Cloudflare (NYSE:NET – Get Free Report) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.180-0.180 for the period, compared to the consensus earnings per share estimate of 0.150. The company issued revenue guidance of $423.0 million-$424.0 million, compared to the consensus revenue estimate of $423.6 million. Cloudflare also updated its FY 2024 guidance to 0.700-0.710 EPS.
Cloudflare Trading Up 6.8 %
Shares of NYSE NET traded up $5.06 during trading on Friday, reaching $79.46. The company had a trading volume of 10,348,642 shares, compared to its average volume of 2,542,594. The company’s fifty day moving average price is $77.83 and its 200-day moving average price is $85.17. Cloudflare has a 12 month low of $53.88 and a 12 month high of $116.00. The stock 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 (NYSE:NET – Get Free Report) last announced its quarterly earnings data 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 company had revenue of $378.60 million for the quarter, compared to the consensus estimate of $372.93 million. Cloudflare had a negative return on equity of 8.90% and a negative net margin of 6.90%. As a group, research analysts expect that Cloudflare will post -0.19 earnings per share for the current year.
Wall Street Analyst Weigh In
Check Out Our Latest Report on Cloudflare
Insider Buying and Selling at Cloudflare
In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $72.51, for a total transaction of $3,798,363.84. Following the completion of the transaction, the chief executive officer now directly owns 230,612 shares of the company’s stock, valued at $16,721,676.12. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Cloudflare news, CFO Thomas J. Seifert sold 28,634 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $75.13, for a total transaction of $2,151,272.42. Following the sale, the chief financial officer now owns 309,937 shares in the company, valued at $23,285,566.81. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 230,612 shares in the company, valued at approximately $16,721,676.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 691,210 shares of company stock valued at $53,578,881. Company insiders own 12.83% of the company’s stock.
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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