Cloudflare (NYSE:NET) Shares Up 6.5% – Here’s Why

Shares of Cloudflare, Inc. (NYSE:NET) rose 6.5% during trading on Thursday . The company traded as high as $102.91 and last traded at $102.76. Approximately 1,055,138 shares traded hands during trading, a decline of 67% from the average daily volume of 3,167,211 shares. The stock had previously closed at $96.47.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on NET shares. Guggenheim increased their price target on shares of Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research note on Friday, August 2nd. BNP Paribas began coverage on shares of Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price for the company. UBS Group upped their price target on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Robert W. Baird raised their price objective on Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $135.00 target price on shares of Cloudflare in a report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Cloudflare has a consensus rating of “Hold” and an average target price of $92.88.

Cloudflare Stock Down 0.0 %

The company’s 50 day moving average price is $87.70 and its two-hundred day moving average price is $81.23. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a market cap of $35.76 billion, a P/E ratio of -400.77 and a beta of 1.10.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). The business had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. Equities analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Transactions at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the sale, the insider now directly owns 185,386 shares in the company, valued at $15,114,520.58. This trade represents a 1.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $78.05, for a total transaction of $1,170,750.00. Following the transaction, the chief financial officer now owns 281,403 shares in the company, valued at approximately $21,963,504.15. This trade represents a 5.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 546,194 shares of company stock valued at $46,804,995 over the last quarter. 12.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. CVA Family Office LLC raised its position in shares of Cloudflare by 121.3% during the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after buying an additional 171 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Cloudflare in the 2nd quarter valued at $29,000. Quarry LP lifted its stake in Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of Cloudflare by 1,202.9% during the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after purchasing an additional 421 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in shares of Cloudflare during the third quarter valued at about $38,000. 82.68% of the stock is owned by hedge funds and other 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.