Private Advisor Group LLC Cuts Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Private Advisor Group LLC lessened its stake in shares of Cloudflare, Inc. (NYSE:NET) by 25.1% during the 3rd quarter, Holdings Channel reports. The firm owned 13,958 shares of the company’s stock after selling 4,669 shares during the quarter. Private Advisor Group LLC’s holdings in Cloudflare were worth $1,129,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Susquehanna Fundamental Investments LLC acquired a new position in Cloudflare during the second quarter worth $7,319,000. Price T Rowe Associates Inc. MD increased its stake in Cloudflare by 20.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 875,183 shares of the company’s stock valued at $84,745,000 after purchasing an additional 149,866 shares during the last quarter. Swiss National Bank grew its position in shares of Cloudflare by 2.0% during the first quarter. Swiss National Bank now owns 886,900 shares of the company’s stock worth $85,879,000 after acquiring an additional 17,700 shares during the last quarter. Comerica Bank grew its position in Cloudflare by 19.9% in the 1st quarter. Comerica Bank now owns 28,556 shares of the company’s stock valued at $2,765,000 after buying an additional 4,733 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its position in Cloudflare by 13.5% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 192,381 shares of the company’s stock valued at $15,935,000 after buying an additional 22,900 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Price Performance

Shares of NYSE NET opened at $87.57 on Friday. The firm has a market cap of $29.92 billion, a P/E ratio of -301.97 and a beta of 1.10. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. Cloudflare, Inc. has a 1-year low of $55.40 and a 1-year high of $116.00. The business’s 50 day moving average is $83.72 and its 200-day moving average is $80.62.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, August 1st. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.14 by $0.06. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The firm had revenue of $401.00 million for the quarter, compared to the consensus estimate of $394.11 million. During the same period in the previous year, the business earned ($0.12) EPS. The business’s quarterly revenue was up 30.0% compared to the same quarter last year. Equities research analysts predict that Cloudflare, Inc. will post -0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on NET shares. Royal Bank of Canada raised their target price on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. BNP Paribas started 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. Scotiabank began coverage on Cloudflare in a research report on Monday, July 8th. They issued a “sector perform” rating and a $85.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $135.00 target price on shares of Cloudflare in a research report on Friday, August 2nd. Finally, Mizuho lifted their target price on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $91.72.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $90.88, for a total transaction of $1,363,200.00. Following the sale, the chief financial officer now owns 281,403 shares of the company’s stock, valued at $25,573,904.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $90.88, for a total value of $1,363,200.00. Following the transaction, the chief financial officer now owns 281,403 shares of the company’s stock, valued at $25,573,904.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $90.92, for a total transaction of $4,762,753.28. Following the sale, the chief executive officer now owns 10,761 shares of the company’s stock, valued at approximately $978,390.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 504,552 shares of company stock worth $41,582,545. Insiders own 12.83% of the company’s stock.

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.