Cloudflare, Inc. (NYSE:NET) Shares Sold by Private Advisor Group LLC

Key Points

• Private Advisor Group LLC significantly reduced its stake in Cloudflare by 59%, ending the first quarter with only 5,203 shares valued at approximately $586,000.
• Cloudflare's CEO Matthew Prince and CFO Thomas J. Seifert both sold substantial amounts of stock, with Prince selling over 52,000 shares for nearly $9.67 million, reflecting a decrease in their holdings.
• Analyst ratings for Cloudflare show a mix of sentiment, with reported average price targets varying from $68 to $175, and the stock currently holds a "Moderate Buy" rating according to MarketBeat.

Private Advisor Group LLC reduced its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 59.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,203 shares of the company's stock after selling 7,483 shares during the quarter. Private Advisor Group LLC's holdings in Cloudflare were worth $586,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. CreativeOne Wealth LLC boosted its position in Cloudflare by 0.8% during the 4th quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock valued at $752,000 after acquiring an additional 58 shares in the last quarter. Spire Wealth Management boosted its position in Cloudflare by 11.0% during the 1st quarter. Spire Wealth Management now owns 962 shares of the company's stock valued at $108,000 after acquiring an additional 95 shares in the last quarter. Yousif Capital Management LLC boosted its position 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 acquiring an additional 98 shares in the last quarter. Ellevest Inc. boosted its position in Cloudflare by 2.3% during the 4th quarter. Ellevest Inc. now owns 4,538 shares of the company's stock valued at $489,000 after acquiring an additional 102 shares in the last quarter. Finally, Versant Capital Management Inc boosted its position in Cloudflare by 19.3% during the 1st quarter. Versant Capital Management Inc now owns 655 shares of the company's stock valued at $74,000 after acquiring an additional 106 shares in the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Robert W. Baird increased their target price on Cloudflare from $148.00 to $175.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Wells Fargo & Company increased their target price on Cloudflare from $200.00 to $225.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Jefferies Financial Group lowered their price objective on Cloudflare from $170.00 to $150.00 and set a "hold" rating for the company in a research report on Friday, May 9th. Morgan Stanley raised their price objective on Cloudflare from $225.00 to $235.00 and gave the stock an "overweight" rating in a research report on Friday. Finally, UBS Group raised their price objective on Cloudflare from $145.00 to $200.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $174.44.

Insider Buying and Selling

In other Cloudflare news, CFO Thomas J. Seifert sold 59,130 shares of Cloudflare stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $200.30, for a total transaction of $11,843,739.00. Following the completion of the transaction, the chief financial officer owned 241,550 shares in the company, valued at approximately $48,382,465. This trade represents a 19.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michelle Zatlyn sold 35,098 shares of Cloudflare stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $156.83, for a total value of $5,504,419.34. Following the transaction, the insider owned 6,390 shares of the company's stock, valued at $1,002,143.70. The trade was a 84.60% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 688,062 shares of company stock worth $121,498,887. Corporate insiders own 10.89% of the company's stock.

Cloudflare Stock Performance

NET traded down $1.43 on Friday, reaching $206.25. 1,857,028 shares of the stock were exchanged, compared to its average volume of 3,699,986. The company's 50-day moving average price is $182.66 and its 200 day moving average price is $147.77. Cloudflare, Inc. has a fifty-two week low of $69.26 and a fifty-two week high of $210.98. 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 has a market capitalization of $71.49 billion, a PE ratio of -890.17 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates of $0.18 by $0.03. The business had revenue of $512.32 million during the quarter, compared to analyst estimates of $501.58 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 27.8% on a year-over-year basis. During the same quarter last year, the business posted $0.20 EPS. As a group, sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Cloudflare Company 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.