Cloudflare, Inc. (NYSE:NET) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. trimmed its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 25.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,597 shares of the company's stock after selling 2,273 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Cloudflare were worth $743,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of NET. Jones Financial Companies Lllp raised its holdings in Cloudflare by 164.7% in the fourth quarter. Jones Financial Companies Lllp now owns 5,024 shares of the company's stock valued at $541,000 after buying an additional 3,126 shares during the period. LPL Financial LLC grew its stake in Cloudflare by 3.4% during the fourth quarter. LPL Financial LLC now owns 122,171 shares of the company's stock worth $13,155,000 after buying an additional 3,989 shares during the period. Howard Capital Management Inc. acquired a new stake in shares of Cloudflare in the fourth quarter worth $221,000. Wellington Management Group LLP raised its stake in shares of Cloudflare by 47.0% in the 4th quarter. Wellington Management Group LLP now owns 5,930 shares of the company's stock valued at $639,000 after acquiring an additional 1,896 shares during the period. Finally, Yousif Capital Management LLC raised 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 valued at $447,000 after acquiring an additional 98 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $100.88, for a total value of $5,284,497.92. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Thomas J. Seifert sold 10,000 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $180.76, for a total transaction of $1,807,600.00. Following the transaction, the chief financial officer now directly owns 241,550 shares of the company's stock, valued at approximately $43,662,578. This trade represents a 3.98% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 515,987 shares of company stock valued at $77,174,354 over the last quarter. Insiders own 10.89% of the company's stock.

Cloudflare Stock Performance

NET stock opened at $190.16 on Thursday. The stock's 50 day simple moving average is $151.66 and its 200 day simple moving average is $134.13. Cloudflare, Inc. has a 12-month low of $69.26 and a 12-month high of $192.00. The firm has a market cap of $65.91 billion, a P/E ratio of -826.78 and a beta of 1.84. 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 earnings results 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). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The business had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. During the same period last year, the company posted $0.16 earnings per share. The firm's revenue for the quarter was up 26.5% on a year-over-year basis. As a group, equities research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on NET. Royal Bank Of Canada decreased their price target on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Oppenheimer restated an "outperform" rating and set a $200.00 price objective (up previously from $165.00) on shares of Cloudflare in a research note on Thursday, June 5th. Bank of America raised Cloudflare from an "underperform" rating to a "buy" rating and upped their target price for the stock from $60.00 to $160.00 in a research report on Tuesday, March 25th. Guggenheim raised their target price on Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a report on Friday, May 9th. Finally, Morgan Stanley boosted their price target on Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $145.92.

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.

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