Cloudflare (NYSE:NET – Get Free Report) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 0.700-0.710 for the period, compared to the consensus EPS estimate of 0.630. The company issued revenue guidance of $1.7 billion-$1.7 billion, compared to the consensus revenue estimate of $1.7 billion. Cloudflare also updated its FY24 guidance to $0.70-0.71 EPS.
Cloudflare Stock Up 6.8 %
Shares of NYSE:NET opened at $79.46 on Friday. The firm has a market cap of $27.00 billion, a P/E ratio of -149.92 and a beta of 1.10. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare has a 12-month low of $53.88 and a 12-month high of $116.00. The business has a fifty day simple moving average of $77.83 and a 200 day simple moving average of $85.17.
Cloudflare (NYSE:NET – Get Free Report) last announced its earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The business had revenue of $378.60 million during the quarter, compared to analyst estimates of $372.93 million. Cloudflare had a negative return on equity of 8.90% and a negative net margin of 6.90%. Analysts predict that Cloudflare will post -0.19 earnings per share for the current year.
Analyst Upgrades and Downgrades
Check Out Our Latest Stock Analysis on NET
Insiders Place Their Bets
In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $85.28, for a total transaction of $2,186,579.20. Following the transaction, the chief operating officer now owns 211,394 shares of the company’s stock, valued at approximately $18,027,680.32. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $85.28, for a total transaction of $2,186,579.20. Following the transaction, the chief operating officer now owns 211,394 shares of the company’s stock, valued at approximately $18,027,680.32. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $74.67, for a total transaction of $3,911,513.28. Following the transaction, the chief executive officer now directly owns 230,612 shares in the company, valued at approximately $17,219,798.04. The disclosure for this sale can be found here. Insiders have sold a total of 691,210 shares of company stock valued at $53,578,881 in the last 90 days. 12.83% of the stock is currently owned by corporate insiders.
About Cloudflare
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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