Insider Selling: Cloudflare, Inc. (NYSE:NET) CFO Sells $1,707,150.00 in Stock

Cloudflare, Inc. (NYSE:NET) CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the transaction, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at approximately $28,779,020.89. This represents a 5.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Cloudflare Trading Up 1.9 %

Shares of NET stock opened at $115.82 on Thursday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a 50-day simple moving average of $103.82 and a 200 day simple moving average of $89.73. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $119.42. The stock has a market capitalization of $39.75 billion, a P/E ratio of -445.46 and a beta of 1.10.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The company had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. On average, sell-side analysts expect that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cloudflare

Large investors have recently modified their holdings of the stock. Marshall Wace LLP lifted its holdings in shares of Cloudflare by 123.4% during the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after purchasing an additional 855,334 shares during the last quarter. WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in shares of Cloudflare during the third quarter valued at approximately $25,588,000. American Century Companies Inc. lifted its position in shares of Cloudflare by 24.8% in the 2nd quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock valued at $115,526,000 after acquiring an additional 277,228 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Cloudflare in the 3rd quarter worth approximately $147,160,000. Finally, Parnassus Investments LLC grew its position in Cloudflare by 1,851.9% during the 3rd quarter. Parnassus Investments LLC now owns 138,410 shares of the company’s stock worth $11,196,000 after purchasing an additional 131,319 shares in the last quarter. 82.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

NET has been the subject of several research analyst reports. BNP Paribas initiated coverage on Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price objective for the company. The Goldman Sachs Group upgraded Cloudflare from a “sell” rating to a “buy” rating and boosted their price target for the company from $77.00 to $140.00 in a report on Thursday, January 2nd. Morgan Stanley upgraded Cloudflare from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $92.00 to $130.00 in a research note on Monday, December 2nd. Royal Bank of Canada increased their target price on shares of Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Finally, Stifel Nicolaus raised shares of Cloudflare from a “hold” rating to a “buy” rating and lifted their price target for the company from $95.00 to $136.00 in a report on Tuesday, December 17th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $102.30.

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.