Cloudflare, Inc. (NYSE:NET) CFO Sells $11,843,739.00 in Stock

Key Points

• Cloudflare's CFO, Thomas J. Seifert, sold 59,130 shares on July 28 at an average price of $200.30, totaling approximately $11.84 million, which represents a 19.67% decrease in his ownership.
• The company's latest quarterly earnings report revealed a revenue of $479.09 million but missed earnings per share estimates by $0.01, indicating a negative net margin of 4.62%.
• Several analysts have shown confidence in Cloudflare's outlook, with target price increases from multiple firms, including Mizuho and Morgan Stanley.

Cloudflare, Inc. (NYSE:NET - Get Free Report) CFO Thomas J. Seifert sold 59,130 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $200.30, for a total transaction of $11,843,739.00. Following the transaction, the chief financial officer directly owned 241,550 shares of the company's stock, valued at $48,382,465. This represents a 19.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Thomas J. Seifert also recently made the following trade(s):

• On Monday, July 21st, Thomas J. Seifert sold 34,270 shares of Cloudflare stock. The shares were sold at an average price of $200.17, for a total transaction of $6,859,825.90.

Cloudflare Stock Performance

NET stock traded up $1.22 during mid-day trading on Friday, hitting $208.90. The company had a trading volume of 3,783,571 shares, compared to its average volume of 3,715,908. The firm has a market cap of $72.41 billion, a PE ratio of -907.99 and a beta of 1.85. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. Cloudflare, Inc. has a 12 month low of $69.26 and a 12 month high of $211.27. The stock's fifty day moving average price is $182.66 and its two-hundred day moving average price is $147.77.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.18 by $0.03. The business had revenue of $512.32 million for the quarter, compared to analyst estimates of $501.58 million. Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The company's revenue for the quarter was up 27.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 earnings per share. On average, analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NET has been the subject of a number of research analyst reports. Needham & Company LLC upped their price objective on shares of Cloudflare from $200.00 to $240.00 and gave the company a "buy" rating in a research report on Friday. Guggenheim increased their price target on shares of Cloudflare from $70.00 to $111.00 and gave the stock a "sell" rating in a research report on Friday. Oppenheimer reissued an "outperform" rating and issued a $200.00 price target (up previously from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. Mizuho raised their price objective on shares of Cloudflare from $155.00 to $220.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Finally, Royal Bank Of Canada raised their price target on shares of Cloudflare from $210.00 to $228.00 and gave the company an "outperform" rating in a report on Friday. Three analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $182.48.

Institutional Trading of Cloudflare

Several hedge funds have recently added to or reduced their stakes in the stock. Hilltop National Bank bought a new position in shares of Cloudflare during the 2nd quarter valued at $36,000. Ameritas Advisory Services LLC purchased a new stake in Cloudflare during the 2nd quarter valued at $39,000. Mather Group LLC. boosted its position in Cloudflare by 1,188.2% during the 1st quarter. Mather Group LLC. now owns 219 shares of the company's stock valued at $25,000 after buying an additional 202 shares during the period. Cullen Frost Bankers Inc. purchased a new stake in shares of Cloudflare in the 2nd quarter worth about $45,000. Finally, NBC Securities Inc. bought a new stake in Cloudflare during the 1st quarter valued at about $27,000. Institutional investors own 82.68% of the company's stock.

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.