Cloudflare, Inc. $NET Position Lessened by QRG Capital Management Inc.

Key Points

• QRG Capital Management Inc. reduced its position in Cloudflare, Inc. by 6.1% to own 61,189 shares, valued at approximately $11.98 million.
• Several other institutional investors also adjusted their holdings, with the majority now owning 82.68% of Cloudflare's stock.
• Analysts have issued mixed ratings on Cloudflare, with price targets ranging from $170 to $250, while the stock currently has a consensus rating of "Hold" and an average price target of $191.28.

QRG Capital Management Inc. trimmed its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 6.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,189 shares of the company's stock after selling 3,962 shares during the period. QRG Capital Management Inc.'s holdings in Cloudflare were worth $11,983,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of Cloudflare by 86.8% during the first quarter. GAMMA Investing LLC now owns 1,093 shares of the company's stock worth $123,000 after acquiring an additional 508 shares in the last quarter. Wealthedge Investment Advisors LLC raised its holdings in shares of Cloudflare by 64.5% during the first quarter. Wealthedge Investment Advisors LLC now owns 12,132 shares of the company's stock worth $1,367,000 after acquiring an additional 4,755 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Cloudflare by 34.5% during the first quarter. American Century Companies Inc. now owns 3,037,420 shares of the company's stock worth $342,287,000 after acquiring an additional 779,819 shares in the last quarter. Generate Investment Management Ltd purchased a new stake in shares of Cloudflare during the second quarter worth $4,953,000. Finally, Crossmark Global Holdings Inc. raised its holdings in shares of Cloudflare by 9.6% during the first quarter. Crossmark Global Holdings Inc. now owns 2,635 shares of the company's stock worth $297,000 after acquiring an additional 230 shares in the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Thomas J. Seifert sold 10,000 shares of the firm's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $227.64, for a total value of $2,276,400.00. Following the sale, the chief financial officer directly owned 189,517 shares of the company's stock, valued at approximately $43,141,649.88. This trade represents a 5.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Carl Ledbetter sold 15,000 shares of the firm's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $223.91, for a total value of $3,358,650.00. Following the completion of the sale, the director directly owned 1,013,073 shares in the company, valued at approximately $226,837,175.43. This represents a 1.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 727,020 shares of company stock valued at $146,028,939 in the last quarter. Insiders own 10.89% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on NET shares. Morgan Stanley increased their price objective on Cloudflare from $225.00 to $235.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. DZ Bank restated a "sell" rating and set a $170.00 target price on shares of Cloudflare in a report on Tuesday, July 22nd. Needham & Company LLC raised their target price on Cloudflare from $200.00 to $240.00 and gave the company a "buy" rating in a report on Friday, August 1st. Royal Bank Of Canada raised their target price on Cloudflare from $210.00 to $228.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Finally, Wells Fargo & Company raised their target price on Cloudflare from $225.00 to $250.00 and gave the company an "overweight" rating in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $191.28.

Cloudflare Trading Down 3.4%

Shares of NYSE:NET opened at $216.95 on Friday. The company has a market cap of $75.60 billion, a P/E ratio of -638.08 and a beta of 1.99. The stock's 50-day moving average is $210.27 and its 200-day moving average is $171.81. Cloudflare, Inc. has a 52-week low of $79.16 and a 52-week high of $230.10. The company has a debt-to-equity ratio of 2.63, a quick ratio of 5.14 and a current ratio of 5.14.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.03. The company had revenue of $512.32 million for the quarter, compared to the consensus estimate of $501.58 million. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%.The firm's revenue was up 27.8% compared to the same quarter last year. During the same period last year, the business posted $0.20 earnings per share. Cloudflare has set its FY 2025 guidance at 0.850-0.860 EPS. Q3 2025 guidance at 0.230-0.23 EPS. Equities research analysts predict 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.

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