Cloudflare (NYSE:NET – Get Free Report) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.18 for the period, compared to the consensus earnings per share 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 NYSE NET traded up $5.06 during midday trading on Friday, reaching $79.46. 10,348,642 shares of the company were exchanged, compared to its average volume of 2,542,594. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare has a 1 year low of $53.88 and a 1 year high of $116.00. The stock has a fifty day simple moving average of $77.83 and a 200 day simple moving average of $85.22. The stock has a market cap of $27.00 billion, a P/E ratio of -149.92 and a beta of 1.10.
Cloudflare (NYSE:NET – Get Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Cloudflare had a negative return on equity of 8.90% and a negative net margin of 6.90%. The company had revenue of $378.60 million for the quarter, compared to analyst estimates of $372.93 million. On average, research analysts forecast that Cloudflare will post -0.19 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Read Our Latest Research Report on Cloudflare
Insider Buying and Selling at Cloudflare
In other Cloudflare news, Director Carl Ledbetter sold 30,145 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $72.86, for a total transaction of $2,196,364.70. Following the completion of the sale, the director now owns 1,166,648 shares in the company, valued at approximately $85,001,973.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, COO Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction on 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 completion of the sale, the chief operating officer now owns 211,394 shares in the company, valued at approximately $18,027,680.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Carl Ledbetter sold 30,145 shares of the company’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $72.86, for a total transaction of $2,196,364.70. Following the completion of the sale, the director now owns 1,166,648 shares of the company’s stock, valued at approximately $85,001,973.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 691,210 shares of company stock worth $53,578,881. 12.83% of the stock is 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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