Key Points
- Cloudflare CAO Janel Riley sold 23,332 shares on March 5 at an average price of $190, a $4.433M transaction that cut her position by 29.12% to 56,791 shares (~$10.79M remaining value).
- Cloudflare slightly beat-quarterly expectations: it reported $0.28 EPS vs. $0.27 expected and revenue of $614.51M (up 33.6% YoY), while still showing a negative net margin and return on equity.
- Analysts and institutions remain generally favorable: the consensus rating is "Moderate Buy" with a $230.70 target, and about 82.68% of the stock is held by hedge funds and other institutional investors.
Cloudflare, Inc. (NYSE:NET - Get Free Report) CAO Janel Riley sold 23,332 shares of the firm's stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $190.00, for a total transaction of $4,433,080.00. Following the sale, the chief accounting officer directly owned 56,791 shares of the company's stock, valued at approximately $10,790,290. This trade represents a 29.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Cloudflare Stock Up 1.3%
Cloudflare stock opened at $194.79 on Friday. The company has a market capitalization of $68.23 billion, a PE ratio of -671.67 and a beta of 1.98. Cloudflare, Inc. has a 12-month low of $89.42 and a 12-month high of $260.00. The firm's fifty day moving average is $184.30 and its 200 day moving average is $202.48. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35.
Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.01. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. The business had revenue of $614.51 million during the quarter, compared to analysts' expectations of $591.67 million. During the same period last year, the company posted $0.19 earnings per share. The business's quarterly revenue was up 33.6% on a year-over-year basis. As a group, sell-side analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.
Institutional Investors Weigh In On Cloudflare
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Rakuten Investment Management Inc. bought a new position in shares of Cloudflare during the 3rd quarter worth approximately $138,660,000. Allianz Asset Management GmbH increased its position in shares of Cloudflare by 322.4% during the third quarter. Allianz Asset Management GmbH now owns 65,182 shares of the company's stock valued at $13,987,000 after acquiring an additional 49,749 shares during the last quarter. National Pension Service lifted its holdings in Cloudflare by 1.0% during the third quarter. National Pension Service now owns 618,662 shares of the company's stock worth $132,759,000 after acquiring an additional 5,939 shares during the period. Westfield Capital Management Co. LP purchased a new position in Cloudflare in the second quarter worth $87,868,000. Finally, Swedbank AB grew its stake in Cloudflare by 27.7% in the 3rd quarter. Swedbank AB now owns 43,878 shares of the company's stock valued at $9,416,000 after purchasing an additional 9,527 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of brokerages have recently weighed in on NET. Truist Financial set a $225.00 target price on Cloudflare in a research report on Tuesday, January 20th. Piper Sandler boosted their price target on shares of Cloudflare from $220.00 to $222.00 and gave the company a "neutral" rating in a research note on Wednesday, February 11th. BTIG Research upped their price objective on shares of Cloudflare from $199.00 to $243.00 and gave the stock a "buy" rating in a report on Wednesday, February 11th. Barclays raised their price objective on shares of Cloudflare from $235.00 to $250.00 and gave the company an "overweight" rating in a research note on Wednesday, February 11th. Finally, DZ Bank upgraded shares of Cloudflare from a "hold" rating to a "buy" rating and set a $215.00 price objective for the company in a report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Cloudflare has a consensus rating of "Moderate Buy" and a consensus price target of $230.70.
View Our Latest Stock Report on Cloudflare
Cloudflare Company Profile
(
Get Free Report)
Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.
In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.
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