Cloudflare, Inc. (NYSE:NET) Shares Sold by Peregrine Capital Management LLC

Peregrine Capital Management LLC decreased its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 3.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 636,827 shares of the company's stock after selling 24,855 shares during the period. Cloudflare accounts for 2.4% of Peregrine Capital Management LLC's investment portfolio, making the stock its 5th biggest holding. Peregrine Capital Management LLC owned approximately 0.18% of Cloudflare worth $71,764,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NET. Capital World Investors grew its position in Cloudflare by 0.7% during the 4th quarter. Capital World Investors now owns 35,409,307 shares of the company's stock worth $3,812,942,000 after acquiring an additional 260,415 shares during the last quarter. Geode Capital Management LLC boosted its stake in Cloudflare by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock worth $526,986,000 after purchasing an additional 68,661 shares in the last quarter. Groupama Asset Managment bought a new stake in shares of Cloudflare during the fourth quarter worth $269,200,000. Norges Bank acquired a new stake in shares of Cloudflare in the fourth quarter valued at $249,544,000. Finally, American Century Companies Inc. raised its holdings in shares of Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock valued at $243,098,000 after buying an additional 1,017,399 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Cloudflare Trading Down 5.5%

NYSE NET traded down $10.70 during trading on Tuesday, hitting $185.13. The stock had a trading volume of 5,629,712 shares, compared to its average volume of 3,153,395. Cloudflare, Inc. has a one year low of $69.26 and a one year high of $197.88. The stock has a 50 day simple moving average of $158.49 and a 200 day simple moving average of $136.44. The stock has a market capitalization of $64.17 billion, a price-to-earnings ratio of -804.91 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 announced its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The firm had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The firm's revenue for the quarter was up 26.5% compared to the same quarter last year. During the same period last year, the company earned $0.16 EPS. Sell-side analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NET. Cowen reiterated a "buy" rating on shares of Cloudflare in a research report on Monday, June 16th. Susquehanna reduced their price objective on Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a report on Monday, May 12th. Guggenheim lifted their target price on Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a research note on Friday, May 9th. Capital One Financial upgraded Cloudflare from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Finally, Morgan Stanley lifted their price target on shares of Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Cloudflare has a consensus rating of "Hold" and an average price target of $145.92.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $100.88, for a total value of $5,284,497.92. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 41,556 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $156.78, for a total value of $6,515,149.68. Following the completion of the sale, the chief financial officer owned 241,550 shares in the company, valued at $37,870,209. This represents a 14.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 521,987 shares of company stock worth $79,067,984 in the last 90 days. Corporate insiders own 10.89% of the company's stock.

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.