Cloudflare, Inc. (NYSE:NET – Get Free Report) CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $59.23, for a total value of $888,450.00. Following the transaction, the chief financial officer now directly owns 253,352 shares in the company, valued at approximately $15,006,038.96. The transaction was disclosed in a filing with the SEC, which is available at this link.
Cloudflare Price Performance
Shares of Cloudflare stock traded up $0.85 during trading on Wednesday, reaching $59.25. The company’s stock had a trading volume of 3,107,531 shares, compared to its average volume of 4,841,716. The company has a quick ratio of 3.84, a current ratio of 3.84 and a debt-to-equity ratio of 2.00. Cloudflare, Inc. has a 12-month low of $37.37 and a 12-month high of $76.07. The company has a market capitalization of $19.80 billion, a P/E ratio of -87.15 and a beta of 0.95. The business has a 50 day moving average price of $62.95 and a 200-day moving average price of $61.58.
Cloudflare (NYSE:NET – Get Free Report) last issued its quarterly earnings data on Thursday, August 3rd. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The firm had revenue of $308.49 million for the quarter, compared to analyst estimates of $305.63 million. Cloudflare had a negative return on equity of 21.42% and a negative net margin of 19.61%. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.34 EPS for the current year.
Hedge Funds Weigh In On Cloudflare
Several hedge funds and other institutional investors have recently bought and sold shares of NET. Bank Julius Baer & Co. Ltd Zurich raised its holdings in shares of Cloudflare by 85,228.5% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 22,703,348 shares of the company’s stock worth $1,484,118,000 after acquiring an additional 22,676,741 shares during the last quarter. Capital World Investors raised its holdings in shares of Cloudflare by 56.7% in the second quarter. Capital World Investors now owns 26,433,363 shares of the company’s stock worth $1,727,949,000 after acquiring an additional 9,560,273 shares during the last quarter. Moneta Group Investment Advisors LLC raised its holdings in shares of Cloudflare by 131,133.8% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,073,501 shares of the company’s stock worth $274,583,000 after acquiring an additional 6,068,873 shares during the last quarter. Baillie Gifford & Co. raised its holdings in shares of Cloudflare by 22.5% in the second quarter. Baillie Gifford & Co. now owns 31,505,621 shares of the company’s stock worth $2,059,522,000 after acquiring an additional 5,787,888 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Cloudflare in the fourth quarter worth $124,592,000. 73.14% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on NET. TD Cowen increased their target price on Cloudflare from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, August 4th. JMP Securities increased their target price on Cloudflare from $60.00 to $75.00 in a research note on Thursday, July 13th. Mizuho increased their price target on Cloudflare from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, August 4th. KeyCorp increased their price target on Cloudflare from $61.00 to $80.00 in a research report on Tuesday, July 18th. Finally, Wells Fargo & Company increased their price target on Cloudflare from $55.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, August 4th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $63.92.
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, secure origin connection, and rate limiting products.