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Cloudflare (NET) Gains As Market Dips: What You Should Know

Zacks Equity Research
·2-min read

In the latest trading session, Cloudflare (NET) closed at $36.10, marking a +0.56% move from the previous day. This move outpaced the S&P 500's daily loss of 0.84%. Elsewhere, the Dow lost 0.47%, while the tech-heavy Nasdaq lost 1.27%.

Coming into today, shares of the web security and content delivery company had lost 8.63% in the past month. In that same time, the Computer and Technology sector gained 0.69%, while the S&P 500 gained 0.6%.

Wall Street will be looking for positivity from NET as it approaches its next earnings report date. In that report, analysts expect NET to post earnings of -$0.05 per share. This would mark year-over-year growth of 68.75%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $103.12 million, up 39.46% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.17 per share and revenue of $406.43 million, which would represent changes of +64.58% and +41.6%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for NET. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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. NET is holding a Zacks Rank of #3 (Hold) right now.

The Internet - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 180, which puts it in the bottom 30% of all 250+ industries.

The Zacks Industry Rank includes is listed in order 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.

To follow NET in the coming trading sessions, be sure to utilize Zacks.com.


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