Insider Selling: Cloudflare (NYSE:NET) CFO Sells $7,689,707.28 in Stock

Cloudflare, Inc. (NYSE:NET) CFO Thomas Seifert sold 41,557 shares of the stock in a transaction on Friday, February 20th. The shares were sold at an average price of $185.04, for a total transaction of $7,689,707.28. Following the sale, the chief financial officer directly owned 85,452 shares of the company’s stock, valued at $15,812,038.08. The trade was a 32.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Cloudflare Stock Performance

Shares of NYSE:NET opened at $174.59 on Friday. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 1.46. The company has a 50-day moving average price of $186.33 and a 200-day moving average price of $203.14. The company has a market cap of $61.16 billion, a price-to-earnings ratio of -602.01 and a beta of 1.97. Cloudflare, Inc. has a 12 month low of $89.42 and a 12 month high of $260.00.

Cloudflare (NYSE:NET) last posted its earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.01. The company had revenue of $614.51 million for the quarter, compared to analysts’ expectations of $591.67 million. Cloudflare had a negative return on equity of 7.40% and a negative net margin of 4.72%.Cloudflare’s quarterly revenue was up 33.6% on a year-over-year basis. During the same period last year, the firm earned $0.19 earnings per share. As a group, equities analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analysts Set New Price Targets

NET has been the topic of a number of research analyst reports. Scotiabank reduced their price objective on shares of Cloudflare from $255.00 to $225.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 11th. BTIG Research boosted their price target on shares of Cloudflare from $199.00 to $243.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Mizuho decreased their price target on shares of Cloudflare from $280.00 to $255.00 and set an “outperform” rating for the company in a research note on Wednesday, January 21st. KeyCorp reaffirmed an “overweight” rating on shares of Cloudflare in a research report on Wednesday, February 11th. Finally, Citizens Jmp set a $270.00 target price on Cloudflare in a report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Cloudflare presently has a consensus rating of “Moderate Buy” and a consensus price target of $230.70.

Hedge Funds Weigh In On Cloudflare

Several institutional investors and hedge funds have recently modified their holdings of NET. HM Payson & Co. purchased a new stake in Cloudflare during the 4th quarter valued at about $25,000. Physician Wealth Advisors Inc. raised its holdings in Cloudflare by 693.3% in the third quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock worth $26,000 after buying an additional 104 shares during the last quarter. Wiser Advisor Group LLC bought a new position in shares of Cloudflare in the third quarter worth approximately $26,000. Westside Investment Management Inc. grew its holdings in shares of Cloudflare by 100.0% during the third quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock valued at $28,000 after buying an additional 65 shares during the last quarter. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in shares of Cloudflare during the second quarter valued at approximately $29,000. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Company Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.