Cloudflare, Inc. (NYSE:NET) Shares Sold by Castle Rock Wealth Management LLC

Castle Rock Wealth Management LLC lessened its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 27.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,474 shares of the company's stock after selling 5,991 shares during the quarter. Castle Rock Wealth Management LLC's holdings in Cloudflare were worth $1,666,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Capital World Investors increased its position in shares of Cloudflare by 0.7% during the fourth quarter. Capital World Investors now owns 35,409,307 shares of the company's stock worth $3,812,942,000 after purchasing an additional 260,415 shares in the last quarter. Geode Capital Management LLC boosted its stake in Cloudflare by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock worth $526,986,000 after buying an additional 68,661 shares during the last quarter. Groupama Asset Managment acquired a new position in Cloudflare during the fourth quarter worth $269,200,000. Norges Bank acquired a new position in Cloudflare during the fourth quarter worth $249,544,000. Finally, American Century Companies Inc. boosted its stake in Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after buying an additional 1,017,399 shares during the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Stock Up 1.2%

Shares of NET traded up $2.05 during mid-day trading on Friday, reaching $166.21. The company's stock had a trading volume of 3,894,099 shares, compared to its average volume of 3,143,467. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37. The stock has a market cap of $57.61 billion, a PE ratio of -755.50 and a beta of 1.78. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company's 50 day moving average is $126.70 and its 200 day moving average is $124.52.

Cloudflare (NYSE:NET - Get Free Report) last released 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). The business had revenue of $479.09 million during the quarter, compared to analysts' expectations of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The company's revenue was up 26.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 EPS. Equities analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. CICC Research raised Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price objective on the stock in a research note on Monday, May 12th. Needham & Company LLC boosted their price objective on Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. 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. Royal Bank of Canada decreased their price target on Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Finally, Guggenheim upped their price target 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, ten have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $141.79.

Insider Buying and Selling

In other Cloudflare news, insider Michelle Zatlyn sold 25,640 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $156.72, for a total transaction of $4,018,300.80. Following the completion of the sale, the insider now directly owns 6,390 shares of the company's stock, valued at approximately $1,001,440.80. This trade represents a 80.05% 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, CFO Thomas J. Seifert sold 41,556 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $156.78, for a total value of $6,515,149.68. Following the sale, the chief financial officer now directly owns 241,550 shares of the company's stock, valued at $37,870,209. The trade was a 14.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 501,085 shares of company stock worth $65,312,967 in the last quarter. 12.83% of the stock is owned by insiders.

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.