Wang & Lee Group board approves 250-to-1 reverse share split
SAN FRANCISCO - Cloudflare, Inc. (NYSE: NET), a prominent company in the connectivity cloud sector with a market capitalization of $41 billion and impressive revenue growth of nearly 29% over the last twelve months, announced the addition of three new members to its board of directors. According to InvestingPro data, the company maintains strong gross profit margins of 77%. Stacey Cunningham, former President of the New York Stock Exchange, John Graham-Cumming, previously Cloudflare’s Chief Technology Officer, and Dr. Karim Lakhani, a Harvard Business School Professor, have joined the company’s governance team.
Matthew Prince, Cloudflare’s co-founder, CEO, and co-chair of the board, expressed his enthusiasm for the new appointments. He highlighted Cunningham’s financial and operational expertise, Graham-Cumming’s deep technical knowledge and familiarity with Cloudflare’s business, and Dr. Lakhani’s authority on AI-driven business transformation.
Cunningham, who currently serves as an operating partner at Advent International and sits on the NYSE Board of Directors, expressed her enthusiasm for Cloudflare’s future. Graham-Cumming, with a tenure at Cloudflare spanning over 13 years, remarked on the significant opportunity ahead as the Internet becomes increasingly essential. Dr. Lakhani, known for his work on AI and innovation, is prepared to drive impact through innovation on the board.
The appointments coincide with the departure of Maria Eitel, who served on Cloudflare’s board for seven years, playing a crucial role in the company’s development, including its initial public offering in September 2019. Prince thanked Eitel for her contributions, particularly during Cloudflare’s transition from a private to a public entity. The company’s stock has shown strong momentum, with a 48% price return over the past six months, though InvestingPro analysis suggests the stock is currently trading above its Fair Value.
Cloudflare, trusted by millions of organizations globally, provides a full-featured, unified platform of cloud-native products and developer tools. It operates one of the world’s largest and most interconnected networks, blocking billions of threats online daily. The company maintains a healthy financial position with a current ratio of 2.86 and operates with moderate debt levels. For deeper insights into Cloudflare’s financial health and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro, which includes additional analysis and 13 key ProTips.
The information in this article is based on a press release statement.
In other recent news, Cloudflare Inc. has been the focus of several analyst updates and product developments. The company reported a strong fourth-quarter free cash flow of $47.8 million and an operating margin of 14.6%. Analysts from Goldman Sachs maintain a Buy rating with a $161 price target, highlighting the potential for Cloudflare’s products to reach significant revenue milestones by 2030. Meanwhile, JMP analysts have kept their Market Outperform rating with a $180 price target, noting the company’s innovation in AI and developer strategies. TD Cowen also reiterated a Buy rating and a $162 price target, emphasizing Cloudflare’s robust product development and market strategy. However, RBC Capital Markets adjusted their price target to $148 from $170 while maintaining an Outperform rating, citing a broader compression of peer multiples. Additionally, Cloudflare launched Cloudflare for AI, a suite of security tools aimed at protecting AI applications from data leaks and unauthorized access. The company continues to expand its global compute capacity and has introduced strategic initiatives to capture a larger market share.
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