Cloudflare, Inc. (NYSE:NET) CFO Thomas J. Seifert Sells 15,000 Shares

Cloudflare, Inc. (NYSE:NET) CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $78.47, for a total transaction of $1,177,050.00. Following the completion of the sale, the chief financial officer now owns 309,937 shares of the company’s stock, valued at approximately $24,320,756.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $78.60 on Tuesday. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. The firm has a market cap of $26.71 billion, a P/E ratio of -148.30 and a beta of 1.08. The firm has a 50 day simple moving average of $77.40 and a 200 day simple moving average of $85.37. Cloudflare, Inc. has a fifty-two week low of $53.88 and a fifty-two week high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $378.60 million during the quarter, compared to analyst estimates of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. Sell-side analysts predict that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds and other institutional investors have recently bought and sold shares of NET. Norges Bank bought a new position in Cloudflare in the fourth quarter valued at approximately $221,858,000. 1832 Asset Management L.P. boosted its stake in Cloudflare by 121.2% in the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after acquiring an additional 1,597,900 shares during the last quarter. Vanguard Group Inc. boosted its stake in Cloudflare by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after acquiring an additional 740,914 shares during the last quarter. Capital World Investors boosted its stake in Cloudflare by 2.1% in the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after acquiring an additional 584,566 shares during the last quarter. Finally, SpiderRock Advisors LLC bought a new position in Cloudflare in the first quarter valued at approximately $37,740,000. 82.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Citigroup reduced their target price on shares of Cloudflare from $95.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, May 9th. Bank of America increased their target price on shares of Cloudflare from $52.00 to $60.00 and gave the company an “underperform” rating in a research note on Friday, May 3rd. Morgan Stanley reissued an “equal weight” rating and issued a $92.00 price target on shares of Cloudflare in a research report on Monday, June 17th. The Goldman Sachs Group dropped their price target on shares of Cloudflare from $77.00 to $68.00 and set a “sell” rating for the company in a research report on Tuesday, June 4th. Finally, Oppenheimer dropped their price target on shares of Cloudflare from $122.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, Cloudflare presently has a consensus rating of “Hold” and an average price target of $90.70.

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.