Janney Montgomery Scott LLC Sells 8,473 Shares of Cloudflare, Inc. (NYSE:NET)

Janney Montgomery Scott LLC reduced its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 26.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,680 shares of the company's stock after selling 8,473 shares during the quarter. Janney Montgomery Scott LLC's holdings in Cloudflare were worth $2,668,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Jones Financial Companies Lllp boosted its position in shares of Cloudflare by 164.7% in the 4th quarter. Jones Financial Companies Lllp now owns 5,024 shares of the company's stock valued at $541,000 after purchasing an additional 3,126 shares during the period. LPL Financial LLC boosted its holdings in shares of Cloudflare by 3.4% in 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. purchased a new position in shares of Cloudflare in the fourth quarter worth approximately $221,000. Wellington Management Group LLP raised its holdings in shares of Cloudflare by 47.0% during the fourth 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 Cloudflare by 2.5% during the 1st quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock valued at $447,000 after purchasing an additional 98 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on NET shares. CICC Research raised Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 target price on the stock in a research note on Monday, May 12th. Oppenheimer reaffirmed an "outperform" rating and set a $200.00 price objective (up from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. Piper Sandler reiterated a "neutral" rating and issued a $151.00 target price (up previously from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. KeyCorp started coverage on shares of Cloudflare in a research note on Friday, June 6th. They set an "overweight" rating and a $210.00 target price for the company. Finally, Needham & Company LLC increased their price objective on Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $145.92.

Cloudflare Stock Performance

NYSE:NET traded up $2.54 during midday trading on Friday, reaching $193.50. The stock had a trading volume of 470,215 shares, compared to its average volume of 3,123,345. The stock has a market capitalization of $67.07 billion, a P/E ratio of -841.02 and a beta of 1.84. Cloudflare, Inc. has a 1-year low of $69.26 and a 1-year high of $193.59. 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 firm's fifty day simple moving average is $153.32 and its 200-day simple moving average is $134.66.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly 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 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 business's quarterly revenue was up 26.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.16 earnings per share. On average, equities research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, insider Douglas James Kramer sold 9,000 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $112.83, for a total transaction of $1,015,470.00. Following the completion of the transaction, the insider now directly owns 188,406 shares in the company, valued at $21,257,848.98. This represents a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction dated 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 $43,662,578. This represents a 3.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 515,987 shares of company stock valued at $77,174,354 over the last three months. 10.89% of the stock is 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.