Cloudflare (NYSE:NET) Trading 1.4% Higher – Here’s What Happened

Cloudflare, Inc. (NYSE:NET) traded up 1.4% during mid-day trading on Thursday . The company traded as high as $150.69 and last traded at $146.98. 1,095,049 shares changed hands during trading, a decline of 72% from the average session volume of 3,899,221 shares. The stock had previously closed at $144.92.

Analysts Set New Price Targets

NET has been the subject of a number of recent research reports. Robert W. Baird reiterated a “neutral” rating and set a $140.00 price objective (up previously from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Scotiabank lifted their target price on shares of Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research report on Tuesday, January 21st. Morgan Stanley upped their price target on shares of Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and increased their target price for the company from $95.00 to $145.00 in a report on Friday, January 17th. Finally, UBS Group lifted their target price on Cloudflare from $130.00 to $165.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $136.28.

Cloudflare Stock Performance

The company’s 50 day moving average is $132.01 and its 200 day moving average is $104.71. The firm has a market cap of $48.30 billion, a P/E ratio of -639.73 and a beta of 1.12. 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 issued its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, equities analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the transaction, the insider now directly owns 175,688 shares of the company’s stock, valued at $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Janel Riley sold 4,327 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the sale, the chief accounting officer now directly owns 74,698 shares of the company’s stock, valued at $12,519,384.80. This represents a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 533,278 shares of company stock valued at $66,134,227 over the last 90 days. 12.83% of the stock is owned by insiders.

Institutional Investors Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Cloudflare in the fourth quarter worth $43,000. Capital Performance Advisors LLP purchased a new position in shares of Cloudflare during the third quarter valued at approximately $38,000. Quarry LP lifted its holdings in Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after acquiring an additional 133 shares during the period. Larson Financial Group LLC grew its holdings in Cloudflare by 1,988.5% during the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock valued at $58,000 after purchasing an additional 517 shares during the period. Finally, Versant Capital Management Inc raised its position in shares of Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after purchasing an additional 170 shares during the period. Hedge funds and other 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.