Cloudflare, Inc. (NYSE:NET) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC decreased its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 13.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 60,144 shares of the company's stock after selling 9,598 shares during the quarter. Exchange Traded Concepts LLC's holdings in Cloudflare were worth $6,778,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of NET. NBC Securities Inc. purchased a new position in Cloudflare in the first quarter worth $27,000. GPS Wealth Strategies Group LLC raised its position in Cloudflare by 213.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after acquiring an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after acquiring an additional 142 shares in the last quarter. Gordian Capital Singapore Pte Ltd purchased a new position in Cloudflare in the fourth quarter worth $43,000. Finally, Global Financial Private Client LLC raised its position in Cloudflare by 38,100.0% in the first quarter. Global Financial Private Client LLC now owns 382 shares of the company's stock worth $43,000 after acquiring an additional 381 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

Wall Street Analysts Forecast Growth

NET has been the subject of several research analyst reports. Royal Bank of Canada cut their price objective on Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Piper Sandler restated a "neutral" rating and issued a $151.00 price target (up previously from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Bank of America upgraded Cloudflare from an "underperform" rating to a "buy" rating and raised their price target for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. KeyCorp assumed coverage on Cloudflare in a research report on Friday, June 6th. They issued an "overweight" rating and a $210.00 price target for the company. Finally, Susquehanna dropped their price target on Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a research report on Monday, May 12th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cloudflare currently has an average rating of "Hold" and a consensus target price of $145.92.

Cloudflare Stock Up 0.5%

Shares of NYSE:NET opened at $171.69 on Monday. The stock's 50-day moving average price is $139.61 and its two-hundred day moving average price is $130.28. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 12-month low of $69.26 and a 12-month high of $181.81. The firm has a market cap of $59.51 billion, a price-to-earnings ratio of -780.40 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The business had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. During the same period in the previous year, the business posted $0.16 earnings per share. The firm's quarterly revenue was up 26.5% on a year-over-year basis. On average, research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $171.25, for a total transaction of $8,970,760.00. Following the transaction, the chief executive officer now directly owns 381,213 shares of the company's stock, valued at $65,282,726.25. The trade was a 12.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Carl Ledbetter sold 492 shares of Cloudflare stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $181.46, for a total transaction of $89,278.32. Following the transaction, the director now directly owns 1,083,123 shares in the company, valued at approximately $196,543,499.58. This trade represents a 0.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 609,601 shares of company stock valued at $87,251,258. 10.89% of the stock is currently owned by corporate insiders.

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.

Want to see what other hedge funds are holding NET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cloudflare, Inc. (NYSE:NET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.