Insider Selling: Cloudflare, Inc. (NYSE:NET) CFO Sells 15,000 Shares of Stock

Cloudflare, Inc. (NYSE:NET) CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $87.02, for a total value of $1,305,300.00. Following the sale, the chief financial officer now owns 338,469 shares of the company’s stock, valued at $29,453,572.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Cloudflare Stock Down 3.0 %

Shares of NET opened at $84.10 on Friday. The company has a debt-to-equity ratio of 1.68, a current ratio of 3.50 and a quick ratio of 3.50. The stock has a market capitalization of $28.40 billion, a price-to-earnings ratio of -152.91 and a beta of 1.12. Cloudflare, Inc. has a 1 year low of $39.90 and a 1 year high of $116.00. The business’s 50 day simple moving average is $96.38 and its 200-day simple moving average is $81.78.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. The company had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. As a group, equities analysts expect that Cloudflare, Inc. will post -0.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on NET shares. Royal Bank of Canada upped their price objective on Cloudflare from $95.00 to $108.00 and gave the stock an “outperform” rating in a research note on Friday, February 9th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $100.00 price target on shares of Cloudflare in a research report on Wednesday. Sanford C. Bernstein assumed coverage on shares of Cloudflare in a research note on Thursday, January 18th. They issued a “market perform” rating and a $85.00 price objective for the company. Morgan Stanley lifted their target price on shares of Cloudflare from $66.00 to $92.00 and gave the company an “equal weight” rating in a research note on Monday, February 12th. Finally, Truist Financial increased their price target on Cloudflare from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $87.08.

Institutional Trading of Cloudflare

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Cloudflare by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after acquiring an additional 740,914 shares during the last quarter. Capital World Investors raised its position in Cloudflare by 1.8% during the fourth quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock valued at $2,293,310,000 after purchasing an additional 487,308 shares during the period. Moneta Group Investment Advisors LLC raised its position in Cloudflare by 131,133.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,073,501 shares of the company’s stock valued at $274,583,000 after purchasing an additional 6,068,873 shares during the period. State Street Corp lifted its stake in shares of Cloudflare by 5.3% in the 1st quarter. State Street Corp now owns 5,552,609 shares of the company’s stock valued at $664,647,000 after purchasing an additional 278,422 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Cloudflare by 4.0% in the 1st quarter. Geode Capital Management LLC now owns 3,797,582 shares of the company’s stock worth $233,843,000 after purchasing an additional 146,503 shares during the period. 82.68% of the stock is currently owned by institutional investors.

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.