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Cloudflare (NET) Dips More Than Broader Market: What You Should Know
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The most recent trading session ended with Cloudflare (NET - Free Report) standing at $82.96, reflecting a -1.59% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily loss of 0.06%. Elsewhere, the Dow gained 0.35%, while the tech-heavy Nasdaq lost 0.76%.
Shares of the web security and content delivery company have appreciated by 1.25% over the course of the past month, underperforming the Computer and Technology sector's gain of 6.36% and the S&P 500's gain of 3.36%.
The upcoming earnings release of Cloudflare will be of great interest to investors. The company's earnings report is expected on February 8, 2024. The company is forecasted to report an EPS of $0.12, showcasing a 100% upward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $352.7 million, up 28.39% from the prior-year quarter.
Any recent changes to analyst estimates for Cloudflare should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Right now, Cloudflare possesses a Zacks Rank of #3 (Hold).
From a valuation perspective, Cloudflare is currently exchanging hands at a Forward P/E ratio of 158.51. This expresses a premium compared to the average Forward P/E of 34.36 of its industry.
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 66, putting it in the top 27% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Cloudflare (NET) Dips More Than Broader Market: What You Should Know
The most recent trading session ended with Cloudflare (NET - Free Report) standing at $82.96, reflecting a -1.59% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily loss of 0.06%. Elsewhere, the Dow gained 0.35%, while the tech-heavy Nasdaq lost 0.76%.
Shares of the web security and content delivery company have appreciated by 1.25% over the course of the past month, underperforming the Computer and Technology sector's gain of 6.36% and the S&P 500's gain of 3.36%.
The upcoming earnings release of Cloudflare will be of great interest to investors. The company's earnings report is expected on February 8, 2024. The company is forecasted to report an EPS of $0.12, showcasing a 100% upward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $352.7 million, up 28.39% from the prior-year quarter.
Any recent changes to analyst estimates for Cloudflare should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Right now, Cloudflare possesses a Zacks Rank of #3 (Hold).
From a valuation perspective, Cloudflare is currently exchanging hands at a Forward P/E ratio of 158.51. This expresses a premium compared to the average Forward P/E of 34.36 of its industry.
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 66, putting it in the top 27% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.