Cloudflare Target of Unusually High Options Trading (NYSE:NET)

Cloudflare, Inc. (NYSE:NET) was the target of some unusual options trading on Wednesday. Stock traders acquired 21,646 call options on the stock. This represents an increase of approximately 46% compared to the average volume of 14,788 call options.

Cloudflare Stock Performance

NYSE:NET opened at $110.72 on Thursday. The stock has a fifty day moving average price of $91.57 and a 200-day moving average price of $83.14. The company has a market cap of $38.00 billion, a price-to-earnings ratio of -425.85 and a beta of 1.10. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare has a fifty-two week low of $66.24 and a fifty-two week high of $116.00.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.03). The firm had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. As a group, equities analysts anticipate that Cloudflare will post -0.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

NET has been the topic of several recent analyst reports. UBS Group boosted their price target on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Mizuho boosted their price target on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. BNP Paribas initiated coverage on Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target on the stock. Wells Fargo & Company boosted their price target on Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, Piper Sandler boosted their price target on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Cloudflare currently has an average rating of “Hold” and an average price target of $94.40.

Insider Activity

In related news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $88.60, for a total value of $265,800.00. Following the sale, the insider now owns 185,386 shares of the company’s stock, valued at approximately $16,425,199.60. This trade represents a 1.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Maria S. Eitel sold 6,875 shares of Cloudflare stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $88.00, for a total value of $605,000.00. Following the completion of the sale, the director now directly owns 5,927 shares in the company, valued at approximately $521,576. This represents a 53.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 536,568 shares of company stock worth $47,573,767 in the last 90 days. Corporate insiders own 12.83% of the company’s stock.

Institutional Trading of Cloudflare

Institutional investors have recently modified their holdings of the stock. Hartline Investment Corp lifted its position in shares of Cloudflare by 7.6% during the 3rd quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock valued at $21,062,000 after acquiring an additional 18,426 shares during the period. WIM INVESTMENT MANAGEMENT Ltd acquired a new position in shares of Cloudflare during the 3rd quarter worth $25,588,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Cloudflare by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after buying an additional 29,960 shares in the last quarter. National Pension Service raised its holdings in shares of Cloudflare by 0.9% during the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock worth $38,174,000 after buying an additional 4,062 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Cloudflare during the 2nd quarter worth $7,319,000. 82.68% of the stock is currently owned by institutional investors.

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.