Exchange Traded Concepts LLC decreased its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 28.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 43,241 shares of the company's stock after selling 16,903 shares during the quarter. Exchange Traded Concepts LLC's holdings in Cloudflare were worth $8,468,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Mather Group LLC. boosted 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 purchasing an additional 202 shares in the last quarter. NBC Securities Inc. acquired a new stake in Cloudflare in the first quarter worth $27,000. GPS Wealth Strategies Group LLC grew its holdings in Cloudflare by 213.4% during the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after acquiring an additional 175 shares during the period. MassMutual Private Wealth & Trust FSB increased its stake in Cloudflare by 115.4% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after purchasing an additional 142 shares in the last quarter. Finally, Global Financial Private Client LLC lifted its holdings in shares of Cloudflare by 38,100.0% during the 1st quarter. Global Financial Private Client LLC now owns 382 shares of the company's stock valued at $43,000 after buying an additional 381 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.
Insider Activity at Cloudflare
In other news, Director Carl Ledbetter sold 15,000 shares of the firm's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $195.73, for a total value of $2,935,950.00. Following the transaction, the director directly owned 1,028,073 shares in the company, valued at $201,224,728.29. This trade represents a 1.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director John Graham-Cumming sold 10,215 shares of Cloudflare stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $206.32, for a total value of $2,107,558.80. Following the completion of the sale, the director directly owned 495,191 shares in the company, valued at $102,167,807.12. This trade represents a 2.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 665,738 shares of company stock worth $131,968,542 in the last 90 days. 10.89% of the stock is owned by company insiders.
Cloudflare Price Performance
Shares of Cloudflare stock traded up $2.81 during trading on Friday, reaching $226.38. The company's stock had a trading volume of 4,004,051 shares, compared to its average volume of 2,061,458. The stock has a market capitalization of $78.89 billion, a P/E ratio of -665.82 and a beta of 1.95. Cloudflare, Inc. has a one year low of $77.80 and a one year high of $230.10. The company has a current ratio of 5.14, a quick ratio of 5.14 and a debt-to-equity ratio of 2.63. The stock has a 50-day moving average price of $204.65 and a two-hundred day moving average price of $164.83.
Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.03. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%.The firm had revenue of $512.32 million during the quarter, compared to the consensus estimate of $501.58 million. During the same quarter in the prior year, the firm posted $0.20 EPS. The business's revenue was up 27.8% on a year-over-year basis. Cloudflare has set its FY 2025 guidance at 0.850-0.860 EPS. Q3 2025 guidance at 0.230-0.23 EPS. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.
Wall Street Analyst Weigh In
Several brokerages have recently commented on NET. Mizuho increased their target price on Cloudflare from $220.00 to $240.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. KeyCorp lifted their price objective on Cloudflare from $210.00 to $235.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Royal Bank Of Canada upped their target price on Cloudflare from $210.00 to $228.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Bank of America increased their price objective on Cloudflare from $235.00 to $240.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, Cantor Fitzgerald raised their price target on Cloudflare from $162.00 to $199.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Cloudflare currently has a consensus rating of "Moderate Buy" and an average price target of $191.28.
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About Cloudflare
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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.
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