Thomas Seifert Sells 41,557 Shares of Cloudflare (NYSE:NET) Stock

Cloudflare, Inc. (NYSE:NET) CFO Thomas Seifert sold 41,557 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $185.04, for a total value of $7,689,707.28. Following the completion of the sale, the chief financial officer directly owned 85,452 shares in the company, valued at approximately $15,812,038.08. This represents a 32.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $171.92 on Thursday. Cloudflare, Inc. has a 1 year low of $89.42 and a 1 year high of $260.00. The firm’s 50-day moving average is $186.72 and its 200 day moving average is $203.34. The stock has a market cap of $60.22 billion, a price-to-earnings ratio of -592.79 and a beta of 1.97. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.04 and a quick ratio of 2.04.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. The business had revenue of $614.51 million during the quarter, compared to analyst estimates of $591.67 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.40%. Cloudflare’s revenue was up 33.6% compared to the same quarter last year. During the same period last year, the business earned $0.19 EPS. Sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Institutional Investors Weigh In On Cloudflare

Several hedge funds and other institutional investors have recently modified their holdings of NET. Vanguard Group Inc. increased its holdings in Cloudflare by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 32,407,646 shares of the company’s stock worth $6,389,167,000 after acquiring an additional 90,397 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Cloudflare by 4.2% in the fourth quarter. Geode Capital Management LLC now owns 6,018,175 shares of the company’s stock worth $1,184,044,000 after purchasing an additional 241,981 shares during the period. First Trust Advisors LP increased its stake in shares of Cloudflare by 1.6% in the fourth quarter. First Trust Advisors LP now owns 4,019,157 shares of the company’s stock worth $792,377,000 after purchasing an additional 63,198 shares in the last quarter. Invesco Ltd. increased its stake in shares of Cloudflare by 1.3% in the third quarter. Invesco Ltd. now owns 3,964,733 shares of the company’s stock worth $850,792,000 after purchasing an additional 49,485 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Cloudflare during the 4th quarter valued at $718,316,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Citizens Jmp set a $270.00 price target on Cloudflare in a research note on Friday, October 31st. Mizuho reduced their price objective on Cloudflare from $280.00 to $255.00 and set an “outperform” rating for the company in a report on Wednesday, January 21st. Piper Sandler upped their target price on shares of Cloudflare from $220.00 to $222.00 and gave the company a “neutral” rating in a research note on Wednesday, February 11th. BTIG Research lifted their price target on shares of Cloudflare from $199.00 to $243.00 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Cloudflare in a report on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $230.70.

About Cloudflare

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.