Cloudflare (NYSE:NET) Shares Gap Up to $78.60

Shares of Cloudflare, Inc. (NYSE:NET) gapped up before the market opened on Tuesday . The stock had previously closed at $78.60, but opened at $80.58. Cloudflare shares last traded at $79.78, with a volume of 207,129 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on NET. Needham & Company LLC reissued a “buy” rating and set a $135.00 price target on shares of Cloudflare in a research report on Friday, May 31st. Citigroup reduced their price objective 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. Robert W. Baird reduced their price objective on shares of Cloudflare from $100.00 to $94.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. KeyCorp reduced their price objective on shares of Cloudflare from $132.00 to $94.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. Finally, Susquehanna reduced their price objective on shares of Cloudflare from $115.00 to $80.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of “Hold” and an average price target of $90.96.

Cloudflare Price Performance

The stock’s fifty day moving average price is $77.01 and its two-hundred day moving average price is $85.35. The firm has a market capitalization of $26.94 billion, a price-to-earnings ratio of -149.58 and a beta of 1.08. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The business had revenue of $378.60 million for the quarter, compared to analyst estimates of $372.93 million. Equities research analysts expect that Cloudflare, Inc. will post -0.19 EPS for the current year.

Insider Activity

In other news, Director Katrin Suder sold 574 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $67.11, for a total value of $38,521.14. Following the sale, the director now directly owns 51,162 shares in the company, valued at approximately $3,433,481.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Katrin Suder sold 574 shares of Cloudflare stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $67.11, for a total transaction of $38,521.14. Following the sale, the director now directly owns 51,162 shares in the company, valued at approximately $3,433,481.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 60,863 shares of Cloudflare stock in a transaction on Monday, May 20th. The stock was sold at an average price of $74.94, for a total transaction of $4,561,073.22. Following the sale, the chief operating officer now owns 211,394 shares in the company, valued at $15,841,866.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 700,796 shares of company stock worth $56,919,603. 12.83% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cloudflare

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Cloudflare by 1.5% in the first quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock valued at $2,766,632,000 after purchasing an additional 412,864 shares during the period. Capital World Investors increased its stake in Cloudflare by 2.1% in the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after purchasing an additional 584,566 shares during the period. 1832 Asset Management L.P. increased its stake in Cloudflare by 121.2% in the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after purchasing an additional 1,597,900 shares during the period. Norges Bank acquired a new position in Cloudflare in the fourth quarter valued at $221,858,000. Finally, Northern Trust Corp increased its stake in Cloudflare by 3.1% in the third quarter. Northern Trust Corp now owns 1,733,639 shares of the company’s stock valued at $109,289,000 after purchasing an additional 51,345 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.