Cloudflare Inc. (NYSE:NET) shares are trending on Monday night.
Shares of the California-based cloud-networking and cybersecurity company edged 0.25% higher to $352.56 in after-hours trading on Monday.
In the regular session, NET surged 8.67% to close at $351.67, according to Benzinga Pro data.
On Monday, NET experienced an elevated trading session. Volume reached 3.89 million shares, topping the average of 3.61 million.
CFO Sells Shares
According to a Monday Securities and Exchange Commission filing, Cloudflare Chief Financial Officer Thomas J. Seifert exercised an employee stock option on Sept. 17 to acquire 10,000 shares of Class B Common Stock at $2.04 per share. He converted the shares into Class A Common Stock on the same day.
Seifert then sold all 10,000 Class A shares that day in a series of transactions ranging from $318.90 to $336.51 per share. The sales were made under a pre-arranged trading plan adopted last year.
Based on the weighted-average prices reported in the filing, the sales were worth an estimated $3.32 million. After the transactions, Seifert directly held 107,902 Class A shares.
What You Should Know
On the same day of the transaction, Bernstein‘s Peter Weed maintained a Market Perform rating on Cloudflare, raising his price target to $181 from $164. The analyst’s price target is well below the stock’s trading price at the time.
Cloudflare made Ritholtz Wealth Management CEO Josh Brown and colleague Sean Russo‘s “Best Stocks in the Market” list Monday. The list tracks high-performing equities meeting strict fundamental and technical criteria.
The tech stock recently drew fresh attention when Meta Platforms Inc. (NASDAQ:META) unveiled Muse, a personal AI agent built to handle tasks like booking travel and sending emails on a user’s behalf. This came as Cloudflare and Meta have partnered since 2023, when Llama 2 launched on Cloudflare Workers AI.
Trading Metrics, Technical Analysis
Cloudflare has a market capitalization of $125.22 billion. Its 52-week high is $352.45, while its 52-week low is $158.83.
NET’s Relative Strength Index (RSI) is currently 65.41.
The large-cap stock has risen 54.05% over the past 12 months.
NET is currently trading close to its 52-week high.
With a strong Momentum score in the 93rd percentile, Benzinga’s Edge Stock Rankings show that Cloudflare stock has maintained a positive price trend across all time frames.
See More: Top Value Stocks
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Sundry Photography on Shutterstock.com
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