Cloudflare (NYSE:NET – Get Free Report) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.18 for the period, compared to the consensus estimate of $0.15. The company issued revenue guidance of $423-424 million, compared to the consensus revenue estimate of $422.74 million. Cloudflare also updated its FY 2024 guidance to 0.700-0.710 EPS.
Cloudflare Stock Performance
Shares of NET stock traded up $5.06 during mid-day trading on Friday, hitting $79.46. The stock had a trading volume of 10,348,642 shares, compared to its average volume of 2,542,594. The company’s 50-day simple moving average is $77.83 and its 200-day simple moving average is $85.22. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. The firm has a market cap of $27.00 billion, a PE ratio of -149.92 and a beta of 1.10. Cloudflare has a fifty-two week low of $53.88 and a fifty-two week high of $116.00.
Cloudflare (NYSE:NET – Get Free Report) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $378.60 million during the quarter, compared to the consensus estimate of $372.93 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.90%. Sell-side analysts anticipate that Cloudflare will post -0.19 earnings per share for the current year.
Analyst Upgrades and Downgrades
Get Our Latest Analysis on NET
Insider Activity
In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $85.28, for a total value of $2,186,579.20. Following the sale, the chief operating officer now directly owns 211,394 shares in the company, valued at $18,027,680.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $72.51, for a total value of $3,798,363.84. Following the transaction, the chief executive officer now directly owns 230,612 shares in the company, valued at approximately $16,721,676.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $85.28, for a total value of $2,186,579.20. Following the transaction, the chief operating officer now owns 211,394 shares in the company, valued at $18,027,680.32. The disclosure for this sale can be found here. Insiders have sold 691,210 shares of company stock worth $53,578,881 over the last 90 days. 12.83% of the stock is currently owned by corporate insiders.
Cloudflare Company Profile
Cloudflare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.
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