Cloudflare (NYSE:NET) Issues Quarterly Earnings Results, Meets Estimates

by · The Cerbat Gem

Cloudflare (NYSE:NET – Get Free Report) issued its quarterly earnings data on Thursday. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03), reports. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The firm had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million.

Cloudflare Stock Performance

Shares of NET stock opened at $91.25 on Friday. The company has a fifty day moving average price of $84.77 and a two-hundred day moving average price of $80.69. Cloudflare has a one year low of $61.34 and a one year high of $116.00. The stock has a market cap of $31.18 billion, a P/E ratio of -350.96 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51.

Insider Transactions at Cloudflare

In related news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total transaction of $244,590.00. Following the completion of the transaction, the insider now owns 185,386 shares in the company, 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 is accessible through this hyperlink. In other news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at $15,114,520.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Janel Riley sold 3,495 shares of Cloudflare stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $81.65, for a total transaction of $285,366.75. Following the sale, the chief accounting officer now directly owns 80,183 shares of the company’s stock, valued at $6,546,941.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 477,043 shares of company stock worth $39,737,342 in the last ninety days. Insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Several institutional investors have recently added to or reduced their stakes in NET. National Pension Service boosted its position in shares of Cloudflare by 0.9% in the third quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after acquiring an additional 4,062 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in Cloudflare during the 2nd quarter worth $7,319,000. Price T Rowe Associates Inc. MD increased its position in shares of Cloudflare by 20.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 875,183 shares of the company’s stock worth $84,745,000 after purchasing an additional 149,866 shares during the period. Swiss National Bank raised its position in shares of Cloudflare by 2.0% in the 1st quarter. Swiss National Bank now owns 886,900 shares of the company’s stock valued at $85,879,000 after buying an additional 17,700 shares in the last quarter. Finally, Comerica Bank lifted its stake in Cloudflare by 19.9% during the first quarter. Comerica Bank now owns 28,556 shares of the company’s stock worth $2,765,000 after purchasing an additional 4,733 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on NET shares. Piper Sandler raised their price target on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a report on Friday. Needham & Company LLC reaffirmed a “buy” rating and set a $135.00 price target on shares of Cloudflare in a research note on Friday, August 2nd. UBS Group lifted their price objective on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday. Royal Bank of Canada upped their target price on shares of Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Robert W. Baird boosted their price target on shares of Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Four 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. According to MarketBeat.com, Cloudflare has an average rating of “Hold” and an average price target of $92.88.

Check Out Our Latest Stock Report on Cloudflare

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.

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