Cloudflare (NYSE:NET) Stock Price Down 4.6% – Here’s What Happened

Cloudflare, Inc. (NYSE:NET) shares fell 4.6% on Tuesday . The stock traded as low as $140.50 and last traded at $141.23. 1,238,228 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 3,921,542 shares. The stock had previously closed at $148.00.

Analyst Ratings Changes

Several equities analysts have issued reports on NET shares. Morgan Stanley lifted their price target on shares of Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Oppenheimer cut Cloudflare from an “outperform” rating to a “market perform” rating in a research note on Friday, February 7th. Mizuho boosted their price target on Cloudflare from $130.00 to $160.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Needham & Company LLC restated a “buy” rating and set a $185.00 price objective on shares of Cloudflare in a report on Tuesday, February 18th. Finally, Royal Bank of Canada lifted their target price on shares of Cloudflare from $123.00 to $170.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $136.28.

Cloudflare Price Performance

The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a 50-day moving average price of $130.77 and a 200 day moving average price of $103.96. The stock has a market capitalization of $49.60 billion, a price-to-earnings ratio of -653.87 and a beta of 1.12.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, equities research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Douglas James Kramer sold 2,481 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now owns 175,688 shares of the company’s stock, valued at $23,131,082.08. The trade was a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michelle Zatlyn sold 35,099 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $164.84, for a total transaction of $5,785,719.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 558,918 shares of company stock worth $68,709,509. Company insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Several large investors have recently made changes to their positions in NET. CreativeOne Wealth LLC grew its holdings in shares of Cloudflare by 0.8% during the fourth quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company’s stock worth $752,000 after buying an additional 58 shares in the last quarter. Stratos Wealth Partners LTD. grew its stake in Cloudflare by 1.2% during the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock valued at $709,000 after acquiring an additional 77 shares in the last quarter. Atomi Financial Group Inc. raised its holdings in Cloudflare by 3.3% in the 4th quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock valued at $319,000 after acquiring an additional 94 shares during the last quarter. Baxter Bros Inc. boosted its holdings in shares of Cloudflare by 3.8% during the 4th quarter. Baxter Bros Inc. now owns 2,750 shares of the company’s stock worth $296,000 after purchasing an additional 100 shares during the last quarter. Finally, Ellevest Inc. grew its position in shares of Cloudflare by 2.3% in the fourth quarter. Ellevest Inc. now owns 4,538 shares of the company’s stock valued at $489,000 after purchasing an additional 102 shares in the last quarter. 82.68% of the stock is currently owned by hedge funds and other 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.