Cloudflare (NET) Gains But Lags Market: What You Should Know
Cloudflare (NET) closed at $54.38 in the latest trading session, marking a +1.4% move from the prior day. The stock lagged the S&P 500's daily gain of 2.37%. Meanwhile, the Dow gained 2.47%, and the Nasdaq, a tech-heavy index, lost 0.07%.
Coming into today, shares of the web security and content delivery company had lost 5.78% in the past month. In that same time, the Computer and Technology sector lost 5.85%, while the S&P 500 lost 4.82%.
Cloudflare will be looking to display strength as it nears its next earnings release, which is expected to be November 3, 2022. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $250.2 million, up 45.17% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $0.02 per share and revenue of $971.39 million, which would represent changes of +140% and +47.98%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Cloudflare. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Continue read on nasdaq.com