Insider Selling: Cloudflare, Inc. (NYSE:NET) CFO Sells 15,000 Shares of Stock

Cloudflare, Inc. (NYSE:NET) CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $73.97, for a total transaction of $1,109,550.00. Following the transaction, the chief financial officer now directly owns 338,469 shares in the company, valued at $25,036,551.93. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Cloudflare Price Performance

Shares of NET traded down $0.10 during midday trading on Monday, hitting $74.30. 6,437,003 shares of the company traded hands, compared to its average volume of 3,959,868. The stock has a 50-day moving average of $93.67 and a 200-day moving average of $83.75. Cloudflare, Inc. has a one year low of $44.60 and a one year high of $116.00. The firm has a market cap of $25.09 billion, a P/E ratio of -141.34 and a beta of 1.15. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. The firm had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. As a group, sell-side analysts predict that Cloudflare, Inc. will post -0.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on NET shares. UBS Group cut their price objective on shares of Cloudflare from $88.00 to $76.00 and set a “sell” rating on the stock in a report on Friday. Morgan Stanley lifted their price objective on shares of Cloudflare from $66.00 to $92.00 and gave the stock an “equal weight” rating in a report on Monday, February 12th. Truist Financial boosted their price target on shares of Cloudflare from $90.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Cantor Fitzgerald cut their price target on shares of Cloudflare from $100.00 to $80.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $135.00 price target on shares of Cloudflare in a report on Friday. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $90.13.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NET. Riverview Trust Co bought a new position in shares of Cloudflare in the first quarter worth approximately $27,000. Allspring Global Investments Holdings LLC increased its position in shares of Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares during the last quarter. ICA Group Wealth Management LLC bought a new position in shares of Cloudflare in the fourth quarter worth approximately $38,000. GAMMA Investing LLC bought a new position in shares of Cloudflare in the fourth quarter worth approximately $39,000. Finally, Pingora Partners LLC bought a new position in shares of Cloudflare in the fourth quarter worth approximately $42,000. 82.68% of the stock is currently owned by institutional investors.

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.