Cloudflare (NET) Dips More Than Broader Market: What You Should Know

Cloudflare (NET) closed the latest trading day at $87.64, indicating a -0.93% change from the previous session's end. This change lagged the S&P 500's 0.92% loss on the day. Meanwhile, the Dow experienced a drop of 0.96%, and the technology-dominated Nasdaq saw a decrease of 1.6%.The web security and content delivery company's stock has climbed by 3.46% in the past month, falling short of the Computer and Technology sector's gain of 3.64% and outpacing the S&P 500's gain of 2.68%.Market participants will be closely following the financial results of Cloudflare in its upcoming release. The company plans to announce its earnings on November 7, 2024. The company is expected to report EPS of $0.18, up 12.5% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $423.65 million, indicating a 26.24% upward movement from the same quarter last year.For the full year, the Zacks Consensus Estimates project earnings of $0.71 per share and a revenue of $1.66 billion, demonstrating changes of +44.9% and +27.89%, respectively, from the preceding year.Additionally, investors should keep an eye on any recent revisions to analyst forecasts 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.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Cloudflare presently features a Zacks Rank of #3 (Hold).Looking at valuation, Cloudflare is presently trading at a Forward P/E ratio of 125.38. This indicates a premium in contrast to its industry's Forward P/E of 32.38.The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 63, placing it within the top 25% of over 250 industries.The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. 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.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cloudflare, Inc. (NET): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks