Cloudflare, Inc. (NYSE:NET) Shares Sold by Archer Investment Corp

Archer Investment Corp lessened its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 50.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,900 shares of the company's stock after selling 2,970 shares during the quarter. Archer Investment Corp's holdings in Cloudflare were worth $327,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of NET. CreativeOne Wealth LLC raised its stake 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 acquiring an additional 58 shares during the last quarter. Spire Wealth Management raised its stake in shares of Cloudflare by 11.0% in the first quarter. Spire Wealth Management now owns 962 shares of the company's stock valued at $108,000 after acquiring an additional 95 shares during the last quarter. Yousif Capital Management LLC raised its stake in shares of Cloudflare by 2.5% in the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock valued at $447,000 after acquiring an additional 98 shares during the last quarter. Baxter Bros Inc. raised its stake in shares of Cloudflare by 3.8% in the fourth quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock valued at $296,000 after acquiring an additional 100 shares during the last quarter. Finally, Ellevest Inc. raised its stake in shares of Cloudflare by 2.3% in the fourth quarter. Ellevest Inc. now owns 4,538 shares of the company's stock valued at $489,000 after acquiring an additional 102 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Insider Activity at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 10,000 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $180.76, for a total value of $1,807,600.00. Following the completion of the sale, the chief financial officer directly owned 241,550 shares of the company's stock, valued at approximately $43,662,578. This represents a 3.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $184.58, for a total transaction of $9,669,038.72. Following the completion of the sale, the chief executive officer directly owned 381,213 shares of the company's stock, valued at $70,364,295.54. The trade was a 12.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 581,062 shares of company stock valued at $99,070,153 over the last quarter. 10.89% of the stock is currently owned by company insiders.

Cloudflare Stock Up 0.8%

Shares of NYSE:NET traded up $1.45 during midday trading on Friday, hitting $192.70. 808,233 shares of the company's stock were exchanged, compared to its average volume of 3,165,901. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. The stock has a 50 day moving average price of $174.58 and a 200-day moving average price of $142.60. The company has a market cap of $66.79 billion, a PE ratio of -838.38 and a beta of 1.85. Cloudflare, Inc. has a 12 month low of $69.26 and a 12 month high of $198.01.

Cloudflare (NYSE:NET - Get Free Report) last posted 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). The business had revenue of $479.09 million for 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 company's revenue was up 26.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.16 earnings per share. On average, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on NET. Susquehanna lowered their price target on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a report on Monday, May 12th. Guggenheim raised their price target on shares of Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a report on Friday, May 9th. Needham & Company LLC raised their price target on shares of Cloudflare from $145.00 to $160.00 and gave the company a "buy" rating in a report on Friday, May 9th. Cowen reaffirmed a "buy" rating on shares of Cloudflare in a report on Monday, June 16th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $200.00 target price (up previously from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $152.32.

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.

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