Cloudflare Sees Unusually High Options Volume (NYSE:NET)

Cloudflare, Inc. (NYSE:NET) was the recipient of unusually large options trading activity on Wednesday. Stock investors purchased 21,646 call options on the stock. This represents an increase of 46% compared to the typical volume of 14,788 call options.

Insiders Place Their Bets

In other Cloudflare news, COO Michelle Zatlyn sold 12,820 shares of the 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 transaction, the chief operating officer now owns 192,177 shares in the company, valued at $14,822,612.01. This represents a 6.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $88.60, for a total transaction of $265,800.00. Following the transaction, the insider now directly owns 185,386 shares in the company, valued at $16,425,199.60. This represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 499,184 shares of company stock worth $45,212,272 over the last three months. Insiders own 12.83% of the company’s stock.

Institutional Investors Weigh In On Cloudflare

Institutional investors and hedge funds have recently made changes to their positions in the stock. CVA Family Office LLC raised its stake in Cloudflare by 121.3% during the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after buying an additional 171 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Cloudflare in the 2nd quarter worth about $29,000. Quarry LP lifted its stake in shares of Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after purchasing an additional 146 shares during the period. Capital Performance Advisors LLP bought a new stake in shares of Cloudflare during the 3rd quarter valued at about $38,000. Finally, Quest Partners LLC acquired a new stake in Cloudflare during the third quarter worth approximately $54,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Stock Down 0.2 %

NYSE:NET opened at $110.46 on Friday. Cloudflare has a one year low of $66.24 and a one year high of $116.00. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company has a market cap of $37.91 billion, a PE ratio of -424.85 and a beta of 1.10. The firm’s 50 day simple moving average is $92.13 and its 200 day simple moving average is $83.33.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). The company had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, research analysts anticipate that Cloudflare will post -0.11 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have commented on NET. Morgan Stanley upgraded Cloudflare from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $92.00 to $130.00 in a research note on Monday. BNP Paribas assumed coverage on Cloudflare in a research report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target on the stock. UBS Group upped their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Mizuho raised their target price on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Finally, Scotiabank upped their price target on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a report on Friday, November 8th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare has a consensus rating of “Hold” and a consensus target price of $94.40.

Cloudflare Company Profile

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.