Insider Selling: Cloudflare, Inc. (NYSE:NET) CFO Sells 28,635 Shares of Stock

Cloudflare, Inc. (NYSE:NET) CFO Thomas J. Seifert sold 28,635 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $162.07, for a total transaction of $4,640,874.45. Following the sale, the chief financial officer now owns 293,582 shares of the company’s stock, valued at $47,580,834.74. This trade represents a 8.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Cloudflare Price Performance

NET stock traded down $8.33 during midday trading on Wednesday, hitting $160.48. 5,536,314 shares of the stock were exchanged, compared to its average volume of 3,955,991. The stock’s 50-day moving average price is $126.45 and its 200-day moving average price is $101.15. The stock has a market cap of $55.07 billion, a price-to-earnings ratio of -729.45 and a beta of 1.12. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

Cloudflare (NYSE:NET) last released its earnings results 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%. Research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on NET shares. Robert W. Baird reiterated a “neutral” rating and set a $140.00 target price (up previously from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Cantor Fitzgerald lifted their target price on shares of Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Piper Sandler boosted their price objective on shares of Cloudflare from $92.00 to $153.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. JPMorgan Chase & Co. boosted their price objective on shares of Cloudflare from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Finally, UBS Group upped their price target on shares of Cloudflare from $130.00 to $165.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $136.28.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of NET. Groupama Asset Managment acquired a new stake in Cloudflare in the 4th quarter valued at approximately $269,200,000. Norges Bank acquired a new position in shares of Cloudflare in the 4th quarter worth $249,544,000. American Century Companies Inc. grew its holdings in shares of Cloudflare by 82.0% in the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after acquiring an additional 1,017,399 shares during the last quarter. Fred Alger Management LLC boosted its position in shares of Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock worth $100,604,000 after buying an additional 836,591 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock worth $116,178,000 after buying an additional 804,059 shares during the period. Institutional investors own 82.68% of the company’s stock.

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.