Insider Selling: Cloudflare, Inc. (NYSE:NET) CFO Sells 31,136 Shares of Stock

Cloudflare, Inc. (NYSE:NET) CFO Thomas J. Seifert sold 31,136 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $120.10, for a total value of $3,739,433.60. Following the sale, the chief financial officer now directly owns 252,869 shares in the company, valued at $30,369,566.90. This represents a 10.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Cloudflare Stock Performance

NET traded up $2.65 on Tuesday, hitting $119.81. 2,699,364 shares of the company traded hands, compared to its average volume of 2,762,995. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $121.02. The company has a 50 day moving average of $108.20 and a 200-day moving average of $91.77. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $41.12 billion, a PE ratio of -460.81 and a beta of 1.10.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The firm had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Sell-side analysts anticipate that Cloudflare, Inc. will post -0.1 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on NET. BNP Paribas assumed coverage on Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target on the stock. Wells Fargo & Company raised their target price on shares of Cloudflare from $110.00 to $135.00 and gave the company an “overweight” rating in a report on Tuesday, January 7th. Cantor Fitzgerald began coverage on shares of Cloudflare in a report on Friday. They set a “neutral” rating and a $111.00 price target for the company. Royal Bank of Canada raised their price objective on shares of Cloudflare from $99.00 to $123.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Jefferies Financial Group boosted their target price on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $108.32.

Institutional Trading of Cloudflare

Hedge funds have recently made changes to their positions in the company. CVA Family Office LLC increased its stake in shares of Cloudflare by 121.3% during the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after acquiring an additional 171 shares during the period. Quarry LP boosted its holdings in Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after purchasing an additional 146 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in Cloudflare during the 3rd quarter worth approximately $38,000. Quest Partners LLC acquired a new position in Cloudflare during the 3rd quarter worth approximately $54,000. Finally, Versant Capital Management Inc raised its stake in shares of Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after buying an additional 170 shares in the last quarter. Institutional investors and hedge funds 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.