Bridges Investment Management Inc. Makes New Investment in Cloudflare, Inc. (NYSE:NET)

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

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mather Group LLC. raised its position in shares of Cloudflare by 1,188.2% during the 1st quarter. Mather Group LLC. now owns 219 shares of the company's stock worth $25,000 after buying an additional 202 shares in the last quarter. NBC Securities Inc. bought a new stake in shares of Cloudflare during the 1st quarter worth about $27,000. GPS Wealth Strategies Group LLC raised its position in shares of Cloudflare by 213.4% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after buying an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of Cloudflare by 115.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after buying an additional 142 shares in the last quarter. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Cloudflare during the 4th quarter worth about $43,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Stock Down 0.4%

Shares of NET stock traded down $0.74 during trading hours on Friday, reaching $181.18. 2,780,115 shares of the stock traded hands, compared to its average volume of 3,162,111. Cloudflare, Inc. has a 1-year low of $69.26 and a 1-year high of $198.01. The business has a fifty day moving average price of $169.44 and a 200 day moving average price of $140.49. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The company had revenue of $479.09 million for the quarter, compared to analysts' expectations of $469.49 million. During the same period in the previous year, the firm posted $0.16 earnings per share. The business's revenue for the quarter was up 26.5% on a year-over-year basis. As a group, equities research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. CICC Research upgraded shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price target on the stock in a research report on Monday, May 12th. Susquehanna dropped their price target on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a research report on Monday, May 12th. Capital One Financial upgraded shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. KeyCorp assumed coverage on shares of Cloudflare in a research report on Friday, June 6th. They set an "overweight" rating and a $210.00 price target on the stock. Finally, Oppenheimer reiterated an "outperform" rating and issued a $200.00 target price (up from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $148.92.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $152.68, for a total transaction of $7,997,989.12. Following the transaction, the chief executive officer directly owned 10,426 shares of the company's stock, valued at approximately $1,591,841.68. The trade was a 83.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Michelle Zatlyn sold 35,098 shares of the business's stock in a transaction that occurred on 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 transaction, the insider directly owned 6,390 shares in the company, valued at $1,002,143.70. The trade was a 84.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 581,060 shares of company stock valued at $95,040,197. Corporate insiders own 10.89% of the company's stock.

Cloudflare 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.