Traders Buy High Volume of Cloudflare Put Options (NYSE:NET)

Cloudflare, Inc. (NYSE:NETGet Rating) was the recipient of some unusual options trading activity on Tuesday. Traders purchased 37,102 put options on the company. This is an increase of approximately 80% compared to the average daily volume of 20,584 put options.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Monday, September 12th. The shares were sold at an average price of $65.93, for a total transaction of $3,453,677.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, General Counsel Douglas James Kramer sold 4,500 shares of Cloudflare stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $55.99, for a total value of $251,955.00. Following the sale, the general counsel now owns 62,299 shares in the company, valued at $3,488,121.01. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $65.93, for a total transaction of $3,453,677.12. The disclosure for this sale can be found here. Insiders sold 393,304 shares of company stock valued at $21,954,778 in the last quarter. Company insiders own 15.99% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Hedge funds and other institutional investors have recently made changes to their positions in the stock. B. Riley Wealth Advisors Inc. bought a new position in shares of Cloudflare in the 3rd quarter valued at about $410,000. Teachers Retirement System of The State of Kentucky acquired a new position in Cloudflare during the third quarter worth $8,166,000. Seaport Global Advisors LLC raised its holdings in shares of Cloudflare by 12.3% in the third quarter. Seaport Global Advisors LLC now owns 5,398 shares of the company’s stock valued at $299,000 after purchasing an additional 591 shares during the last quarter. Ambassador Advisors LLC boosted its position in Cloudflare by 44.5% during the third quarter. Ambassador Advisors LLC now owns 63,463 shares of the company’s stock worth $3,510,000 after purchasing an additional 19,552 shares during the period. Finally, SevenOneSeven Capital Management bought a new position in Cloudflare during the third quarter worth about $232,000. 71.69% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Price Performance

NYSE NET opened at $44.97 on Wednesday. The stock has a market capitalization of $14.78 billion, a P/E ratio of -64.24 and a beta of 1.08. Cloudflare has a 1 year low of $37.37 and a 1 year high of $205.79. The business’s fifty day moving average is $53.15 and its two-hundred day moving average is $55.07. The company has a debt-to-equity ratio of 2.42, a quick ratio of 5.35 and a current ratio of 5.35.

Analyst Upgrades and Downgrades

NET has been the subject of a number of research reports. Mizuho lowered their target price on Cloudflare from $65.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, November 4th. Cowen cut their price objective on Cloudflare from $100.00 to $75.00 in a research report on Friday, November 4th. Moffett Nathanson initiated coverage on Cloudflare in a research note on Thursday, September 22nd. They issued a “buy” rating and a $114.00 price target on the stock. Royal Bank of Canada cut their price target on Cloudflare from $74.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, November 4th. Finally, Morgan Stanley cut their target price on Cloudflare from $76.00 to $52.00 and set an “equal weight” rating for the company in a research note on Monday, November 7th. One analyst has rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Cloudflare has an average rating of “Hold” and a consensus target price of $90.84.

Cloudflare Company Profile

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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.

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