What happens to stocks if AI loses momentum?
Thomas J. Seifert, the Chief Financial Officer of Cloudflare, Inc. (NYSE:NET), recently sold a substantial amount of the company’s stock, according to a regulatory filing. The sale comes as Cloudflare’s stock trades near its 52-week high of $144.30, having delivered an impressive 78.5% return over the past year. According to InvestingPro analysis, the company’s current market capitalization stands at $49.3 billion. On February 3, Seifert sold shares of Cloudflare’s Class A Common Stock, totaling approximately $2.05 million. The shares were sold at prices ranging from $131.785 to $138.1229 per share.
The sale was conducted under a pre-established trading plan, as noted in the filing. Following the transactions, Seifert retains ownership of 252,869 shares of Cloudflare’s Class A Common Stock. Additionally, Seifert exercised options to acquire 15,000 shares of Class B Common Stock, which are convertible into Class A shares on a one-to-one basis at any time.
These transactions are part of Seifert’s ongoing management of his equity holdings in the company.
In other recent news, several firms have adjusted their outlook on Cloudflare Inc . Needham raised its price target from $110 to $160, anticipating improved results due to recent changes in Cloudflare’s go-to-market strategy. Meanwhile, Baird downgraded the stock from Outperform to Neutral, despite raising the price target to $140, citing a more balanced risk-reward scenario. Truist Securities also raised its price target to $140, expecting Cloudflare’s continued traction with major clients and success of its Workers AI platform to exceed Wall Street’s expectations. JMP Securities increased the price target to $135, justifying the premium valuation due to Cloudflare’s strong top-line growth and large total addressable market. Lastly, Citi upgraded the stock from Neutral to Buy and significantly increased the price target to $145, reflecting optimism about the company’s future earnings potential and revenue growth. These are recent developments, reflecting the ongoing analysis of Cloudflare’s performance and potential by various firms.
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