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 Wednesday, September 18th. The shares were sold at an average price of $78.36, for a total value of $1,175,400.00. Following the completion of the transaction, the chief financial officer now owns 281,403 shares in the company, valued at $22,050,739.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Cloudflare Trading Down 0.5 %

NET stock opened at $82.45 on Friday. The firm’s fifty day simple moving average is $79.46 and its two-hundred day simple moving average is $82.52. The stock has a market capitalization of $28.02 billion, a price-to-earnings ratio of -155.57 and a beta of 1.10. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46. Cloudflare, Inc. has a twelve month low of $53.88 and a twelve month high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The company had revenue of $401.00 million for the quarter, compared to analyst estimates of $394.11 million. During the same period in the prior year, the company posted ($0.12) EPS. The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. As a group, analysts anticipate that Cloudflare, Inc. will post -0.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on NET shares. Robert W. Baird boosted their price target on Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Royal Bank of Canada upped their target price on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Morgan Stanley reiterated an “equal weight” rating and issued a $92.00 price target on shares of Cloudflare in a report on Monday, June 17th. Susquehanna increased their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Finally, Piper Sandler raised their price objective on Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $92.29.

Institutional Investors Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently modified their holdings of NET. Riverview Trust Co purchased a new stake in Cloudflare in the first quarter worth $27,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Cloudflare in the 2nd quarter worth about $29,000. Quarry LP lifted its holdings in Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after buying an additional 146 shares in the last quarter. Finally, ICA Group Wealth Management LLC purchased a new stake in Cloudflare in the 4th quarter valued at about $38,000. 82.68% of the stock is owned by institutional investors.

About Cloudflare

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.