Cloudflare, Inc. (NYSE:NET) Shares Sold by Brookstone Capital Management

Brookstone Capital Management lowered its stake in shares of Cloudflare, Inc. (NYSE:NET) by 13.2% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,468 shares of the company’s stock after selling 375 shares during the quarter. Brookstone Capital Management’s holdings in Cloudflare were worth $239,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Riverview Trust Co acquired a new position in Cloudflare during the first quarter worth $27,000. ICA Group Wealth Management LLC acquired a new position in Cloudflare during the fourth quarter worth $38,000. GAMMA Investing LLC acquired a new position in Cloudflare during the fourth quarter worth $39,000. Pingora Partners LLC acquired a new position in Cloudflare during the fourth quarter worth $42,000. Finally, Massmutual Trust Co. FSB ADV lifted its stake in shares of Cloudflare by 1,976.9% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company’s stock valued at $45,000 after purchasing an additional 514 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NET. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $80.00 price target on shares of Cloudflare in a research note on Friday, June 21st. The Goldman Sachs Group decreased their price target on Cloudflare from $77.00 to $68.00 and set a “sell” rating on the stock in a research note on Tuesday, June 4th. TD Cowen decreased their price target on Cloudflare from $117.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Piper Sandler reaffirmed a “neutral” rating and issued a $81.00 price target (down previously from $110.00) on shares of Cloudflare in a research note on Friday, May 3rd. Finally, JPMorgan Chase & Co. decreased their price target on Cloudflare from $90.00 to $80.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $90.96.

Cloudflare Price Performance

Shares of NYSE NET opened at $85.05 on Wednesday. Cloudflare, Inc. has a 1-year low of $53.88 and a 1-year high of $116.00. The company has a market cap of $28.90 billion, a price-to-earnings ratio of -160.47 and a beta of 1.10. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. The stock’s 50-day moving average is $76.82 and its two-hundred day moving average is $85.44.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. The business had revenue of $378.60 million for the quarter, compared to the consensus estimate of $372.93 million. Analysts forecast that Cloudflare, Inc. will post -0.19 EPS for the current fiscal year.

Insider Activity

In other news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $88.12, for a total value of $264,360.00. Following the transaction, the insider now owns 205,238 shares in the company, valued at approximately $18,085,572.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $88.12, for a total value of $264,360.00. Following the completion of the sale, the insider now directly owns 205,238 shares of the company’s stock, valued at approximately $18,085,572.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Carl Ledbetter sold 8,030 shares of the company’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $79.89, for a total value of $641,516.70. Following the completion of the sale, the director now directly owns 1,084,364 shares of the company’s stock, valued at $86,629,839.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 677,805 shares of company stock worth $54,700,869. 12.83% of the stock is currently owned by insiders.

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.