Cloudflare (NYSE:NET) Shares Gap Down – Here’s What Happened

Shares of Cloudflare, Inc. (NYSE:NET) gapped down prior to trading on Friday . The stock had previously closed at $95.66, but opened at $88.45. Cloudflare shares last traded at $88.59, with a volume of 1,238,821 shares.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Guggenheim lifted their price target on Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a report on Friday, August 2nd. Scotiabank boosted their target price on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Friday. Royal Bank of Canada raised their price target on shares of Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Cantor Fitzgerald upped their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, UBS Group raised their target price on Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Friday. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Cloudflare has an average rating of “Hold” and an average price target of $92.88.

Cloudflare Price Performance

The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46. The stock’s 50-day moving average price is $84.77 and its 200 day moving average price is $80.69. The firm has a market cap of $31.18 billion, a price-to-earnings ratio of -314.66 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The firm had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Equities research analysts predict that Cloudflare, Inc. will post -0.13 earnings per share for the current year.

Insider Buying and Selling

In other Cloudflare news, COO Michelle Zatlyn sold 12,820 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total value of $976,114.80. Following the sale, the chief operating officer now owns 192,177 shares of the company’s stock, valued at $14,632,356.78. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, COO Michelle Zatlyn sold 12,820 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $76.14, for a total value of $976,114.80. Following the sale, the chief operating officer now directly owns 192,177 shares in the company, valued at approximately $14,632,356.78. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $76.55, for a total value of $4,009,995.20. Following the completion of the transaction, the chief executive officer now directly owns 10,761 shares of the company’s stock, valued at approximately $823,754.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 477,043 shares of company stock valued at $39,737,342 over the last ninety days. 12.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cloudflare

Large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its holdings in Cloudflare by 13.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after purchasing an additional 119 shares during the last quarter. Elo Mutual Pension Insurance Co raised its stake in shares of Cloudflare by 0.5% in the second quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after acquiring an additional 136 shares during the last quarter. OneDigital Investment Advisors LLC raised its stake in shares of Cloudflare by 3.5% in the third quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $327,000 after acquiring an additional 137 shares during the last quarter. Quarry LP boosted its holdings in shares of Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after acquiring an additional 146 shares in the last quarter. Finally, Forum Financial Management LP grew its position in Cloudflare by 6.1% during the 2nd quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock worth $234,000 after acquiring an additional 162 shares during the last quarter. Institutional investors own 82.68% 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.