Investors Purchase High Volume of Cloudflare Call Options (NYSE:NET)

Cloudflare, Inc. (NYSE:NET) was the recipient of some unusual options trading on Wednesday. Investors acquired 24,325 call options on the stock. This is an increase of approximately 76% compared to the typical daily volume of 13,835 call options.

Insider Buying and Selling at Cloudflare

In other news, COO Michelle Zatlyn sold 35,117 shares of Cloudflare stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $83.74, for a total transaction of $2,940,697.58. Following the transaction, the chief operating officer now directly owns 192,177 shares in the company, valued at approximately $16,092,901.98. This trade represents a 15.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $78.06, for a total value of $4,089,095.04. Following the transaction, the chief executive officer now owns 10,761 shares in the company, valued at approximately $840,003.66. This trade represents a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 473,548 shares of company stock valued at $39,451,976 in the last quarter. Corporate insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Several large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its stake in shares of Cloudflare by 13.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after purchasing an additional 119 shares during the period. Elo Mutual Pension Insurance Co grew its stake in shares of Cloudflare by 0.5% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after purchasing an additional 136 shares during the period. OneDigital Investment Advisors LLC grew its stake in shares of Cloudflare by 3.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $327,000 after purchasing an additional 137 shares during the period. Quarry LP grew its stake in shares of Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after purchasing an additional 146 shares during the period. Finally, Forum Financial Management LP boosted its holdings in shares of Cloudflare by 6.1% in the 2nd quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock worth $234,000 after acquiring an additional 162 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Price Performance

Shares of NET opened at $92.00 on Friday. Cloudflare has a 12-month low of $66.24 and a 12-month high of $116.00. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The stock’s 50-day moving average price is $85.57 and its 200 day moving average price is $80.80.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The firm had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. On average, analysts predict that Cloudflare will post -0.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on NET shares. BNP Paribas started coverage on Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target on the stock. Piper Sandler lifted their target price on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Susquehanna lifted their price target on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Royal Bank of Canada lifted their price target on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Guggenheim lifted their price target on Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $92.88.

Cloudflare Company Profile

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.