Cloudflare (NYSE:NET – Get Free Report) updated its FY 2024 earnings guidance on Friday. The company provided EPS guidance of 0.600-0.610 for the period, compared to the consensus EPS estimate of 0.600. The company issued revenue guidance of $1.6 billion-$1.7 billion, compared to the consensus revenue estimate of $1.7 billion. Cloudflare also updated its Q2 2024 guidance to 0.140-0.140 EPS.
Cloudflare Trading Down 0.1 %
Shares of NYSE:NET traded down $0.11 during midday trading on Monday, reaching $74.29. 6,576,970 shares of the company’s stock were exchanged, compared to its average volume of 3,961,452. The stock has a market cap of $25.08 billion, a price-to-earnings ratio of -141.34 and a beta of 1.15. Cloudflare has a fifty-two week low of $44.60 and a fifty-two week high of $116.00. The firm’s 50 day simple moving average is $93.67 and its two-hundred day simple moving average is $83.75. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51.
Cloudflare (NYSE:NET – Get Free Report) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The business had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. As a group, sell-side analysts forecast that Cloudflare will post -0.2 EPS for the current fiscal year.
Analysts Set New Price Targets
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Insider Activity at Cloudflare
In other news, Director Carl Ledbetter sold 7,962 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total value of $648,266.04. Following the completion of the transaction, the director now owns 1,446,957 shares in the company, valued at approximately $117,811,238.94. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total transaction of $648,266.04. Following the sale, the director now owns 1,446,957 shares in the company, valued at $117,811,238.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $73.97, for a total value of $1,109,550.00. Following the completion of the sale, the chief financial officer now directly owns 338,469 shares of the company’s stock, valued at $25,036,551.93. The disclosure for this sale can be found here. Insiders sold 1,044,347 shares of company stock valued at $101,703,776 over the last three months. 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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