Investors Buy Large Volume of Cloudflare Call Options (NYSE:NET)

Cloudflare, Inc. (NYSE:NET) was the target of unusually large options trading activity on Wednesday. Traders acquired 24,325 call options on the company. This is an increase of approximately 76% compared to the typical daily volume of 13,835 call options.

Insider Buying and Selling

In related news, Director Maria S. Eitel sold 6,875 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $88.00, for a total transaction of $605,000.00. Following the sale, the director now owns 5,927 shares of the company’s stock, valued at approximately $521,576. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the completion of the transaction, the insider now owns 185,386 shares of the company’s stock, valued at $15,114,520.58. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Maria S. Eitel sold 6,875 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $88.00, for a total transaction of $605,000.00. Following the completion of the transaction, the director now directly owns 5,927 shares of the company’s stock, valued at approximately $521,576. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 477,043 shares of company stock valued at $39,737,342. Company insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Baillie Gifford & Co. raised its stake in Cloudflare by 8.5% during the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after acquiring an additional 2,575,396 shares during the period. Marshall Wace LLP raised its position in shares of Cloudflare by 123.4% during the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after buying an additional 855,334 shares during the last quarter. Capital World Investors raised its position in shares of Cloudflare by 2.1% during the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after buying an additional 584,566 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Cloudflare by 1.5% during the first quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock valued at $2,766,632,000 after buying an additional 412,864 shares during the last quarter. Finally, WIM INVESTMENT MANAGEMENT Ltd bought a new stake in shares of Cloudflare during the third quarter valued at approximately $25,588,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Performance

Shares of NYSE NET traded up $3.25 during trading on Wednesday, reaching $94.16. 5,782,649 shares of the company traded hands, compared to its average volume of 3,180,223. The firm has a 50 day simple moving average of $85.25 and a 200-day simple moving average of $80.70. 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 has a 52-week low of $66.04 and a 52-week high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). The firm had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, analysts predict that Cloudflare will post -0.13 earnings per share for the current year.

Analysts Set New Price Targets

NET has been the subject of several analyst reports. Scotiabank increased their price target on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research report on Friday, November 8th. Wolfe Research started coverage on shares of Cloudflare in a report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Robert W. Baird upped their price objective on shares of Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Wells Fargo & Company upped their price objective on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, UBS Group upped their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare has a consensus rating of “Hold” and an average target price of $92.88.

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.