Cloudflare, Inc. (NYSE:NET) Sees Significant Growth in Short Interest

Cloudflare, Inc. (NYSE:NETGet Free Report) saw a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 7,310,000 shares, a growth of 20.4% from the April 30th total of 6,070,000 shares. Currently, 2.4% of the company’s shares are sold short. Based on an average daily trading volume, of 3,810,000 shares, the days-to-cover ratio is currently 1.9 days.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Guggenheim raised their price target on shares of Cloudflare from $68.00 to $70.00 and gave the company a “sell” rating in a report on Friday, May 9th. JPMorgan Chase & Co. increased their price objective on shares of Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Jefferies Financial Group reduced their target price on shares of Cloudflare from $170.00 to $150.00 and set a “hold” rating on the stock in a report on Friday, May 9th. Royal Bank of Canada decreased their price target on shares of Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Finally, Needham & Company LLC increased their price target on Cloudflare from $145.00 to $160.00 and gave the company a “buy” rating in a report on Friday, May 9th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Cloudflare has an average rating of “Hold” and an average price target of $143.25.

View Our Latest Research Report on NET

Cloudflare Price Performance

NET opened at $176.33 on Friday. The company has a market capitalization of $61.12 billion, a P/E ratio of -801.51 and a beta of 1.78. The company has a 50-day moving average of $131.14 and a 200-day moving average of $126.74. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare has a 1-year low of $69.26 and a 1-year high of $181.12.

Cloudflare (NYSE:NETGet Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The firm had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The company’s quarterly revenue was up 26.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.16 EPS. Equities analysts expect that Cloudflare will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $100.88, for a total transaction of $5,284,497.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 10,000 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $120.00, for a total value of $1,200,000.00. Following the completion of the transaction, the chief financial officer now owns 293,582 shares in the company, valued at approximately $35,229,840. This trade represents a 3.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 504,085 shares of company stock worth $65,810,967 in the last 90 days. 12.83% of the stock is owned by company insiders.

Institutional Trading of Cloudflare

Institutional investors and hedge funds have recently modified their holdings of the business. Hartline Investment Corp grew its position in shares of Cloudflare by 1.5% during the 4th quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock valued at $28,464,000 after buying an additional 3,957 shares during the last quarter. Birchcreek Wealth Management LLC acquired a new stake in shares of Cloudflare during the 4th quarter worth approximately $215,000. Savant Capital LLC bought a new stake in shares of Cloudflare in the 4th quarter worth approximately $237,000. Jones Financial Companies Lllp boosted its position in Cloudflare by 164.7% during the 4th quarter. Jones Financial Companies Lllp now owns 5,024 shares of the company’s stock valued at $541,000 after purchasing an additional 3,126 shares during the period. Finally, LPL Financial LLC grew its stake in Cloudflare by 3.4% during the 4th quarter. LPL Financial LLC now owns 122,171 shares of the company’s stock worth $13,155,000 after buying an additional 3,989 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

About Cloudflare

(Get Free Report)

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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