2,074 Shares in Cloudflare, Inc. (NYSE:NET) Purchased by Bridges Investment Management Inc.

Bridges Investment Management Inc. purchased a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,074 shares of the company's stock, valued at approximately $234,000.

Several other hedge funds have also added to or reduced their stakes in NET. Proficio Capital Partners LLC bought a new stake in shares of Cloudflare in the fourth quarter worth $100,000. PNC Financial Services Group Inc. raised its holdings in Cloudflare by 12.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,076 shares of the company's stock valued at $654,000 after acquiring an additional 655 shares during the period. Larson Financial Group LLC lifted its holdings in shares of Cloudflare by 1,988.5% during the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company's stock worth $58,000 after buying an additional 517 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Cloudflare by 1.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,689 shares of the company's stock worth $9,012,000 after purchasing an additional 1,360 shares during the period. Finally, Daiwa Securities Group Inc. increased its stake in Cloudflare by 3.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 23,552 shares of the company's stock worth $2,536,000 after acquiring an additional 800 shares during the period. Institutional investors and hedge funds own 82.68% of the company's stock.

Wall Street Analysts Forecast Growth

NET has been the subject of a number of analyst reports. Bank of America raised Cloudflare from an "underperform" rating to a "buy" rating and boosted their price target for the company from $60.00 to $160.00 in a research note on Tuesday, March 25th. CICC Research raised shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 target price on the stock in a research note on Monday, May 12th. Susquehanna lowered their price objective on Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a research note on Monday, May 12th. Oppenheimer reiterated an "outperform" rating and set a $200.00 target price (up from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. Finally, Needham & Company LLC lifted their price target on shares of Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $148.92.

Cloudflare Price Performance

NYSE NET traded up $1.34 during trading hours on Monday, reaching $182.73. 2,555,029 shares of the stock traded hands, compared to its average volume of 3,167,487. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. The stock has a 50 day simple moving average of $169.44 and a two-hundred day simple moving average of $140.88. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $198.01. The company has a market cap of $63.34 billion, a price-to-earnings ratio of -794.49 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The firm had revenue of $479.09 million during the quarter, compared to analysts' expectations of $469.49 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The firm's quarterly revenue was up 26.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.16 EPS. On average, analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, insider Michelle Zatlyn sold 35,098 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $156.83, for a total transaction of $5,504,419.34. Following the completion of the sale, the insider directly owned 6,390 shares in the company, valued at $1,002,143.70. This represents a 84.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $152.68, for a total value of $7,997,989.12. Following the sale, the chief executive officer owned 10,426 shares of the company's stock, valued at $1,591,841.68. This represents a 83.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 581,060 shares of company stock worth $95,040,197 in the last 90 days. 10.89% of the stock is owned by company insiders.

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.