Carnegie Investment Counsel Boosts Stake in Cloudflare, Inc. (NYSE:NET)

Carnegie Investment Counsel grew its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 3.5% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 187,373 shares of the company's stock after purchasing an additional 6,280 shares during the period. Carnegie Investment Counsel owned approximately 0.05% of Cloudflare worth $21,115,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mather Group LLC. boosted its holdings in Cloudflare by 1,188.2% during the 1st quarter. Mather Group LLC. now owns 219 shares of the company's stock valued at $25,000 after acquiring an additional 202 shares during the period. NBC Securities Inc. acquired a new stake in shares of Cloudflare during the first quarter worth about $27,000. GPS Wealth Strategies Group LLC boosted its stake in shares of Cloudflare by 213.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock valued at $29,000 after purchasing an additional 175 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after purchasing an additional 142 shares in the last quarter. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in shares of Cloudflare in the fourth quarter valued at approximately $43,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $184.58, for a total transaction of $9,669,038.72. Following the completion of the sale, the chief executive officer directly owned 381,213 shares of the company's stock, valued at approximately $70,364,295.54. This trade represents a 12.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michelle Zatlyn sold 25,641 shares of the company's stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $190.68, for a total value of $4,889,225.88. Following the sale, the insider owned 6,390 shares of the company's stock, valued at $1,218,445.20. This trade represents a 80.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold 615,332 shares of company stock worth $106,709,878 over the last quarter. 10.89% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Needham & Company LLC increased their target price on shares of Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a report on Friday, May 9th. UBS Group increased their price objective on Cloudflare from $145.00 to $200.00 and gave the company a "neutral" rating in a research note on Thursday. Oppenheimer reissued an "outperform" rating and set a $200.00 target price (up from $165.00) on shares of Cloudflare in a research note on Thursday, June 5th. Cowen restated a "buy" rating on shares of Cloudflare in a report on Monday, June 16th. Finally, Guggenheim lifted their price objective on Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $159.92.

Cloudflare Trading Up 3.6%

Shares of NET traded up $6.91 during mid-day trading on Friday, reaching $198.49. 2,697,354 shares of the company's stock were exchanged, compared to its average volume of 3,072,157. The business's fifty day simple moving average is $179.27 and its 200-day simple moving average is $145.43. Cloudflare, Inc. has a 52-week low of $69.26 and a 52-week high of $200.76. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings data 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). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The business 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 business posted $0.16 earnings per share. The company's revenue for the quarter was up 26.5% on a year-over-year basis. Sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current 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.