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Analyzing Cloudflare Inc. (NYSE: NET)’s Stock Performance and Future Prospects

In the last trading session, 3.32 million Cloudflare Inc. (NYSE:NET) shares changed hands as the company’s beta touched 0.95. With the company’s per share price at $61.72 changed hands at -$1.04 or -1.66% during last session, the market valuation stood at $21.56B. NET’s last price was a discount, traded about -23.25% off its 52-week high of $76.07. The share price had its 52-week low at $37.37, which suggests the last value was 39.45% up since then. When we look at Cloudflare Inc.’s average trading volume, we note the 10-day average is 2.84 million shares, with the 3-month average coming to 3.56 million.

Analysts gave the Cloudflare Inc. (NET) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.60. If we narrow down to specifics, the data shows that 3 out of 30 analysts rate the stock as a Sell, with a further 2 assigning it an Overweight rating. Of the remaining, 13 recommended NET as a Hold, 11 felt it is a Buy and 1 rated the stock as Underweight. Cloudflare Inc.’s EPS for the current quarter is expected to be $0.1.

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Cloudflare Inc. (NYSE:NET) trade information

Instantly NET was in red as seen at the end of in last trading. With action -5.71%, the performance over the past five days has been red. The drop to weekly highs of 65.95 on Monday, 09/18/23 subtracted -1.66% to the stock’s daily price. The company’s shares are showing year-to-date upside of 36.52%, with the 5-day performance at -5.71% in the red. However, in the 30-day time frame, Cloudflare Inc. (NYSE:NET) is 5.85% up. Looking at the short shares, we see there were 19.85 million shares sold at short interest cover period of 5.17 days.

The consensus price target for the stock as assigned by Wall Street analysts is $69.22, meaning bulls need an upside of 10.84% from its current market value. According to analyst projections, NET’s forecast low is $43.00 with $90.00 as the target high. To hit the forecast high, the stock’s price needs a -45.82% plunge from its current level, while the stock would need to tank 30.33% for it to hit the projected low.

Cloudflare Inc. (NET) estimates and forecasts

Data shows that the Cloudflare Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 13.19% over the past 6 months, a 176.92% in annual growth rate that is considerably higher than the industry average of 22.00%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Cloudflare Inc. will rise 66.70%, while the growth in revenue is estimated to hit 66.70% for the next quarter. Year-over-year growth is forecast to reach 31.90% up from the last financial year.

Consensus estimates given by 23 financial analysts project the company’s revenue in the current quarter to hit an average of $330.53 million. 23 analysts are of the opinion that Cloudflare Inc.’s revenue for the quarter ending Dec 2023 will be $356.27 million. The company’s revenue for the corresponding quarters a year ago was $250.62 million and $274.7 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 31.90%. The estimates for the next quarter sales put growth at 29.70%.

The 2023 estimates are for Cloudflare Inc. earnings to increase by 28.90%.

NET Dividends

Cloudflare Inc. is expected to release its next quarterly earnings report between November 01 and November 06.

Cloudflare Inc. (NYSE:NET)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.98% of Cloudflare Inc. shares while 89.21% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 90.09%. There are 89.21% institutions holding the Cloudflare Inc. stock share, with Morgan Stanley the top institutional holder. As of Jun 29, 2023, the company held 10.98% of the shares, roughly 32.12 million NET shares worth $1.98 billion.

Baillie Gifford and Company holds the second largest percentage of outstanding shares, with 10.77% or 31.51 million shares worth $1.94 billion as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Growth Fund Of America Inc and Vanguard Total Stock Market Index Fund. With 18.25 million shares estimated at $1.13 billion under it, the former controlled 6.24% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 2.94% of the shares, roughly 8.59 million shares worth around $530.15 million.

On Key

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