Cloudflare (NYSE:NET) Shares Gap Down – What’s Next?

by · The Markets Daily

Cloudflare, Inc. (NYSE:NET – Get Free Report)’s share price gapped down prior to trading on Friday . The stock had previously closed at $95.66, but opened at $88.45. Cloudflare shares last traded at $88.59, with a volume of 1,238,821 shares changing hands.

Analyst Ratings Changes

NET has been the subject of several research analyst reports. Scotiabank upped their target price on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research note on Friday. Needham & Company LLC restated a “buy” rating and set a $135.00 price objective on shares of Cloudflare in a research report on Friday, August 2nd. Mizuho lifted their target price on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Cantor Fitzgerald upped their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Wolfe Research initiated coverage on shares of Cloudflare in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $92.16.

View Our Latest Report on Cloudflare

Cloudflare Price Performance

The stock has a 50-day simple moving average of $84.59 and a 200 day simple moving average of $80.69. The company has a market cap of $30.13 billion, a PE ratio of -306.21 and a beta of 1.10. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46.

Cloudflare (NYSE:NET – Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). The firm had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. Equities analysts expect that Cloudflare, Inc. will post -0.13 EPS for the current year.

Insider Buying and Selling

In other news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total value of $244,590.00. Following the completion of the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $15,114,520.58. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the completion of the transaction, the insider now owns 185,386 shares of the company’s stock, valued at approximately $15,114,520.58. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Michelle Zatlyn sold 64,100 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $81.60, for a total transaction of $5,230,560.00. Following the sale, the chief operating officer now owns 192,177 shares in the company, valued at approximately $15,681,643.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 477,043 shares of company stock valued at $39,737,342. Company insiders own 12.83% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC boosted its stake in shares of Cloudflare by 595.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after buying an additional 238 shares during the period. CVA Family Office LLC raised its holdings in Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after acquiring an additional 171 shares in the last quarter. Quarry LP lifted its stake in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after acquiring an additional 146 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Cloudflare during the 2nd quarter worth approximately $29,000. Finally, Versant Capital Management Inc grew its holdings in Cloudflare by 1,202.9% during the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after acquiring an additional 421 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Company Profile

(Get Free Report)

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.

Recommended Stories