Glynn Capital Management LLC Sells 58,178 Shares of Cloudflare, Inc. (NYSE:NET)

Key Points

• Glynn Capital Management LLC reduced its stake in Cloudflare by 27%, becoming its 9th largest position with a total of 156,909 shares valued at approximately $17.68 million.
• Cloudflare's stock received mixed ratings from analysts, with target prices ranging from $70 to $225, leading to an average rating of "Moderate Buy" and an average price target of $158.52.
• Insider trading activity saw CFO Thomas J. Seifert selling a total of 75,826 shares over recent months, indicating a significant decrease in ownership despite the stock's substantial market value.

Glynn Capital Management LLC lessened its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 27.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 156,909 shares of the company's stock after selling 58,178 shares during the period. Cloudflare comprises approximately 4.7% of Glynn Capital Management LLC's portfolio, making the stock its 9th largest position. Glynn Capital Management LLC's holdings in Cloudflare were worth $17,682,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of NET. CreativeOne Wealth LLC grew its position in shares of Cloudflare by 0.8% in the fourth quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock valued at $752,000 after purchasing an additional 58 shares during the last quarter. Spire Wealth Management boosted its stake in Cloudflare by 11.0% during the 1st quarter. Spire Wealth Management now owns 962 shares of the company's stock valued at $108,000 after purchasing an additional 95 shares during the period. Yousif Capital Management LLC lifted its stake in shares of Cloudflare by 2.5% in the 1st quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock worth $447,000 after acquiring an additional 98 shares during the period. Ellevest Inc. lifted its stake in Cloudflare by 2.3% during the fourth quarter. Ellevest Inc. now owns 4,538 shares of the company's stock valued at $489,000 after purchasing an additional 102 shares during the last quarter. Finally, Versant Capital Management Inc lifted its position in shares of Cloudflare by 19.3% in the 1st quarter. Versant Capital Management Inc now owns 655 shares of the company's stock valued at $74,000 after acquiring an additional 106 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Insider Buying and Selling

In related news, 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 approximately $1,218,445.20. This represents a 80.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 10,000 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $198.13, for a total value of $1,981,300.00. Following the completion of the transaction, the chief financial officer owned 241,550 shares of the company's stock, valued at $47,858,301.50. This trade represents a 3.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 615,332 shares of company stock worth $106,709,878 in the last three months. Company insiders own 10.89% of the company's stock.

Analyst Upgrades and Downgrades

NET has been the subject of several recent analyst reports. CICC Research raised shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price objective for the company in a report on Monday, May 12th. KeyCorp began coverage on shares of Cloudflare in a research note on Friday, June 6th. They issued an "overweight" rating and a $210.00 price target on the stock. Robert W. Baird upped their price target on shares of Cloudflare from $148.00 to $175.00 and gave the stock a "neutral" rating in a research report on Friday. Needham & Company LLC increased their price objective on shares of Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $225.00 price objective (up previously from $150.00) on shares of Cloudflare in a report on Friday, July 11th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $159.92.

Cloudflare Trading Up 3.6%

Shares of NET traded up $6.91 during midday trading on Friday, hitting $198.49. 2,697,354 shares of the stock were exchanged, compared to its average volume of 3,072,157. Cloudflare, Inc. has a 52-week low of $69.26 and a 52-week high of $200.76. The stock has a fifty day simple moving average of $180.09 and a 200 day simple moving average of $146.01. The firm has a market cap of $68.80 billion, a P/E ratio of -863.00 and a beta of 1.85. 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 released its earnings results on Thursday, May 8th. The company reported $0.16 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 company had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. During the same period in the previous year, the firm earned $0.16 earnings per share. The company's revenue for the quarter was up 26.5% compared to the same quarter last year. On average, research analysts anticipate 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.