Cloudflare (NYSE:NET) Trading Down 3.1%

Shares of Cloudflare, Inc. (NYSE:NET) traded down 3.1% during mid-day trading on Wednesday . The company traded as low as $95.88 and last traded at $95.96. 1,141,247 shares changed hands during trading, a decline of 72% from the average session volume of 4,148,491 shares. The stock had previously closed at $99.07.

Analyst Upgrades and Downgrades

NET has been the subject of a number of recent research reports. JMP Securities boosted their price target on shares of Cloudflare from $75.00 to $90.00 and gave the company a “market outperform” rating in a research note on Wednesday, January 31st. Sanford C. Bernstein began coverage on shares of Cloudflare in a report on Thursday, January 18th. They issued a “market perform” rating and a $85.00 target price for the company. Cantor Fitzgerald restated a “neutral” rating and set a $100.00 price target (up from $70.00) on shares of Cloudflare in a report on Friday, February 9th. Truist Financial raised their target price on Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Finally, DZ Bank cut shares of Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 price target on the stock. in a report on Tuesday, February 13th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $87.50.

Cloudflare Trading Down 3.6 %

The company has a market cap of $32.24 billion, a PE ratio of -180.07 and a beta of 1.14. The stock has a fifty day moving average of $92.78 and a 200-day moving average of $78.01. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. Sell-side analysts anticipate that Cloudflare, Inc. will post -0.19 EPS for the current fiscal year.

Insider Activity

In other news, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $76.80, for a total transaction of $1,152,000.00. Following the transaction, the chief financial officer now directly owns 243,495 shares of the company’s stock, valued at $18,700,416. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $76.80, for a total value of $1,152,000.00. Following the completion of the transaction, the chief financial officer now owns 243,495 shares of the company’s stock, valued at $18,700,416. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Michelle Zatlyn sold 277,376 shares of Cloudflare stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $101.17, for a total value of $28,062,129.92. Following the sale, the chief operating officer now directly owns 38,545 shares of the company’s stock, valued at approximately $3,899,597.65. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,069,816 shares of company stock worth $100,238,148. Corporate insiders own 14.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NET. Yousif Capital Management LLC raised its position in Cloudflare by 4.0% during the fourth quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock worth $283,000 after acquiring an additional 130 shares during the period. Kingswood Wealth Advisors LLC increased its stake in Cloudflare by 0.5% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 27,358 shares of the company’s stock worth $2,278,000 after buying an additional 132 shares in the last quarter. Quent Capital LLC lifted its position in shares of Cloudflare by 8.1% in the fourth quarter. Quent Capital LLC now owns 1,877 shares of the company’s stock valued at $156,000 after acquiring an additional 140 shares in the last quarter. CWM LLC increased its position in shares of Cloudflare by 3.4% during the third quarter. CWM LLC now owns 4,624 shares of the company’s stock worth $291,000 after purchasing an additional 153 shares in the last quarter. Finally, RFG Advisory LLC raised its stake in Cloudflare by 2.9% in the 3rd quarter. RFG Advisory LLC now owns 5,957 shares of the company’s stock valued at $376,000 after purchasing an additional 166 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

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.