Cloudflare (NYSE:NET) Reaches New 1-Year High - Here's What Happened

Cloudflare, Inc. (NYSE:NET - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $181.12 and last traded at $179.09, with a volume of 1936595 shares trading hands. The stock had previously closed at $170.92.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Cantor Fitzgerald upped their price target on Cloudflare from $111.00 to $149.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. UBS Group upped their target price on shares of Cloudflare from $135.00 to $145.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Bank of America upgraded shares of Cloudflare from an "underperform" rating to a "buy" rating and lifted their price target for the company from $60.00 to $160.00 in a report on Tuesday, March 25th. JPMorgan Chase & Co. increased their price objective on shares of Cloudflare from $110.00 to $115.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Finally, The Goldman Sachs Group cut their price objective on Cloudflare from $183.00 to $161.00 and set a "buy" rating for the company in a research report on Friday, March 14th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $145.92.

Cloudflare Stock Performance

The stock has a market capitalization of $62.29 billion, a PE ratio of -816.82 and a beta of 1.78. The business's 50 day moving average is $132.42 and its 200 day moving average is $127.31. 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 (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The business had revenue of $479.09 million for the quarter, compared to analysts' expectations of $469.49 million. During the same quarter last year, the firm earned $0.16 EPS. The firm's quarterly revenue was up 26.5% on a year-over-year basis. On average, equities research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Michelle Zatlyn sold 25,641 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $171.41, for a total value of $4,395,123.81. Following the transaction, the insider now owns 6,390 shares of the company's stock, valued at $1,095,309.90. This trade represents a 80.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 9,000 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $112.83, for a total transaction of $1,015,470.00. Following the completion of the sale, the insider now directly owns 188,406 shares of the company's stock, valued at approximately $21,257,848.98. This trade represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 555,368 shares of company stock worth $74,642,157 over the last quarter. Company insiders own 12.83% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Mather Group LLC. lifted its stake in Cloudflare by 1,188.2% in the first quarter. Mather Group LLC. now owns 219 shares of the company's stock worth $25,000 after acquiring an additional 202 shares during the period. NBC Securities Inc. purchased a new position in Cloudflare during the 1st quarter valued at about $27,000. GPS Wealth Strategies Group LLC raised its holdings in shares of Cloudflare by 213.4% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock valued at $29,000 after purchasing an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after purchasing an additional 142 shares in the last quarter. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in Cloudflare during the fourth quarter valued at approximately $43,000. 82.68% of the stock is currently 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.