Thomas Seifert Sells 10,341 Shares of Cloudflare (NYSE:NET) Stock

Cloudflare, Inc. (NYSE:NET) CFO Thomas Seifert sold 10,341 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $212.30, for a total value of $2,195,394.30. Following the transaction, the chief financial officer directly owned 224,625 shares of the company’s stock, valued at $47,687,887.50. This trade represents a 4.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Cloudflare Stock Performance

Shares of NYSE NET traded up $4.50 during mid-day trading on Tuesday, hitting $211.83. The company had a trading volume of 2,953,139 shares, compared to its average volume of 4,075,209. Cloudflare, Inc. has a 12 month low of $89.42 and a 12 month high of $260.00. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 1.35. The firm’s 50 day simple moving average is $185.89 and its two-hundred day simple moving average is $202.98.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.27 by $0.01. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. The business had revenue of $614.51 million during the quarter, compared to analyst estimates of $591.67 million. During the same quarter in the prior year, the firm earned $0.19 earnings per share. The company’s quarterly revenue was up 33.6% on a year-over-year basis. As a group, research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cloudflare

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Cloudflare by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 32,407,646 shares of the company’s stock valued at $6,389,167,000 after buying an additional 90,397 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Cloudflare by 4.2% during the fourth quarter. Geode Capital Management LLC now owns 6,018,175 shares of the company’s stock worth $1,184,044,000 after purchasing an additional 241,981 shares during the period. First Trust Advisors LP grew its position in Cloudflare by 1.6% during the fourth quarter. First Trust Advisors LP now owns 4,019,157 shares of the company’s stock valued at $792,377,000 after purchasing an additional 63,198 shares in the last quarter. Invesco Ltd. increased its stake in Cloudflare by 1.3% in the 3rd quarter. Invesco Ltd. now owns 3,964,733 shares of the company’s stock valued at $850,792,000 after buying an additional 49,485 shares during the period. Finally, Norges Bank acquired a new position in Cloudflare in the 4th quarter valued at approximately $718,316,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on NET. Piper Sandler raised their price target on shares of Cloudflare from $220.00 to $222.00 and gave the company a “neutral” rating in a research note on Wednesday, February 11th. Morgan Stanley set a $245.00 price objective on Cloudflare in a report on Wednesday, February 11th. Wells Fargo & Company raised their target price on Cloudflare from $265.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. DZ Bank raised Cloudflare from a “hold” rating to a “buy” rating and set a $215.00 target price on the stock in a research note on Friday, February 13th. Finally, TD Cowen reissued a “buy” rating on shares of Cloudflare in a research note on Tuesday, January 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $233.38.

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.