Cloudflare, Inc. (NYSE:NET) Short Interest Update

Cloudflare, Inc. (NYSE:NET - Get Free Report) was the recipient of a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 5,870,000 shares, a drop of 24.3% from the March 15th total of 7,750,000 shares. Currently, 2.0% of the shares of the company are short sold. Based on an average daily trading volume, of 4,180,000 shares, the days-to-cover ratio is currently 1.4 days.

Cloudflare Stock Up 5.0 %

NET traded up $5.06 during trading on Tuesday, hitting $107.17. The company had a trading volume of 802,815 shares, compared to its average volume of 3,170,126. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company has a market cap of $36.98 billion, a PE ratio of -487.86 and a beta of 1.59. Cloudflare has a 1-year low of $66.24 and a 1-year high of $177.37. The business has a 50-day moving average of $125.32 and a 200-day moving average of $114.83.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, analysts forecast that Cloudflare will post -0.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on NET shares. Susquehanna lifted their price target on shares of Cloudflare from $95.00 to $170.00 and gave the company a "neutral" rating in a research report on Monday, February 10th. Robert W. Baird reissued a "neutral" rating and issued a $140.00 target price (up previously from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. Royal Bank of Canada lowered their price target on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Baird R W lowered shares of Cloudflare from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. Finally, Wells Fargo & Company increased their price target on Cloudflare from $135.00 to $150.00 and gave the stock an "overweight" rating in a research note on Monday, January 27th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Cloudflare currently has a consensus rating of "Hold" and an average price target of $134.84.

Insider Buying and Selling

In other Cloudflare news, insider Michelle Zatlyn sold 25,640 shares of the business's stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $109.03, for a total value of $2,795,529.20. Following the transaction, the insider now directly owns 413,413 shares of the company's stock, valued at approximately $45,074,419.39. The trade was a 5.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $136.63, for a total transaction of $2,049,450.00. Following the transaction, the chief financial officer now owns 252,869 shares of the company's stock, valued at approximately $34,549,491.47. The trade was a 5.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 548,253 shares of company stock valued at $70,819,909 over the last quarter. 12.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cloudflare

Several hedge funds have recently made changes to their positions in NET. NBC Securities Inc. bought a new position in shares of Cloudflare in the first quarter valued at $27,000. GPS Wealth Strategies Group LLC raised its holdings in Cloudflare by 213.4% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after buying an additional 175 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after buying an additional 142 shares during the period. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Cloudflare during the fourth quarter valued at approximately $43,000. Finally, Global Financial Private Client LLC boosted its stake in Cloudflare by 38,100.0% in the 1st quarter. Global Financial Private Client LLC now owns 382 shares of the company's stock worth $43,000 after purchasing an additional 381 shares during the period. Institutional investors and hedge funds own 82.68% of the company's stock.

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.