Cloudflare (NYSE:NET) Shares Gap Up – Here’s What Happened

Cloudflare, Inc. (NYSE:NET)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $123.93, but opened at $131.79. Cloudflare shares last traded at $129.88, with a volume of 1,500,578 shares.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Wells Fargo & Company raised their target price on Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, January 27th. Truist Financial raised their price objective on Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. JMP Securities increased their target price on shares of Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a research report on Friday, February 7th. Needham & Company LLC dropped their price target on shares of Cloudflare from $185.00 to $145.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Finally, Mizuho reduced their price objective on shares of Cloudflare from $160.00 to $140.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Cloudflare has a consensus rating of “Hold” and an average price target of $135.64.

Cloudflare Trading Up 2.6 %

The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a 50 day moving average price of $137.01 and a 200 day moving average price of $110.56. The stock has a market capitalization of $43.87 billion, a PE ratio of -577.86 and a beta of 1.27.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Equities analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $113.98, for a total transaction of $5,970,728.32. Following the completion of the sale, the chief executive officer now directly owns 10,762 shares of the company’s stock, valued at $1,226,652.76. This trade represents a 82.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the transaction, the chief financial officer now owns 252,869 shares of the company’s stock, valued at approximately $28,779,020.89. The trade was a 5.60 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 566,766 shares of company stock worth $73,779,200. Insiders own 12.83% of the company’s stock.

Hedge Funds Weigh In On Cloudflare

Several institutional investors and hedge funds have recently bought and sold shares of NET. Quarry LP raised its stake in shares of Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after buying an additional 133 shares during the period. Gordian Capital Singapore Pte Ltd bought a new stake in Cloudflare in the 4th quarter valued at about $43,000. Quest Partners LLC purchased a new stake in Cloudflare during the third quarter valued at about $54,000. Park Square Financial Group LLC bought a new position in Cloudflare during the fourth quarter worth about $56,000. Finally, Larson Financial Group LLC increased its stake in shares of Cloudflare by 1,988.5% in the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after purchasing an additional 517 shares in the last quarter. 82.68% of the stock is owned by 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, script management, security center, and rate limiting products.