Strategic Planning Group LLC Trims Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Strategic Planning Group LLC lessened its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 31.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,962 shares of the company's stock after selling 15,679 shares during the quarter. Strategic Planning Group LLC's holdings in Cloudflare were worth $3,827,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of NET. NBC Securities Inc. bought a new position in shares of Cloudflare during the first quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB grew its holdings in Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after purchasing an additional 142 shares during the period. Global Financial Private Client LLC increased 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 buying an additional 381 shares during the last quarter. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Cloudflare in the fourth quarter valued at $43,000. Finally, Park Square Financial Group LLC purchased a new position in shares of Cloudflare during the 4th quarter valued at $56,000. Institutional investors own 82.68% of the company's stock.

Cloudflare Price Performance

Shares of Cloudflare stock traded up $5.41 during trading on Thursday, hitting $176.33. 5,246,626 shares of the stock traded hands, compared to its average volume of 3,137,048. The stock has a market cap of $61.12 billion, a price-to-earnings ratio of -801.51 and a beta of 1.78. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 52 week low of $68.16 and a 52 week high of $181.07. The firm's fifty day moving average is $129.87 and its 200-day moving average is $126.16.

Cloudflare (NYSE:NET - Get Free Report) last announced 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). 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 the consensus estimate of $469.49 million. During the same quarter in the previous year, the firm posted $0.16 earnings per share. The company's revenue was up 26.5% compared to the same quarter last year. Research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Activity

In related news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $117.32, for a total transaction of $6,145,690.88. Following the transaction, the chief executive officer now directly owns 413,413 shares in the company, valued at $48,501,613.16. This trade represents a 11.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 10,000 shares of the company's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $120.00, for a total transaction of $1,200,000.00. Following the transaction, the chief financial officer now directly owns 293,582 shares of the company's stock, valued at approximately $35,229,840. This trade represents a 3.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 504,085 shares of company stock valued at $65,810,967. 12.83% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Piper Sandler reissued a "neutral" rating and issued a $151.00 price objective (up previously from $112.00) on shares of Cloudflare in a report on Friday, May 9th. JMP Securities lifted their target price on shares of Cloudflare from $135.00 to $180.00 and gave the stock a "market outperform" rating in a research note on Friday, February 7th. Royal Bank of Canada lowered their price target on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Morgan Stanley raised their price objective on shares of Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Finally, Susquehanna reduced 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 investment analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $143.25.

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.