Cloudflare, Inc. (NYSE:NET) CFO Sells $1,175,400.00 in Stock

Cloudflare, Inc. (NYSE:NET) CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 281,403 shares of the company’s stock, valued at approximately $22,050,739.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Cloudflare Stock Up 6.2 %

Shares of NYSE NET traded up $4.81 during midday trading on Thursday, hitting $82.90. The company’s stock had a trading volume of 3,410,128 shares, compared to its average volume of 3,276,901. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. The firm has a market capitalization of $28.17 billion, a price-to-earnings ratio of -147.34 and a beta of 1.10. The business’s fifty day simple moving average is $79.44 and its two-hundred day simple moving average is $82.64. Cloudflare, Inc. has a 1 year low of $53.88 and a 1 year high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.06. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The business had revenue of $401.00 million for the quarter, compared to analysts’ expectations of $394.11 million. During the same period last year, the firm earned ($0.12) earnings per share. The company’s revenue for the quarter was up 30.0% compared to the same quarter last year. On average, equities analysts predict that Cloudflare, Inc. will post -0.12 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on NET shares. Scotiabank began coverage on shares of Cloudflare in a report on Monday, July 8th. They issued a “sector perform” rating and a $85.00 price target on the stock. Mizuho upped their price target on Cloudflare from $88.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 16th. Piper Sandler lifted their price objective on Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. UBS Group upgraded shares of Cloudflare from a “sell” rating to a “neutral” rating and upped their target price for the stock from $76.00 to $82.00 in a research note on Tuesday, June 25th. Finally, The Goldman Sachs Group reduced their price objective on Cloudflare from $77.00 to $68.00 and set a “sell” rating for the company in a report on Tuesday, June 4th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $92.29.

Institutional Investors Weigh In On Cloudflare

Institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in Cloudflare during the 4th quarter worth approximately $221,858,000. Baillie Gifford & Co. boosted its holdings in Cloudflare by 8.5% during the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after buying an additional 2,575,396 shares in the last quarter. 1832 Asset Management L.P. increased its stake in Cloudflare by 121.2% in the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after purchasing an additional 1,597,900 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Cloudflare by 123.4% during the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after buying an additional 855,334 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of 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 purchasing an additional 740,914 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other 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.