Insider Selling: Cloudflare, Inc. (NYSE:NET) CFO Sells 16,901 Shares of Stock

Cloudflare, Inc. (NYSE:NET) CFO Thomas J. Seifert sold 16,901 shares of the firm’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $72.13, for a total transaction of $1,219,069.13. Following the completion of the transaction, the chief financial officer now owns 243,495 shares in the company, valued at $17,563,294.35. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Cloudflare Stock Performance

Cloudflare stock opened at $72.80 on Tuesday. The firm’s 50 day simple moving average is $61.89 and its 200-day simple moving average is $62.55. The company has a market cap of $24.44 billion, a P/E ratio of -119.34 and a beta of 0.97. The company has a debt-to-equity ratio of 1.83, a current ratio of 3.89 and a quick ratio of 3.89. Cloudflare, Inc. has a fifty-two week low of $37.56 and a fifty-two week high of $76.07.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on NET shares. Bank of America started coverage on shares of Cloudflare in a research report on Thursday, September 7th. They issued an “underperform” rating and a $52.00 price target on the stock. Guggenheim downgraded shares of Cloudflare from a “neutral” rating to a “sell” rating and set a $50.00 price objective on the stock. in a research report on Monday, August 7th. Mizuho lifted their price objective on shares of Cloudflare from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, August 4th. Needham & Company LLC lifted their price objective on shares of Cloudflare from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, August 4th. Finally, Wells Fargo & Company lifted their price objective on shares of Cloudflare from $55.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, August 4th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Cloudflare presently has an average rating of “Hold” and an average price target of $64.24.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NET. Bank Julius Baer & Co. Ltd Zurich increased its position in shares of Cloudflare by 85,228.5% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 22,703,348 shares of the company’s stock worth $1,484,118,000 after acquiring an additional 22,676,741 shares in the last quarter. Capital World Investors boosted its holdings in shares of Cloudflare by 56.7% during the second quarter. Capital World Investors now owns 26,433,363 shares of the company’s stock worth $1,727,949,000 after purchasing an additional 9,560,273 shares during the period. Moneta Group Investment Advisors LLC boosted its holdings in shares of Cloudflare by 131,133.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,073,501 shares of the company’s stock worth $274,583,000 after purchasing an additional 6,068,873 shares during the period. Baillie Gifford & Co. boosted its holdings in shares of Cloudflare by 22.5% during the second quarter. Baillie Gifford & Co. now owns 31,505,621 shares of the company’s stock worth $2,059,522,000 after purchasing an additional 5,787,888 shares during the period. Finally, Norges Bank acquired a new stake in shares of Cloudflare during the fourth quarter worth approximately $124,592,000. 73.14% of the stock is owned by hedge funds and other institutional investors.

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, secure origin connection, and rate limiting products.