Insider Selling: Cloudflare, Inc. (NYSE:NET) COO Sells 12,820 Shares of Stock

Cloudflare, Inc. (NYSE:NET) COO Michelle Zatlyn sold 12,820 shares of Cloudflare stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $77.13, for a total transaction of $988,806.60. Following the sale, the chief operating officer now directly owns 192,177 shares in the company, valued at approximately $14,822,612.01. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• On Wednesday, September 11th, Michelle Zatlyn sold 12,820 shares of Cloudflare stock. The shares were sold at an average price of $76.14, for a total transaction of $976,114.80.
• On Thursday, August 22nd, Michelle Zatlyn sold 25,640 shares of Cloudflare stock. The shares were sold at an average price of $81.91, for a total transaction of $2,100,172.40.
• On Tuesday, August 20th, Michelle Zatlyn sold 35,117 shares of Cloudflare stock. The shares were sold at an average price of $83.74, for a total transaction of $2,940,697.58.
• On Wednesday, July 3rd, Michelle Zatlyn sold 25,640 shares of Cloudflare stock. The shares were sold at an average price of $85.28, for a total transaction of $2,186,579.20.
• On Monday, July 1st, Michelle Zatlyn sold 102,580 shares of Cloudflare stock. The stock was sold at an average price of $82.52, for a total transaction of $8,464,901.60.
• On Thursday, June 20th, Michelle Zatlyn sold 12,820 shares of Cloudflare stock. The stock was sold at an average price of $78.51, for a total transaction of $1,006,498.20.
• On Tuesday, June 18th, Michelle Zatlyn sold 12,820 shares of Cloudflare stock. The stock was sold at an average price of $77.54, for a total transaction of $994,062.80.

Cloudflare Price Performance

NET traded up $1.75 on Wednesday, hitting $78.56. 2,335,324 shares of the company were exchanged, compared to its average volume of 3,323,476. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. The business’s fifty day moving average is $80.09 and its 200 day moving average is $83.37. Cloudflare, Inc. has a fifty-two week low of $53.88 and a fifty-two week high of $116.00. The firm has a market capitalization of $26.69 billion, a P/E ratio of -147.96 and a beta of 1.10.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The company had revenue of $401.00 million for the quarter, compared to analyst estimates of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The firm’s revenue for the quarter was up 30.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.12) earnings per share. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.14 EPS for the current year.

Analyst Upgrades and Downgrades

NET has been the subject of several research reports. JMP Securities restated a “market outperform” rating and issued a $120.00 price target on shares of Cloudflare in a research note on Tuesday, May 14th. Mizuho lifted their price objective on shares of Cloudflare from $88.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 16th. The Goldman Sachs Group decreased their price objective on shares of Cloudflare from $77.00 to $68.00 and set a “sell” rating for the company in a research report on Tuesday, June 4th. UBS Group raised shares of Cloudflare from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $76.00 to $82.00 in a research report on Tuesday, June 25th. Finally, Robert W. Baird lifted their price objective on shares of Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $92.29.

Institutional Trading of Cloudflare

Several large investors have recently modified their holdings of NET. Norges Bank acquired a new stake in shares of Cloudflare in the fourth quarter valued at approximately $221,858,000. Baillie Gifford & Co. boosted its position in Cloudflare by 8.5% during the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after acquiring an additional 2,575,396 shares during the last quarter. 1832 Asset Management L.P. boosted its position in Cloudflare by 121.2% during the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after acquiring an additional 1,597,900 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of Cloudflare by 123.4% in the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after purchasing an additional 855,334 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Cloudflare by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after purchasing an additional 740,914 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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.