Cloudflare, Inc. (NYSE:NET) Short Interest Update

Cloudflare, Inc. (NYSE:NET - Get Free Report) saw a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 5,870,000 shares, a drop of 24.3% from the March 15th total of 7,750,000 shares. Approximately 2.0% of the shares of the company are short sold. Based on an average daily trading volume, of 4,180,000 shares, the short-interest ratio is presently 1.4 days.

Insiders Place Their Bets

In other Cloudflare news, insider Michelle Zatlyn sold 35,099 shares of Cloudflare stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $164.84, for a total transaction of $5,785,719.16. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Janel Riley sold 4,327 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the transaction, the chief accounting officer now directly owns 74,698 shares of the company's stock, valued at approximately $12,519,384.80. The trade was a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 522,613 shares of company stock valued at $67,732,853 in the last quarter. Insiders own 12.83% of the company's stock.

Institutional Trading of Cloudflare

A number of hedge funds have recently made changes to their positions in the business. Groupama Asset Managment acquired a new stake in Cloudflare during the 4th quarter worth approximately $269,200,000. Norges Bank acquired a new stake in shares of Cloudflare during the fourth quarter worth $249,544,000. American Century Companies Inc. boosted its position in shares of Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock valued at $243,098,000 after acquiring an additional 1,017,399 shares during the period. Fred Alger Management LLC raised its stake in Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock valued at $100,604,000 after purchasing an additional 836,591 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Cloudflare by 292.5% during the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after acquiring an additional 804,059 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NET has been the topic of a number of recent analyst reports. DZ Bank downgraded shares of Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 price target on the stock. in a research report on Tuesday, February 11th. Piper Sandler cut their target price on Cloudflare from $131.00 to $112.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. JMP Securities lifted their price target on Cloudflare from $135.00 to $180.00 and gave the company a "market outperform" rating in a research report on Friday, February 7th. Baird R W lowered Cloudflare from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. Finally, Stifel Nicolaus lifted their price objective on shares of Cloudflare from $136.00 to $175.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen 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 $134.84.

Cloudflare Stock Performance

NYSE:NET traded up $6.06 during trading hours on Thursday, hitting $118.86. 2,603,723 shares of the company traded hands, compared to its average volume of 3,185,554. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare has a twelve month low of $66.24 and a twelve month high of $177.37. The firm has a 50-day moving average of $122.77 and a 200 day moving average of $114.76. The stock has a market capitalization of $41.02 billion, a price-to-earnings ratio of -540.27 and a beta of 1.59.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. On average, analysts forecast that Cloudflare will post -0.11 EPS for the current year.

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.