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 stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $87.02, for a total transaction of $1,305,300.00. Following the transaction, the chief financial officer now directly owns 338,469 shares of the company’s stock, valued at approximately $29,453,572.38. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Cloudflare Stock Down 3.0 %

NET traded down $2.61 on Friday, reaching $84.10. 4,159,999 shares of the company traded hands, compared to its average volume of 3,821,212. The stock’s 50 day moving average price is $96.86 and its 200-day moving average price is $81.63. Cloudflare, Inc. has a 52-week low of $39.90 and a 52-week high of $116.00. The company has a market cap of $28.40 billion, a price-to-earnings ratio of -152.91 and a beta of 1.12. The company has a debt-to-equity ratio of 1.68, a current ratio of 3.50 and a quick ratio of 3.50.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. The firm had revenue of $362.47 million during the quarter, compared to analysts’ expectations of $352.70 million. On average, sell-side analysts expect that Cloudflare, Inc. will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Cloudflare

Large investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. increased its holdings in Cloudflare by 48.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,903 shares of the company’s stock valued at $1,066,000 after buying an additional 2,912 shares during the period. MetLife Investment Management LLC bought a new stake in shares of Cloudflare in the 1st quarter worth about $1,950,000. Synovus Financial Corp bought a new stake in shares of Cloudflare in the 1st quarter worth about $439,000. Cibc World Market Inc. grew its holdings in shares of Cloudflare by 16.8% in the 1st quarter. Cibc World Market Inc. now owns 21,811 shares of the company’s stock worth $2,611,000 after purchasing an additional 3,140 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Cloudflare by 10.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 181,514 shares of the company’s stock worth $21,732,000 after purchasing an additional 17,681 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NET has been the subject of several recent research reports. Capital One Financial assumed coverage on shares of Cloudflare in a research report on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 price target for the company. JMP Securities lifted their price target on shares of Cloudflare from $75.00 to $90.00 and gave the stock a “market outperform” rating in a research note on Wednesday, January 31st. Sanford C. Bernstein started coverage on shares of Cloudflare in a research note on Thursday, January 18th. They set a “market perform” rating and a $85.00 price target on the stock. Susquehanna lifted their price target on shares of Cloudflare from $75.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. Finally, Truist Financial lifted their price target on shares of Cloudflare from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of “Hold” and a consensus target price of $87.08.

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.