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Cloudflare (NET) Surges 6.8%: Is This an Indication of Further Gains?
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Cloudflare (NET - Free Report) shares ended the last trading session 6.8% higher at $60.54. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 10.4% loss over the past four weeks.
The upswing came after the company announced several partnerships including with Microsoft and NVIDIA for artificial intelligence technology. The company is benefiting from an increasing customer base on the back of a robust portfolio of security solutions. The company's growing momentum among large customers remains a major tailwind. Aggravated cyberattacks, work-and-learn-from-home policies and a zero-trust approach are aiding it win multiple clients and boost revenues.
This web security and content delivery company is expected to post quarterly earnings of $0.10 per share in its upcoming report, which represents a year-over-year change of +66.7%. Revenues are expected to be $330.54 million, up 30.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Cloudflare, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NET going forward to see if this recent jump can turn into more strength down the road.
Cloudflare belongs to the Zacks Internet - Software industry. Another stock from the same industry, Nextdoor Holdings, Inc. (KIND - Free Report) , closed the last trading session 1.7% higher at $1.81. Over the past month, KIND has returned -19.1%.
For Nextdoor Holdings, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.10. This represents a change of -11.1% from what the company reported a year ago. Nextdoor Holdings, Inc. currently has a Zacks Rank of #4 (Sell).
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Cloudflare (NET) Surges 6.8%: Is This an Indication of Further Gains?
Cloudflare (NET - Free Report) shares ended the last trading session 6.8% higher at $60.54. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 10.4% loss over the past four weeks.
The upswing came after the company announced several partnerships including with Microsoft and NVIDIA for artificial intelligence technology. The company is benefiting from an increasing customer base on the back of a robust portfolio of security solutions. The company's growing momentum among large customers remains a major tailwind. Aggravated cyberattacks, work-and-learn-from-home policies and a zero-trust approach are aiding it win multiple clients and boost revenues.
This web security and content delivery company is expected to post quarterly earnings of $0.10 per share in its upcoming report, which represents a year-over-year change of +66.7%. Revenues are expected to be $330.54 million, up 30.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Cloudflare, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NET going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Cloudflare belongs to the Zacks Internet - Software industry. Another stock from the same industry, Nextdoor Holdings, Inc. (KIND - Free Report) , closed the last trading session 1.7% higher at $1.81. Over the past month, KIND has returned -19.1%.
For Nextdoor Holdings, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.10. This represents a change of -11.1% from what the company reported a year ago. Nextdoor Holdings, Inc. currently has a Zacks Rank of #4 (Sell).