Covestor Ltd Sells 103 Shares of Cloudflare, Inc. (NYSE:NET)

Covestor Ltd lowered its position in Cloudflare, Inc. (NYSE:NET) by 8.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,099 shares of the company’s stock after selling 103 shares during the period. Covestor Ltd’s holdings in Cloudflare were worth $124,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Fred Alger Management LLC raised its stake in shares of Cloudflare by 856.3% in the 4th quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock valued at $100,604,000 after purchasing an additional 836,591 shares during the period. Invesco Ltd. raised its stake in shares of Cloudflare by 292.5% in the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock valued at $116,178,000 after purchasing an additional 804,059 shares during the period. Vanguard Group Inc. raised its stake in shares of Cloudflare by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 30,836,909 shares of the company’s stock valued at $3,475,011,000 after purchasing an additional 538,850 shares during the period. Alfreton Capital LLP acquired a new stake in shares of Cloudflare in the 1st quarter valued at about $48,457,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Cloudflare in the 1st quarter valued at about $39,898,000. Institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Down 2.8%

Shares of NYSE:NET opened at $204.53 on Monday. Cloudflare, Inc. has a 12-month low of $74.88 and a 12-month high of $219.00. The stock has a market cap of $71.27 billion, a PE ratio of -601.56 and a beta of 1.84. The business has a 50 day moving average of $189.16 and a 200-day moving average of $152.64. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. The company had revenue of $512.32 million during the quarter, compared to analysts’ expectations of $501.58 million. During the same quarter in the previous year, the company posted $0.20 earnings per share. The business’s revenue was up 27.8% on a year-over-year basis. As a group, equities research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analyst Ratings Changes

NET has been the topic of several recent research reports. Stifel Nicolaus lifted their price target on Cloudflare from $175.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Jefferies Financial Group dropped their price target on Cloudflare from $170.00 to $150.00 and set a “hold” rating on the stock in a research note on Friday, May 9th. Morgan Stanley lifted their price target on Cloudflare from $225.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Susquehanna lowered their target price on Cloudflare from $170.00 to $140.00 and set a “neutral” rating on the stock in a research report on Monday, May 12th. Finally, Scotiabank upped their target price on Cloudflare from $135.00 to $200.00 and gave the stock a “sector perform” rating in a report on Friday, August 1st. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $186.88.

Insider Activity at Cloudflare

In related news, CFO Thomas J. Seifert sold 34,270 shares of the business’s stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $200.17, for a total value of $6,859,825.90. Following the completion of the sale, the chief financial officer directly owned 241,550 shares in the company, valued at approximately $48,351,063.50. The trade was a 12.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $198.22, for a total value of $594,660.00. Following the completion of the sale, the insider owned 157,377 shares of the company’s stock, valued at approximately $31,195,268.94. This trade represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 691,062 shares of company stock valued at $122,093,547. Insiders own 10.89% of the company’s stock.

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.