Insider Selling: Cloudflare, Inc. (NYSE:NET) CFO Sells $1,109,550.00 in Stock

Cloudflare, Inc. (NYSE:NET) CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $73.97, for a total transaction of $1,109,550.00. Following the completion of the transaction, the chief financial officer now owns 338,469 shares of the company’s stock, valued at approximately $25,036,551.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Cloudflare Stock Performance

Shares of NET opened at $72.45 on Thursday. The stock has a market capitalization of $24.46 billion, a P/E ratio of -136.70 and a beta of 1.15. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare, Inc. has a 1 year low of $45.47 and a 1 year high of $116.00. The company’s fifty day moving average is $92.19 and its two-hundred day moving average is $83.85.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $362.47 million for the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. On average, sell-side analysts predict that Cloudflare, Inc. will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Cloudflare

A number of institutional investors have recently added to or reduced their stakes in NET. Motley Fool Asset Management LLC lifted its holdings in shares of Cloudflare by 286.3% in the 1st quarter. Motley Fool Asset Management LLC now owns 21,024 shares of the company’s stock valued at $2,036,000 after buying an additional 15,582 shares during the period. Bleakley Financial Group LLC lifted its holdings in Cloudflare by 5.6% in the first quarter. Bleakley Financial Group LLC now owns 3,329 shares of the company’s stock valued at $322,000 after acquiring an additional 178 shares during the period. Avantax Advisory Services Inc. purchased a new stake in shares of Cloudflare during the 1st quarter worth $676,000. Russell Investments Group Ltd. grew its stake in shares of Cloudflare by 8.9% during the 1st quarter. Russell Investments Group Ltd. now owns 82,392 shares of the company’s stock worth $7,968,000 after purchasing an additional 6,714 shares during the period. Finally, Meeder Advisory Services Inc. purchased a new position in shares of Cloudflare in the 1st quarter valued at about $212,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on NET. The Goldman Sachs Group reduced their price objective on shares of Cloudflare from $89.00 to $77.00 and set a “sell” rating on the stock in a report on Monday. Sanford C. Bernstein started coverage on Cloudflare in a report on Thursday, January 18th. They issued a “market perform” rating and a $85.00 price objective on the stock. Wells Fargo & Company cut their target price on Cloudflare from $125.00 to $105.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Truist Financial upped their price target on Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a report on Friday, February 9th. Finally, Mizuho cut their price objective on shares of Cloudflare from $95.00 to $88.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $89.48.

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.