Cloudflare (NYSE:NET) Stock Price Down 7.4% on Insider Selling

Shares of Cloudflare, Inc. (NYSE:NETGet Rating) were down 7.4% on Tuesday after an insider sold shares in the company. The company traded as low as $60.32 and last traded at $61.96. Approximately 27,218 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 3,446,859 shares. The stock had previously closed at $66.94.

Specifically, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $65.93, for a total value of $3,453,677.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Paul D. Underwood sold 6,000 shares of the firm’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $70.00, for a total value of $420,000.00. Following the completion of the sale, the chief accounting officer now owns 30,030 shares in the company, valued at approximately $2,102,100. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $65.93, for a total transaction of $3,453,677.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 320,304 shares of company stock worth $20,817,806. Company insiders own 15.99% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NET. Guggenheim began coverage on shares of Cloudflare in a report on Friday, August 12th. They issued a “neutral” rating and a $82.00 price target for the company. Jefferies Financial Group cut their price target on shares of Cloudflare from $75.00 to $55.00 in a report on Monday, May 23rd. Evercore ISI cut their price target on shares of Cloudflare from $110.00 to $65.00 and set an “outperform” rating for the company in a report on Tuesday, June 28th. Citigroup increased their price target on shares of Cloudflare to $62.00 in a report on Monday, August 15th. Finally, Mizuho raised their target price on shares of Cloudflare from $76.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, August 5th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $112.50.

Cloudflare Price Performance

The company has a market capitalization of $20.04 billion, a price-to-earnings ratio of -67.49 and a beta of 1.10. The company’s 50 day simple moving average is $60.40 and its 200-day simple moving average is $73.54. The company has a current ratio of 5.45, a quick ratio of 5.45 and a debt-to-equity ratio of 2.47.

Cloudflare (NYSE:NETGet Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.07). Cloudflare had a negative return on equity of 23.62% and a negative net margin of 35.66%. The firm had revenue of $234.52 million for the quarter, compared to analyst estimates of $227.52 million. On average, equities research analysts predict that Cloudflare, Inc. will post -0.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cloudflare

Hedge funds have recently modified their holdings of the stock. CVA Family Office LLC boosted its position in shares of Cloudflare by 325.9% in the second quarter. CVA Family Office LLC now owns 575 shares of the company’s stock worth $25,000 after acquiring an additional 440 shares during the last quarter. Riverview Trust Co acquired a new stake in shares of Cloudflare in the first quarter worth approximately $29,000. Private Capital Group LLC lifted its position in Cloudflare by 109.2% during the first quarter. Private Capital Group LLC now owns 251 shares of the company’s stock valued at $30,000 after buying an additional 131 shares in the last quarter. Antonetti Capital Management LLC acquired a new position in Cloudflare during the second quarter valued at approximately $35,000. Finally, Clearstead Advisors LLC lifted its position in Cloudflare by 93.8% during the first quarter. Clearstead Advisors LLC now owns 310 shares of the company’s stock valued at $37,000 after buying an additional 150 shares in the last quarter. 71.69% of the stock is owned by institutional investors and hedge funds.

About Cloudflare

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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.

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