OMERS ADMINISTRATION Corp Sells 1,763 Shares of Cloudflare, Inc. $NET

Key Points

• OMERS ADMINISTRATION Corp has reduced its stake in Cloudflare, Inc. by 14.1%, now holding 10,715 shares valued at approximately $1.2 million.
• Cloudflare reported a 27.8% increase in revenue, reaching $512.32 million, surpassing analyst expectations of $501.58 million.
• Insider transactions saw CEO Matthew Prince and co-founder Michelle Zatlyn selling significant amounts of stock, decreasing their positions by 12.08% and 70.66%, respectively.

OMERS ADMINISTRATION Corp trimmed its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 14.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,715 shares of the company's stock after selling 1,763 shares during the period. OMERS ADMINISTRATION Corp's holdings in Cloudflare were worth $1,207,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of NET. Smartleaf Asset Management LLC increased its position in shares of Cloudflare by 6.2% in the first quarter. Smartleaf Asset Management LLC now owns 1,320 shares of the company's stock valued at $152,000 after acquiring an additional 77 shares during the period. Gill Capital Partners LLC increased its position in shares of Cloudflare by 2.9% during the first quarter. Gill Capital Partners LLC now owns 2,761 shares of the company's stock valued at $311,000 after buying an additional 79 shares during the period. Spire Wealth Management increased its position in shares of Cloudflare by 11.0% during the first quarter. Spire Wealth Management now owns 962 shares of the company's stock valued at $108,000 after buying an additional 95 shares during the period. Yousif Capital Management LLC increased its position in shares of Cloudflare by 2.5% during the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock valued at $447,000 after buying an additional 98 shares during the period. Finally, Freestone Capital Holdings LLC increased its position in shares of Cloudflare by 1.9% during the first quarter. Freestone Capital Holdings LLC now owns 5,263 shares of the company's stock valued at $593,000 after buying an additional 98 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on NET shares. Jefferies Financial Group reduced their price target on shares of Cloudflare from $170.00 to $150.00 and set a "hold" rating on the stock in a research report on Friday, May 9th. Oppenheimer reiterated an "outperform" rating and set a $200.00 price target (up previously from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. JMP Securities boosted their price target on shares of Cloudflare from $180.00 to $225.00 and gave the company a "market outperform" rating in a research report on Monday, July 28th. Citigroup boosted their price target on shares of Cloudflare from $240.00 to $255.00 and gave the company a "buy" rating in a research report on Monday, August 18th. Finally, Bank of America boosted their price target on shares of Cloudflare from $235.00 to $240.00 and gave the company a "buy" rating in a research report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $191.28.

Insider Activity

In other news, CFO Thomas J. Seifert sold 59,130 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $200.30, for a total value of $11,843,739.00. Following the transaction, the chief financial officer owned 241,550 shares in the company, valued at approximately $48,382,465. This represents a 19.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michelle Zatlyn sold 35,100 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $191.71, for a total transaction of $6,729,021.00. Following the completion of the transaction, the insider owned 14,575 shares in the company, valued at approximately $2,794,173.25. This represents a 70.66% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 687,029 shares of company stock worth $130,970,115. Corporate insiders own 10.89% of the company's stock.

Cloudflare Stock Up 2.1%

Shares of NYSE NET traded up $4.46 on Friday, reaching $214.44. 1,210,584 shares of the company's stock traded hands, compared to its average volume of 3,521,073. Cloudflare, Inc. has a 12 month low of $74.88 and a 12 month high of $219.00. The business's 50 day simple moving average is $197.79 and its two-hundred day simple moving average is $159.26. The company has a market cap of $74.73 billion, a price-to-earnings ratio of -630.64 and a beta of 1.95. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates of $0.18 by $0.03. The business had revenue of $512.32 million during the quarter, compared to analyst estimates of $501.58 million. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.42%. Cloudflare's revenue was up 27.8% compared to the same quarter last year. During the same period last year, the business earned $0.20 EPS. 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, equities research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal 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.