Insider Selling: Cloudflare (NYSE:NET) CAO Sells 3,488 Shares of Stock

Cloudflare, Inc. (NYSE:NET) CAO Janel Riley sold 3,488 shares of Cloudflare stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $196.51, for a total transaction of $685,426.88. Following the sale, the chief accounting officer directly owned 56,144 shares in the company, valued at $11,032,857.44. The trade was a 5.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Cloudflare Stock Down 2.8%

NET traded down $5.71 on Tuesday, hitting $196.54. The company had a trading volume of 8,767,579 shares, compared to its average volume of 3,339,939. Cloudflare, Inc. has a 52-week low of $89.42 and a 52-week high of $260.00. The stock has a fifty day simple moving average of $221.74 and a 200-day simple moving average of $196.61. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.04 and a quick ratio of 2.04. The firm has a market capitalization of $68.85 billion, a P/E ratio of -655.15 and a beta of 2.10.

Institutional Investors Weigh In On Cloudflare

A number of hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Cloudflare in the second quarter worth about $541,462,000. Groupama Asset Managment purchased a new stake in Cloudflare in the second quarter worth about $225,204,000. Vanguard Group Inc. grew its stake in shares of Cloudflare by 2.6% during the 3rd quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock valued at $6,934,958,000 after acquiring an additional 821,684 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Cloudflare by 33.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,129,030 shares of the company’s stock valued at $352,610,000 after purchasing an additional 786,063 shares during the period. Finally, Nuveen LLC purchased a new stake in Cloudflare in the 1st quarter worth $88,203,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NET has been the topic of several recent research reports. Scotiabank upped their price target on Cloudflare from $200.00 to $225.00 and gave the stock a “sector perform” rating in a research note on Friday, October 31st. KeyCorp boosted their price target on Cloudflare from $235.00 to $300.00 and gave the stock an “overweight” rating in a research report on Friday, October 31st. Susquehanna raised their price target on Cloudflare from $205.00 to $260.00 and gave the company a “neutral” rating in a report on Monday, November 3rd. Stifel Nicolaus lifted their target price on shares of Cloudflare from $230.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Finally, Cantor Fitzgerald upped their price objective on Cloudflare from $199.00 to $224.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.35.

About Cloudflare

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.