Stock Traders Buy Large Volume of Call Options on Cloudflare (NYSE:NET)

Cloudflare, Inc. (NYSE:NET) was the target of unusually large options trading on Wednesday. Stock investors acquired 24,325 call options on the company. This is an increase of approximately 76% compared to the average daily volume of 13,835 call options.

Insiders Place Their Bets

In other Cloudflare news, COO Michelle Zatlyn sold 12,820 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $76.14, for a total transaction of $976,114.80. Following the completion of the sale, the chief operating officer now directly owns 192,177 shares in the company, valued at $14,632,356.78. The trade was a 6.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the business’s 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 sale, the insider now directly owns 185,386 shares in the company, valued at $15,114,520.58. The trade was a 1.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 12,820 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total value of $976,114.80. Following the sale, the chief operating officer now owns 192,177 shares of the company’s stock, valued at approximately $14,632,356.78. This represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 477,043 shares of company stock valued at $39,737,342. 12.83% of the stock is owned by insiders.

Institutional Trading of Cloudflare

Several hedge funds and other institutional investors have recently bought and sold shares of NET. Allspring Global Investments Holdings LLC raised its holdings in Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after buying an additional 238 shares during the period. Janney Montgomery Scott LLC raised its holdings in Cloudflare by 86.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 13,800 shares of the company’s stock valued at $1,336,000 after buying an additional 6,405 shares during the period. Quantbot Technologies LP bought a new position in Cloudflare in the 1st quarter valued at $729,000. Empowered Funds LLC grew its position in Cloudflare by 24.3% in the 1st quarter. Empowered Funds LLC now owns 3,528 shares of the company’s stock valued at $342,000 after acquiring an additional 689 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in Cloudflare by 302.5% in the 1st quarter. SG Americas Securities LLC now owns 25,174 shares of the company’s stock valued at $2,438,000 after acquiring an additional 18,919 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Price Performance

Shares of NET traded down $2.23 during mid-day trading on Thursday, hitting $91.93. 2,640,889 shares of the stock were exchanged, compared to its average volume of 3,177,792. The company has a market cap of $31.41 billion, a PE ratio of -354.88 and a beta of 1.10. Cloudflare has a 52-week low of $66.24 and a 52-week high of $116.00. The firm has a 50-day moving average of $85.57 and a two-hundred day moving average of $80.80. 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 (NYSE:NET) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). The business had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. On average, equities analysts predict that Cloudflare will post -0.13 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on NET shares. Susquehanna boosted their price objective on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Royal Bank of Canada boosted their price objective on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and set a $135.00 price objective on shares of Cloudflare in a research note on Friday, August 2nd. BNP Paribas started coverage on Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective for the company. Finally, Wells Fargo & Company boosted their price objective on Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $92.88.

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.