Cloudflare (NYSE:NET) Shares Gap Up to $78.60

Cloudflare, Inc. (NYSE:NET)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $78.60, but opened at $80.58. Cloudflare shares last traded at $79.78, with a volume of 207,129 shares changing hands.

Wall Street Analyst Weigh In

NET has been the topic of several analyst reports. TD Cowen cut their target price on Cloudflare from $117.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Piper Sandler reissued a “neutral” rating and issued a $81.00 price objective (down previously from $110.00) on shares of Cloudflare in a research report on Friday, May 3rd. Needham & Company LLC reissued a “buy” rating and issued a $135.00 price objective on shares of Cloudflare in a research report on Friday, May 31st. The Goldman Sachs Group cut their price objective on Cloudflare from $77.00 to $68.00 and set a “sell” rating on the stock in a research report on Tuesday, June 4th. Finally, UBS Group raised Cloudflare from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $76.00 to $82.00 in a research report on Tuesday. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $90.96.

Cloudflare Price Performance

The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. The business has a fifty day moving average price of $77.40 and a 200-day moving average price of $85.37. The stock has a market capitalization of $26.91 billion, a PE ratio of -148.30 and a beta of 1.08.

Cloudflare (NYSE:NET) last released its quarterly earnings data 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. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. The business had revenue of $378.60 million during the quarter, compared to analysts’ expectations of $372.93 million. Research analysts expect that Cloudflare, Inc. will post -0.19 EPS for the current fiscal year.

Insider Transactions at Cloudflare

In other news, Director Katrin Suder sold 574 shares of the stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $67.11, for a total value of $38,521.14. Following the completion of the transaction, the director now owns 51,162 shares of the company’s stock, valued at approximately $3,433,481.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Katrin Suder sold 574 shares of the stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $67.11, for a total value of $38,521.14. Following the completion of the transaction, the director now owns 51,162 shares of the company’s stock, valued at approximately $3,433,481.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Carl Ledbetter sold 9,993 shares of the stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $100.16, for a total value of $1,000,898.88. Following the completion of the transaction, the director now directly owns 1,275,004 shares of the company’s stock, valued at approximately $127,704,400.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 702,759 shares of company stock valued at $57,278,985. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

A number of institutional investors and hedge funds have recently modified their holdings of NET. Nomura Asset Management Co. Ltd. boosted its stake in shares of Cloudflare by 6.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 69,760 shares of the company’s stock worth $5,808,000 after buying an additional 4,300 shares during the last quarter. Truist Financial Corp boosted its stake in shares of Cloudflare by 1.2% in the 4th quarter. Truist Financial Corp now owns 28,388 shares of the company’s stock worth $2,364,000 after buying an additional 331 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Cloudflare by 5.1% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 65,790 shares of the company’s stock worth $5,478,000 after buying an additional 3,164 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of Cloudflare by 5.1% in the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock worth $85,243,000 after buying an additional 65,596 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of Cloudflare in the 4th quarter worth $11,639,000. Institutional investors 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.