Insider Selling: Cloudflare, Inc. (NYSE:NET) CFO Sells $2,151,272.42 in Stock

Cloudflare, Inc. (NYSE:NET) CFO Thomas J. Seifert sold 28,634 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $75.13, for a total transaction of $2,151,272.42. Following the transaction, the chief financial officer now owns 309,937 shares of the company’s stock, valued at $23,285,566.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $73.60 on Friday. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The stock has a market cap of $25.01 billion, a price-to-earnings ratio of -138.87 and a beta of 1.15. The company’s fifty day moving average is $86.99 and its 200 day moving average is $84.94. Cloudflare, Inc. has a twelve month low of $53.88 and a twelve month high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $378.60 million for the quarter, compared to analysts’ expectations of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. Sell-side analysts forecast that Cloudflare, Inc. will post -0.19 EPS for the current year.

Institutional Trading of Cloudflare

A number of institutional investors have recently bought and sold shares of NET. Norges Bank bought a new stake in Cloudflare during the fourth quarter valued at $221,858,000. 1832 Asset Management L.P. raised its holdings in shares of Cloudflare by 121.2% during the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after purchasing an additional 1,597,900 shares during the period. Vanguard Group Inc. raised its holdings in shares of Cloudflare by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after purchasing an additional 740,914 shares during the period. Capital World Investors raised its holdings in shares of Cloudflare by 2.1% during the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after purchasing an additional 584,566 shares during the period. Finally, SpiderRock Advisors LLC acquired a new position in shares of Cloudflare during the first quarter valued at about $37,740,000. Institutional investors own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on NET. Robert W. Baird lowered their price objective on shares of Cloudflare from $100.00 to $94.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Piper Sandler restated a “neutral” rating and set a $81.00 price objective (down from $110.00) on shares of Cloudflare in a research report on Friday, May 3rd. UBS Group lowered their price target on shares of Cloudflare from $88.00 to $76.00 and set a “sell” rating for the company in a report on Friday, May 3rd. KeyCorp lowered their price target on shares of Cloudflare from $132.00 to $94.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Finally, Morgan Stanley upped their price target on shares of Cloudflare from $66.00 to $92.00 and gave the stock an “equal weight” rating in a report on Monday, February 12th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of “Hold” and an average target price of $91.87.

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.