Cloudflare (NYSE:NET) Shares Gap Up to $78.66

Cloudflare, Inc. (NYSE:NET) gapped up prior to trading on Tuesday . The stock had previously closed at $78.66, but opened at $81.12. Cloudflare shares last traded at $80.04, with a volume of 393,872 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Cloudflare from $90.00 to $80.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. The Goldman Sachs Group decreased their price objective on shares of Cloudflare from $77.00 to $68.00 and set a “sell” rating on the stock in a research note on Tuesday, June 4th. Citigroup decreased their price objective on shares of Cloudflare from $95.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, May 9th. Bank of America upped their price objective on shares of Cloudflare from $52.00 to $60.00 and gave the stock an “underperform” rating in a research note on Friday, May 3rd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $92.00 price objective on shares of Cloudflare in a research note on Monday, June 17th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $90.92.

Cloudflare Price Performance

The company’s fifty day moving average is $77.28 and its two-hundred day moving average is $85.39. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The firm has a market capitalization of $28.28 billion, a price-to-earnings ratio of -157.04 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $378.60 million for the quarter, compared to analyst estimates of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. Equities research analysts anticipate that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $78.89, for a total transaction of $1,183,350.00. Following the completion of the sale, the chief financial officer now owns 309,937 shares of the company’s stock, valued at $24,450,929.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $78.89, for a total transaction of $1,183,350.00. Following the completion of the sale, the chief financial officer now owns 309,937 shares of the company’s stock, valued at $24,450,929.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $74.67, for a total transaction of $3,911,513.28. Following the completion of the transaction, the chief executive officer now directly owns 230,612 shares of the company’s stock, valued at approximately $17,219,798.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 724,247 shares of company stock worth $56,316,063. Company insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NET. Brookstone Capital Management bought a new position in Cloudflare in the fourth quarter valued at $237,000. CHURCHILL MANAGEMENT Corp acquired a new stake in Cloudflare in the fourth quarter valued at $1,140,000. Raymond James & Associates lifted its stake in Cloudflare by 300.8% in the fourth quarter. Raymond James & Associates now owns 55,857 shares of the company’s stock valued at $4,651,000 after acquiring an additional 41,920 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in Cloudflare by 18.4% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 18,602 shares of the company’s stock valued at $1,549,000 after acquiring an additional 2,893 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in Cloudflare in the fourth quarter valued at $216,000. Institutional investors own 82.68% of the company’s stock.

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, script management, security center, and rate limiting products.