Thomas J. Seifert Sells 28,635 Shares of Cloudflare, Inc. (NYSE:NET) Stock

Cloudflare, Inc. (NYSE:NET - Get Free Report) CFO Thomas J. Seifert sold 28,635 shares of the business's stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total value of $2,721,184.05. Following the completion of the transaction, the chief financial officer now directly owns 252,869 shares of the company's stock, valued at approximately $24,030,141.07. This trade represents a 10.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Cloudflare Stock Performance

NYSE:NET traded down $1.93 during trading hours on Wednesday, hitting $94.44. 880,016 shares of the company traded hands, compared to its average volume of 3,169,767. The stock has a market capitalization of $32.41 billion, a price-to-earnings ratio of -370.85 and a beta of 1.10. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $116.00. The firm has a 50-day moving average of $86.83 and a 200 day moving average of $80.96. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). The firm had revenue of $430.08 million during 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%. On average, analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Hedge Funds Weigh In On Cloudflare

Hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC grew its holdings in shares of Cloudflare by 595.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company's stock worth $27,000 after purchasing an additional 238 shares during the last quarter. CVA Family Office LLC grew its holdings in shares of Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company's stock worth $25,000 after purchasing an additional 171 shares during the last quarter. Quarry LP grew its holdings in Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company's stock worth $29,000 after acquiring an additional 146 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Cloudflare during the 2nd quarter worth about $29,000. Finally, Versant Capital Management Inc grew its holdings in Cloudflare by 1,202.9% during the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company's stock worth $38,000 after acquiring an additional 421 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Wall Street Analysts Forecast Growth

NET has been the subject of several analyst reports. Mizuho upped their target price on Cloudflare from $92.00 to $105.00 and gave the stock a "neutral" rating in a research report on Thursday, October 17th. Scotiabank increased their price target on Cloudflare from $85.00 to $87.00 and gave the stock a "sector perform" rating in a research report on Friday, November 8th. Susquehanna increased their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a "neutral" rating in a report on Monday, August 5th. Robert W. Baird increased their price objective on Cloudflare from $94.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, August 2nd. Finally, BNP Paribas started coverage on Cloudflare in a research note on Tuesday, October 8th. They set an "underperform" rating and a $65.00 price target for the company. 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's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $92.88.

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.