companies 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.
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