Cloudflare (NYSE:NET) stock price drops 3.9% after insider selling

Cloudflare, Inc.’s (NYSE:NET – Get Rating) stock price fell 3.9% in midday trading Tuesday following insider selling activity. The stock traded as low as $74.17 and last traded at $75.01. 15,037 shares were traded during trading, down 100% from the average session volume of 5,899,835 shares. The stock had previously closed at $78.08. Specifically, CEO Matthew Prince sold 52,384 shares in a trade that took place on Monday, August 15. The stock was sold at an average price of $78.21, for a total transaction of $4,096,952.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this hyperlink. In other news, CEO Matthew Prince sold 52,384 shares of the company in a trade dated Monday, August 15. The shares were sold at an average price of $78.21, for a total value of $4,096,952.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, CAO Paul D. Underwood sold 6,000 shares in a trade that took place on Friday, August 5. The stock was sold at an average price of $70.00, for a total transaction of $420,000.00. As a result of the sale, the accounting chief now owns 30,030 shares of the company, valued at around $2,102,100. The disclosure of this sale can be found here. In the past three months, insiders have sold 322,745 shares of the company worth $19,901,941. Insiders of the company own 15.99% of the shares of the company.

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Several stock analysts have recently commented on the company. Royal Bank of Canada raised its price target on Cloudflare from $62.00 to $74.00 in a Friday, August 5 research note. Guggenheim began Cloudflare coverage in a research note on Friday. They set a “neutral” rating and a price target of $82.00 on the stock. Piper Sandler raised her price target on Cloudflare shares from $57.00 to $73.00 and gave the stock a “neutral” rating in a Friday, August 5 report. Mizuho raised its price target on Cloudflare shares from $76.00 to $85.00 and gave the stock a “neutral” rating in a Friday, August 5 report. Finally, Cowen lowered his price target on Cloudflare shares from $250.00 to $200.00 in a Monday, May 2 research note. One financial analyst gave the stock a sell rating, eleven gave the stock a hold rating and eight gave the stock a buy rating. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $114.76.

Cloudflare stock down 5.2%

The company has a market capitalization of $24.15 billion, a PE ratio of -85.80 and a beta of 1.22. The company has a debt ratio of 2.47, a quick ratio of 5.45 and a current ratio of 5.45. The company’s 50-day moving average price is $52.29 and its two-hundred-day moving average price is $79.20.

Cloudflare Institutional Commerce

Several institutional investors have recently changed their NET portfolio. Vanguard Group Inc. increased its position in Cloudflare by 2.4% in Q1. Vanguard Group Inc. now owns 23,358,000 shares of the company valued at $2,795,953,000 after purchasing an additional 548,149 shares in the last quarter. Capital World Investors increased its position in Cloudflare by 50.2% in Q1. Capital World Investors now owns 17,046,464 shares of the company valued at $2,040,462,000 after purchasing an additional 5,698,601 shares in the last quarter. Sands Capital Management LLC increased its position in Cloudflare by 15.4% in Q2. Sands Capital Management LLC now owns 15,643,953 shares of the company valued at $684,423,000 after purchasing an additional 2,093,425 shares in the last quarter. BlackRock Inc. increased its position in Cloudflare by 4.2% in Q1. BlackRock Inc. now owns 15,091,856 shares of the company valued at $1,806,495,000 after purchasing an additional 611,459 shares in the last quarter. Finally, First Trust Advisors LP increased its position in Cloudflare by 30.4% in Q1. First Trust Advisors LP now owns 6,448,150 shares of the company valued at $771,844,000 after purchasing an additional 1,503,125 shares in the last quarter. Hedge funds and other institutional investors own 69.96% of the company’s shares.

Cloudflare Company Profile

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CloudFlare, Inc operates as a cloud service provider that offers a range of services to businesses around the world. The company offers an integrated cloud-based security solution to secure a range of platform combinations, including public cloud, private cloud, on-premises applications, software as a service, and IoT devices.

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