LJI Wealth Management LLC Decreases Stock Holdings in Cloudflare, Inc. (NYSE:NET)

LJI Wealth Management LLC cut its stake in Cloudflare, Inc. (NYSE:NET) by 26.9% in the second quarter, Holdings Channel.com reports. The firm owned 7,200 shares of the company’s stock after selling 2,650 shares during the quarter. LJI Wealth Management LLC’s holdings in Cloudflare were worth $596,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Riverview Trust Co purchased a new stake in Cloudflare in the 1st quarter valued at $27,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Cloudflare during the second quarter worth about $29,000. ICA Group Wealth Management LLC purchased a new position in Cloudflare during the fourth quarter worth about $38,000. Finally, Versant Capital Management Inc boosted its holdings in Cloudflare by 1,202.9% in the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after purchasing an additional 421 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NET shares. Wolfe Research began coverage on shares of Cloudflare in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. The Goldman Sachs Group reduced their target price on Cloudflare from $77.00 to $68.00 and set a “sell” rating on the stock in a research report on Tuesday, June 4th. Morgan Stanley reiterated an “equal weight” rating and set a $92.00 price target on shares of Cloudflare in a report on Monday, June 17th. Robert W. Baird raised their price objective on Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Mizuho upped their target price on shares of Cloudflare from $88.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, July 16th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $92.29.

Insiders Place Their Bets

In other news, Director Carl Ledbetter sold 8,030 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $79.89, for a total transaction of $641,516.70. Following the sale, the director now owns 1,084,364 shares of the company’s stock, valued at approximately $86,629,839.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cloudflare news, Director Carl Ledbetter sold 8,030 shares of the stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $79.89, for a total value of $641,516.70. Following the transaction, the director now directly owns 1,084,364 shares in the company, valued at $86,629,839.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Michelle Zatlyn sold 12,820 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $76.14, for a total transaction of $976,114.80. Following the sale, the chief operating officer now directly owns 192,177 shares in the company, valued at approximately $14,632,356.78. The disclosure for this sale can be found here. Insiders sold 557,062 shares of company stock valued at $44,910,811 in the last ninety days. Insiders own 12.83% of the company’s stock.

Cloudflare Stock Down 1.3 %

Shares of Cloudflare stock opened at $78.09 on Thursday. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46. Cloudflare, Inc. has a 52-week low of $53.88 and a 52-week high of $116.00. The company has a market capitalization of $26.53 billion, a P/E ratio of -147.34 and a beta of 1.10. The company has a 50 day moving average of $79.44 and a 200 day moving average of $82.64.

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

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.