Cloudflare, Inc. (NYSE:NET) CFO Sells $6,859,825.90 in Stock

Cloudflare, Inc. (NYSE:NET - Get Free Report) CFO Thomas J. Seifert sold 34,270 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $200.17, for a total transaction of $6,859,825.90. Following the sale, the chief financial officer owned 241,550 shares of the company's stock, valued at approximately $48,351,063.50. This trade represents a 12.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Cloudflare Price Performance

NET traded up $7.51 during trading on Friday, reaching $199.09. 1,826,242 shares of the company traded hands, compared to its average volume of 3,703,263. 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 $200.76. The firm has a fifty day simple moving average of $179.27 and a 200 day simple moving average of $145.43. The company has a market cap of $69.01 billion, a P/E ratio of -865.61 and a beta of 1.85.

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on NET shares. Jefferies Financial Group cut their target price on shares of Cloudflare from $170.00 to $150.00 and set a "hold" rating on the stock in a research note on Friday, May 9th. Piper Sandler reiterated a "neutral" rating and set a $151.00 price objective (up from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Guggenheim raised their price target on shares of Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a research report on Friday, May 9th. Morgan Stanley restated an "overweight" rating and set a $225.00 price target (up from $150.00) on shares of Cloudflare in a report on Friday, July 11th. Finally, Mizuho boosted their price target on shares of Cloudflare from $155.00 to $220.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Three analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $159.92.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Groupama Asset Managment bought a new position in Cloudflare in the fourth quarter worth about $269,200,000. Norges Bank acquired a new stake in Cloudflare in the 4th quarter worth approximately $249,544,000. Fred Alger Management LLC boosted its stake in Cloudflare by 856.3% in the 4th quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after purchasing an additional 836,591 shares in the last quarter. Invesco Ltd. boosted its stake in Cloudflare by 292.5% in the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after purchasing an additional 804,059 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Cloudflare by 33.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,129,030 shares of the company's stock worth $352,610,000 after purchasing an additional 786,063 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

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.