Davis Rea LTD. Sells 56,600 Shares of Cloudflare, Inc. (NYSE:NET)

Davis Rea LTD. decreased its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 52.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 51,326 shares of the company's stock after selling 56,600 shares during the quarter. Cloudflare accounts for approximately 1.5% of Davis Rea LTD.'s investment portfolio, making the stock its 21st largest position. Davis Rea LTD.'s holdings in Cloudflare were worth $5,784,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Carnegie Investment Counsel raised its position in shares of Cloudflare by 3.5% during the first quarter. Carnegie Investment Counsel now owns 187,373 shares of the company's stock worth $21,115,000 after purchasing an additional 6,280 shares during the period. Pinnacle Associates Ltd. bought a new position in shares of Cloudflare during the 1st quarter worth $287,000. Black Swift Group LLC bought a new position in shares of Cloudflare during the 1st quarter worth $1,617,000. AE Wealth Management LLC bought a new position in shares of Cloudflare during the 1st quarter worth $212,000. Finally, IMA Advisory Services Inc. bought a new position in shares of Cloudflare during the 1st quarter worth $112,000. Institutional investors and hedge funds own 82.68% of the company's stock.

Cloudflare Trading Up 3.6%

Shares of NET stock traded up $6.91 during trading hours on Friday, reaching $198.49. The company's stock had a trading volume of 2,697,354 shares, compared to its average volume of 3,072,157. The stock has a market capitalization of $68.80 billion, a P/E ratio of -863.00 and a beta of 1.85. Cloudflare, Inc. has a one year low of $69.26 and a one year high of $200.76. The firm's fifty day simple moving average is $180.09 and its 200 day simple moving average is $146.01. The company has a current ratio of 3.20, a quick ratio of 3.20 and a debt-to-equity ratio of 0.90.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The business 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%. Cloudflare's quarterly revenue was up 26.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.16 earnings per share. Equities research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Activity at Cloudflare

In related news, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $198.13, for a total transaction of $1,981,300.00. Following the sale, the chief financial officer directly owned 241,550 shares in the company, valued at $47,858,301.50. The trade was a 3.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Thomas J. Seifert sold 34,270 shares of Cloudflare stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $200.17, for a total value of $6,859,825.90. Following the sale, the chief financial officer owned 241,550 shares in the company, valued at $48,351,063.50. This represents a 12.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 615,332 shares of company stock valued at $106,709,878 over the last ninety days. Insiders own 10.89% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on NET shares. Susquehanna cut their price target on Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a research note on Monday, May 12th. KeyCorp started coverage on Cloudflare in a research note on Friday, June 6th. They issued an "overweight" rating and a $210.00 target price for the company. Capital One Financial upgraded Cloudflare from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. CICC Research upgraded Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 target price for the company in a research note on Monday, May 12th. Finally, UBS Group lifted their price target on Cloudflare from $145.00 to $200.00 and gave the company a "neutral" rating in a research report on Thursday. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $159.92.

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.