Cloudflare (NYSE:NET) Stock Price Down 3.1%

Cloudflare, Inc. (NYSE:NET) fell 3.1% during trading on Wednesday . The stock traded as low as $95.88 and last traded at $95.96. 1,141,247 shares changed hands during trading, a decline of 72% from the average session volume of 4,148,491 shares. The stock had previously closed at $99.07.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NET. Susquehanna lifted their target price on Cloudflare from $75.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. Sanford C. Bernstein assumed coverage on Cloudflare in a research note on Thursday, January 18th. They issued a “market perform” rating and a $85.00 price target for the company. Royal Bank of Canada boosted their price target on Cloudflare from $95.00 to $108.00 and gave the company an “outperform” rating in a research note on Friday, February 9th. Cantor Fitzgerald restated a “neutral” rating and issued a $100.00 price target (up from $70.00) on shares of Cloudflare in a research note on Friday, February 9th. Finally, Mizuho boosted their price target on Cloudflare from $73.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, February 9th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $87.50.

Cloudflare Trading Up 0.3 %

The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68. The firm has a market capitalization of $32.70 billion, a P/E ratio of -175.96 and a beta of 1.14. The firm has a 50-day moving average of $93.55 and a two-hundred day moving average of $78.27.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. The business had revenue of $362.47 million during the quarter, compared to the consensus estimate of $352.70 million. On average, analysts anticipate that Cloudflare, Inc. will post -0.19 EPS for the current year.

Insiders Place Their Bets

In other Cloudflare news, Director Carl Ledbetter sold 30,214 shares of the company’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $76.03, for a total value of $2,297,170.42. Following the completion of the transaction, the director now owns 1,539,316 shares of the company’s stock, valued at approximately $117,034,195.48. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $91.77, for a total value of $1,376,550.00. Following the completion of the sale, the chief financial officer now owns 338,469 shares of the company’s stock, valued at $31,061,300.13. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Carl Ledbetter sold 30,214 shares of the stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $76.03, for a total value of $2,297,170.42. Following the completion of the sale, the director now directly owns 1,539,316 shares of the company’s stock, valued at approximately $117,034,195.48. The disclosure for this sale can be found here. Insiders sold a total of 1,079,809 shares of company stock valued at $101,239,047 in the last 90 days. Corporate insiders own 14.80% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Several institutional investors and hedge funds have recently made changes to their positions in NET. PNC Financial Services Group Inc. increased its stake in shares of Cloudflare by 48.6% in the first quarter. PNC Financial Services Group Inc. now owns 8,903 shares of the company’s stock valued at $1,066,000 after buying an additional 2,912 shares during the period. MetLife Investment Management LLC acquired a new stake in shares of Cloudflare in the first quarter valued at about $1,950,000. Synovus Financial Corp acquired a new stake in shares of Cloudflare in the first quarter valued at about $439,000. Cibc World Market Inc. increased its stake in shares of Cloudflare by 16.8% in the first quarter. Cibc World Market Inc. now owns 21,811 shares of the company’s stock valued at $2,611,000 after buying an additional 3,140 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Cloudflare by 10.8% in the first quarter. Dimensional Fund Advisors LP now owns 181,514 shares of the company’s stock worth $21,732,000 after acquiring an additional 17,681 shares in the last quarter. 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.