Insider Selling: Cloudflare, Inc. (NYSE:NET) CFO Sells $1,807,600.00 in Stock

Cloudflare, Inc. (NYSE:NET) CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction on Friday, June 20th. The stock was sold at an average price of $180.76, for a total transaction of $1,807,600.00. Following the transaction, the chief financial officer now directly owns 241,550 shares in the company, valued at approximately $43,662,578. This represents a 3.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Cloudflare Trading Up 2.0%

Shares of Cloudflare stock opened at $190.16 on Thursday. The firm’s 50-day moving average price is $151.66 and its two-hundred day moving average price is $134.13. The company has a market capitalization of $65.91 billion, a price-to-earnings ratio of -826.78 and a beta of 1.84. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90. Cloudflare, Inc. has a 12-month low of $69.26 and a 12-month high of $192.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The business had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. Cloudflare’s quarterly revenue was up 26.5% on a year-over-year basis. During the same period last year, the firm posted $0.16 EPS. On average, analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Institutional Trading of Cloudflare

A number of hedge funds have recently added to or reduced their stakes in the stock. Swedbank AB raised its holdings in Cloudflare by 16.6% in the 1st quarter. Swedbank AB now owns 31,520 shares of the company’s stock valued at $3,552,000 after buying an additional 4,477 shares during the last quarter. Strs Ohio acquired a new position in shares of Cloudflare during the first quarter valued at about $688,000. Acadian Asset Management LLC boosted its holdings in Cloudflare by 538.6% in the first quarter. Acadian Asset Management LLC now owns 12,452 shares of the company’s stock worth $1,401,000 after acquiring an additional 10,502 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Cloudflare by 20.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 15,112 shares of the company’s stock worth $1,703,000 after purchasing an additional 2,540 shares in the last quarter. Finally, IFM Investors Pty Ltd lifted its stake in shares of Cloudflare by 1.7% in the first quarter. IFM Investors Pty Ltd now owns 56,178 shares of the company’s stock valued at $6,331,000 after buying an additional 931 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on NET. CICC Research upgraded Cloudflare from a “market perform” rating to an “outperform” rating and set a $154.00 price objective for the company in a research report on Monday, May 12th. Piper Sandler restated a “neutral” rating and issued a $151.00 price objective (up previously from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Guggenheim raised their target price on shares of Cloudflare from $68.00 to $70.00 and gave the company a “sell” rating in a research note on Friday, May 9th. Cowen reissued a “buy” rating on shares of Cloudflare in a research report on Monday, June 16th. Finally, Mizuho upgraded shares of Cloudflare from a “neutral” rating to an “outperform” rating and set a $135.00 price objective on the stock in a report on Wednesday, April 16th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $145.92.

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.