Michelle Zatlyn Sells 35,080 Shares of Cloudflare (NYSE:NET) Stock

Cloudflare, Inc. (NYSE:NET) insider Michelle Zatlyn sold 35,080 shares of the company’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $187.39, for a total transaction of $6,573,641.20. Following the transaction, the insider owned 34,514 shares in the company, valued at approximately $6,467,578.46. The trade was a 50.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Michelle Zatlyn also recently made the following trade(s):

• On Monday, February 23rd, Michelle Zatlyn sold 25,641 shares of Cloudflare stock. The shares were sold at an average price of $172.76, for a total transaction of $4,429,739.16.
• On Friday, February 20th, Michelle Zatlyn sold 25,641 shares of Cloudflare stock. The stock was sold at an average price of $192.66, for a total transaction of $4,939,995.06.
• On Thursday, January 15th, Michelle Zatlyn sold 25,641 shares of Cloudflare stock. The shares were sold at an average price of $190.05, for a total value of $4,873,072.05.
• On Tuesday, January 13th, Michelle Zatlyn sold 25,641 shares of Cloudflare stock. The stock was sold at an average price of $187.96, for a total value of $4,819,482.36.
• On Thursday, December 11th, Michelle Zatlyn sold 25,641 shares of Cloudflare stock. The shares were sold at an average price of $208.61, for a total value of $5,348,969.01.
• On Tuesday, December 9th, Michelle Zatlyn sold 25,641 shares of Cloudflare stock. The stock was sold at an average price of $205.15, for a total value of $5,260,251.15.

Cloudflare Stock Down 9.7%

NYSE NET traded down $17.16 on Monday, reaching $159.98. The company had a trading volume of 8,514,570 shares, compared to its average volume of 6,731,796. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 1.46. The company’s fifty day moving average is $187.79 and its 200 day moving average is $203.85. Cloudflare, Inc. has a 52-week low of $89.42 and a 52-week high of $260.00. The stock has a market capitalization of $56.04 billion, a P/E ratio of -551.63 and a beta of 1.97.

Cloudflare (NYSE:NET) last posted its earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.01. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.40%. The firm had revenue of $614.51 million during the quarter, compared to analyst estimates of $591.67 million. During the same quarter in the prior year, the business posted $0.19 EPS. The business’s revenue was up 33.6% compared to the same quarter last year. Sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NET has been the subject of several recent research reports. New Street Research set a $140.00 price objective on Cloudflare in a report on Wednesday, February 11th. Mizuho reduced their target price on shares of Cloudflare from $280.00 to $255.00 and set an “outperform” rating for the company in a research note on Wednesday, January 21st. Cantor Fitzgerald restated a “neutral” rating and set a $224.00 price target on shares of Cloudflare in a research note on Wednesday, February 11th. Royal Bank Of Canada raised their target price on Cloudflare from $230.00 to $240.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 11th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Cloudflare in a research note on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Cloudflare currently has an average rating of “Moderate Buy” and an average target price of $230.70.

Hedge Funds Weigh In On Cloudflare

Several institutional investors and hedge funds have recently made changes to their positions in NET. Norges Bank bought a new position in shares of Cloudflare during the fourth quarter valued at about $718,316,000. Jennison Associates LLC grew its position in Cloudflare by 802.6% during the 4th quarter. Jennison Associates LLC now owns 1,863,612 shares of the company’s stock worth $367,411,000 after acquiring an additional 1,657,144 shares during the last quarter. Corient Private Wealth LLC grew its position in Cloudflare by 4,042.6% during the 4th quarter. Corient Private Wealth LLC now owns 1,399,378 shares of the company’s stock worth $275,887,000 after acquiring an additional 1,365,598 shares during the last quarter. Groupama Asset Managment purchased a new position in Cloudflare in the 2nd quarter worth approximately $225,204,000. Finally, Vanguard Group Inc. lifted its position in Cloudflare by 2.6% in the third quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock valued at $6,934,958,000 after purchasing an additional 821,684 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

About Cloudflare

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.