Insider Selling: Cloudflare, Inc. (NYSE:NET) COO Sells 12,820 Shares of Stock

Cloudflare, Inc. (NYSE:NET) COO Michelle Zatlyn sold 12,820 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $78.51, for a total value of $1,006,498.20. Following the completion of the sale, the chief operating officer now owns 211,394 shares of the company’s stock, valued at approximately $16,596,542.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Tuesday, June 18th, Michelle Zatlyn sold 12,820 shares of Cloudflare stock. The shares were sold at an average price of $77.54, for a total value of $994,062.80.
• On Wednesday, May 22nd, Michelle Zatlyn sold 12,820 shares of Cloudflare stock. The shares were sold at an average price of $74.08, for a total transaction of $949,705.60.
• On Monday, May 20th, Michelle Zatlyn sold 60,863 shares of Cloudflare stock. The shares were sold at an average price of $74.94, for a total transaction of $4,561,073.22.
• On Thursday, April 18th, Michelle Zatlyn sold 18,955 shares of Cloudflare stock. The stock was sold at an average price of $87.07, for a total transaction of $1,650,411.85.
• On Tuesday, April 16th, Michelle Zatlyn sold 25,640 shares of Cloudflare stock. The shares were sold at an average price of $89.69, for a total value of $2,299,651.60.

Cloudflare Stock Performance

NET stock opened at $79.28 on Thursday. The firm has a market cap of $26.94 billion, a price-to-earnings ratio of -149.58 and a beta of 1.08. Cloudflare, Inc. has a twelve month low of $53.88 and a twelve month high of $116.00. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The business’s fifty day simple moving average is $77.01 and its two-hundred day simple moving average is $85.35.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $378.60 million for the quarter, compared to analysts’ expectations of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. Analysts predict that Cloudflare, Inc. will post -0.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on NET. Cantor Fitzgerald reissued a “neutral” rating and set a $80.00 target price on shares of Cloudflare in a research note on Friday, June 21st. Citigroup lowered their target price on shares of Cloudflare from $95.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, May 9th. Susquehanna dropped their target price on shares of Cloudflare from $115.00 to $80.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. Bank of America lifted their price target on shares of Cloudflare from $52.00 to $60.00 and gave the company an “underperform” rating in a report on Friday, May 3rd. Finally, Oppenheimer dropped their price objective on shares of Cloudflare from $122.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Three analysts have rated the stock with a sell rating, ten have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $90.96.

Institutional Trading of Cloudflare

Several hedge funds and other institutional investors have recently made changes to their positions in NET. Nomura Asset Management Co. Ltd. raised its stake in Cloudflare by 6.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 69,760 shares of the company’s stock valued at $5,808,000 after buying an additional 4,300 shares during the last quarter. Truist Financial Corp raised its position in shares of Cloudflare by 1.2% in the 4th quarter. Truist Financial Corp now owns 28,388 shares of the company’s stock valued at $2,364,000 after purchasing an additional 331 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in 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 purchasing an additional 3,164 shares in the last quarter. Deutsche Bank AG boosted its stake in 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 purchasing an additional 65,596 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Cloudflare during the 4th quarter valued at approximately $11,639,000. Hedge funds and other 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.