Cloudflare Analysts Increase Their Forecasts After Upbeat Results
Portfolio Pulse from Avi Kapoor
Cloudflare, Inc. (NYSE:NET) reported Q4 financial results surpassing estimates with revenue of $362.47 million and earnings of 15 cents per share. The company forecasts full-year 2024 revenue between $1.648 billion and $1.652 billion, slightly below estimates of $1.65 billion, but expects earnings per share to exceed estimates. Following the report, Cloudflare's shares surged 22.3% to $110.46. Analysts from Needham, Wells Fargo, Susquehanna, and RBC Capital have subsequently raised their price targets on Cloudflare.
February 09, 2024 | 4:23 pm
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Cloudflare reported better-than-expected Q4 results and provided strong guidance for 2024, leading to a significant share price increase and raised price targets by analysts.
Cloudflare's Q4 earnings beat and optimistic 2024 guidance signal strong business momentum, particularly with large customers and in the public sector. This positive outlook, reflected in the share price surge and analyst upgrades, suggests a bullish short-term impact on NET's stock.
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