Cloudflare (NYSE:NET) Insider Sells $6,573,641.20 in Stock

Cloudflare, Inc. (NYSE:NET) insider Michelle Zatlyn sold 35,080 shares of the company’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $187.39, for a total transaction of $6,573,641.20. Following the completion of the transaction, the insider owned 34,514 shares of the company’s stock, valued at approximately $6,467,578.46. The trade was a 50.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Michelle Zatlyn also recently made the following trade(s):

• On Monday, February 23rd, Michelle Zatlyn sold 25,641 shares of Cloudflare stock. The stock was sold at an average price of $172.76, for a total transaction of $4,429,739.16.
• On Friday, February 20th, Michelle Zatlyn sold 25,641 shares of Cloudflare stock. The shares were sold at an average price of $192.66, for a total transaction of $4,939,995.06.
• On Thursday, January 15th, Michelle Zatlyn sold 25,641 shares of Cloudflare stock. The stock was sold at an average price of $190.05, for a total value of $4,873,072.05.
• On Tuesday, January 13th, Michelle Zatlyn sold 25,641 shares of Cloudflare stock. The stock was sold at an average price of $187.96, for a total value of $4,819,482.36.
• On Thursday, December 11th, Michelle Zatlyn sold 25,641 shares of Cloudflare stock. The shares were sold at an average price of $208.61, for a total value of $5,348,969.01.
• On Tuesday, December 9th, Michelle Zatlyn sold 25,641 shares of Cloudflare stock. The stock was sold at an average price of $205.15, for a total value of $5,260,251.15.

Cloudflare Price Performance

Shares of NYSE NET opened at $171.92 on Thursday. The stock has a market cap of $60.22 billion, a P/E ratio of -592.79 and a beta of 1.97. Cloudflare, Inc. has a twelve month low of $89.42 and a twelve month high of $260.00. The stock has a 50 day moving average of $186.72 and a two-hundred day moving average of $203.34. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 1.46.

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on NET shares. Cantor Fitzgerald reiterated a “neutral” rating and set a $224.00 target price on shares of Cloudflare in a research note on Wednesday, February 11th. Susquehanna set a $190.00 price objective on Cloudflare in a research note on Thursday, February 12th. Citigroup lifted their target price on Cloudflare from $260.00 to $265.00 and gave the company a “buy” rating in a research note on Thursday, February 12th. Jefferies Financial Group boosted their target price on Cloudflare from $185.00 to $225.00 and gave the company a “hold” rating in a report on Wednesday, February 11th. Finally, Needham & Company LLC decreased their price target on Cloudflare from $285.00 to $250.00 and set a “buy” rating for the company in a report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Cloudflare currently has an average rating of “Moderate Buy” and an average target price of $230.70.

Institutional Investors Weigh In On Cloudflare

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in Cloudflare during the fourth quarter worth $718,316,000. Jennison Associates LLC lifted its stake in Cloudflare by 802.6% in the 4th quarter. Jennison Associates LLC now owns 1,863,612 shares of the company’s stock valued at $367,411,000 after buying an additional 1,657,144 shares in the last quarter. Corient Private Wealth LLC increased its position in Cloudflare by 4,042.6% during the 4th quarter. Corient Private Wealth LLC now owns 1,399,378 shares of the company’s stock worth $275,887,000 after purchasing an additional 1,365,598 shares in the last quarter. Groupama Asset Managment purchased a new stake in Cloudflare during the 2nd quarter worth about $225,204,000. Finally, Vanguard Group Inc. raised its stake in Cloudflare by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock valued at $6,934,958,000 after purchasing an additional 821,684 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

About Cloudflare

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.