Capital Market Strategies LLC Grows Stock Position in Cloudflare, Inc. (NYSE:NET)

Capital Market Strategies LLC boosted its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 35.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,138 shares of the company's stock after buying an additional 2,127 shares during the period. Capital Market Strategies LLC's holdings in Cloudflare were worth $917,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Janney Montgomery Scott LLC lifted its position in Cloudflare by 19.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 32,153 shares of the company's stock valued at $3,462,000 after purchasing an additional 5,130 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in shares of Cloudflare in the fourth quarter valued at about $233,000. Blue Trust Inc. lifted its position in shares of Cloudflare by 35.2% in the fourth quarter. Blue Trust Inc. now owns 3,308 shares of the company's stock valued at $356,000 after acquiring an additional 861 shares in the last quarter. KBC Group NV increased its holdings in shares of Cloudflare by 9.2% in the fourth quarter. KBC Group NV now owns 40,655 shares of the company's stock worth $4,378,000 after purchasing an additional 3,418 shares during the last quarter. Finally, Mayflower Financial Advisors LLC bought a new stake in shares of Cloudflare in the fourth quarter worth about $235,000. Institutional investors own 82.68% of the company's stock.

Cloudflare Stock Performance

NET traded up $2.05 during midday trading on Friday, hitting $166.21. 3,894,099 shares of the company were exchanged, compared to its average volume of 3,136,339. The company's 50 day simple moving average is $126.70 and its 200 day simple moving average is $124.73. The firm has a market capitalization of $57.61 billion, a price-to-earnings ratio of -755.50 and a beta of 1.78. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. During the same period in the prior year, the business posted $0.16 earnings per share. Cloudflare's revenue for the quarter was up 26.5% on a year-over-year basis. As a group, sell-side analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $116.47, for a total value of $6,101,164.48. Following the transaction, the chief executive officer now directly owns 413,413 shares of the company's stock, valued at $48,150,212.11. This trade represents a 11.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michelle Zatlyn sold 25,640 shares of the firm's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $130.85, for a total transaction of $3,354,994.00. Following the completion of the transaction, the insider now directly owns 413,413 shares in the company, valued at $54,095,091.05. This trade represents a 5.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 501,085 shares of company stock valued at $65,312,967. 12.83% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NET. Capital One Financial raised Cloudflare from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Bank of America raised Cloudflare from an "underperform" rating to a "buy" rating and boosted their price objective for the stock from $60.00 to $160.00 in a research note on Tuesday, March 25th. Morgan Stanley boosted their price objective on Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. JPMorgan Chase & Co. boosted their price objective on Cloudflare from $110.00 to $115.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Finally, Cantor Fitzgerald boosted their price objective on Cloudflare from $111.00 to $149.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $141.79.

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.