Cloudflare Sees Unusually Large Options Volume (NYSE:NET)

Cloudflare, Inc. (NYSE:NETGet Free Report) was the recipient of unusually large options trading on Thursday. Traders acquired 26,326 call options on the company. This represents an increase of approximately 50% compared to the average volume of 17,567 call options.

Insiders Place Their Bets

In other news, Director Carl Ledbetter sold 66,384 shares of the business’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $86.88, for a total value of $5,767,441.92. Following the sale, the director now directly owns 1,472,932 shares of the company’s stock, valued at approximately $127,968,332.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Scott D. Sandell sold 211,534 shares of the company’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $73.17, for a total value of $15,477,942.78. Following the completion of the sale, the director now directly owns 6,325 shares in the company, valued at approximately $462,800.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carl Ledbetter sold 66,384 shares of the stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $86.88, for a total transaction of $5,767,441.92. Following the transaction, the director now directly owns 1,472,932 shares of the company’s stock, valued at approximately $127,968,332.16. The disclosure for this sale can be found here. In the last quarter, insiders have sold 933,442 shares of company stock worth $71,314,680. Company insiders own 14.80% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sunbelt Securities Inc. purchased a new position in shares of Cloudflare in the first quarter valued at $29,000. JTC Employer Solutions Trustee Ltd bought a new position in Cloudflare during the third quarter valued at approximately $38,000. GAMMA Investing LLC acquired a new position in Cloudflare during the fourth quarter valued at approximately $39,000. Providence Capital Advisors LLC grew its stake in shares of Cloudflare by 6,065.0% in the first quarter. Providence Capital Advisors LLC now owns 2,466 shares of the company’s stock worth $40,000 after acquiring an additional 2,426 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its stake in Cloudflare by 1,976.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company’s stock worth $45,000 after buying an additional 514 shares in the last quarter. Institutional investors and hedge funds own 73.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on NET shares. Piper Sandler reduced their target price on shares of Cloudflare from $64.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, November 3rd. Royal Bank of Canada lowered their price objective on shares of Cloudflare from $70.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday, November 3rd. Sanford C. Bernstein started coverage on shares of Cloudflare in a research report on Thursday, January 18th. They set a “market perform” rating and a $85.00 target price for the company. JMP Securities lifted their price objective on shares of Cloudflare from $75.00 to $90.00 and gave the company a “market outperform” rating in a report on Wednesday, January 31st. Finally, Morgan Stanley lifted their price objective on shares of Cloudflare from $55.00 to $60.00 and gave the company an “equal weight” rating in a report on Tuesday, November 7th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $70.55.

Read Our Latest Stock Report on Cloudflare

Cloudflare Stock Up 8.4 %

NET stock opened at $90.38 on Friday. The company has a current ratio of 3.89, a quick ratio of 3.89 and a debt-to-equity ratio of 1.83. The company has a market cap of $30.35 billion, a P/E ratio of -148.16 and a beta of 1.10. The company’s 50-day moving average price is $81.32 and its 200 day moving average price is $69.93. Cloudflare has a 52 week low of $39.90 and a 52 week high of $91.08.

Cloudflare Company Profile

(Get Free Report)

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, secure origin connection, and rate limiting products.

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