Cloudflare, Inc. (NYSE:NET) Director Sells $104,576.00 in Stock

Cloudflare, Inc. (NYSE:NET) Director Katrin Suder sold 608 shares of the company’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $172.00, for a total transaction of $104,576.00. Following the completion of the sale, the director now owns 41,785 shares of the company’s stock, valued at approximately $7,187,020. This trade represents a 1.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Cloudflare Price Performance

Cloudflare stock opened at $179.70 on Thursday. Cloudflare, Inc. has a 12-month low of $69.26 and a 12-month high of $181.81. The stock has a market capitalization of $62.29 billion, a P/E ratio of -816.82 and a beta of 1.84. The firm’s 50-day moving average is $136.67 and its two-hundred day moving average is $128.91. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The firm had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. During the same period in the prior year, the business earned $0.16 earnings per share. Cloudflare’s revenue for the quarter was up 26.5% on a year-over-year basis. Equities analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Institutional Investors Weigh In On Cloudflare

Several hedge funds have recently modified their holdings of NET. Groupama Asset Managment acquired a new stake in shares of Cloudflare during the 4th quarter worth about $269,200,000. Norges Bank acquired a new stake in shares of Cloudflare in the fourth quarter worth approximately $249,544,000. American Century Companies Inc. boosted its position in shares of Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after acquiring an additional 1,017,399 shares during the last quarter. Fred Alger Management LLC boosted its position in shares of Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock worth $100,604,000 after acquiring an additional 836,591 shares during the last quarter. Finally, Invesco Ltd. boosted its position in shares of Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock worth $116,178,000 after acquiring an additional 804,059 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on NET. The Goldman Sachs Group reduced their price target on shares of Cloudflare from $183.00 to $161.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Morgan Stanley upped their price objective on shares of Cloudflare from $144.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. Oppenheimer restated an “outperform” rating and set a $200.00 price objective (up previously from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. Royal Bank of Canada cut their price objective on shares of Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Finally, Jefferies Financial Group cut their price objective on shares of Cloudflare from $170.00 to $150.00 and set a “hold” rating for the company in a research report on Friday, May 9th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $145.92.

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.