Cynosure Group LLC Buys 1,252 Shares of Cloudflare, Inc. (NYSE:NET)

Key Points

• Cynosure Group LLC increased its stake in Cloudflare by 37.6%, now holding a total of 4,580 shares valued at approximately $516,000.
• Wall Street analysts show a mixed outlook with three sell ratings, nine holds, and fifteen buy ratings, while the consensus target price stands at $186.88.
• Insider trading activity has been significant, with CFO Thomas J. Seifert selling 59,130 shares for about $11.8 million, reducing his ownership by 19.67%.

Cynosure Group LLC lifted its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 37.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 4,580 shares of the company's stock after acquiring an additional 1,252 shares during the period. Cynosure Group LLC's holdings in Cloudflare were worth $516,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in NET. Donoghue Forlines LLC purchased a new position in Cloudflare in the 1st quarter worth $2,125,000. National Bank of Canada FI raised its position in Cloudflare by 29.5% in the 1st quarter. National Bank of Canada FI now owns 11,200 shares of the company's stock worth $1,262,000 after purchasing an additional 2,550 shares during the period. Swiss National Bank raised its position in Cloudflare by 0.3% in the 1st quarter. Swiss National Bank now owns 862,200 shares of the company's stock worth $97,161,000 after purchasing an additional 2,500 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Cloudflare by 10.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 246,861 shares of the company's stock valued at $27,819,000 after acquiring an additional 23,545 shares during the period. Finally, Headlands Technologies LLC purchased a new position in shares of Cloudflare in the first quarter valued at about $57,000. 82.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on NET shares. Guggenheim boosted their price objective on shares of Cloudflare from $70.00 to $111.00 and gave the company a "sell" rating in a research report on Friday, August 1st. Scotiabank boosted their price objective on shares of Cloudflare from $135.00 to $200.00 and gave the company a "sector perform" rating in a research report on Friday, August 1st. Wells Fargo & Company boosted their price objective on shares of Cloudflare from $225.00 to $250.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Susquehanna decreased their price objective on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a research report on Monday, May 12th. Finally, Piper Sandler boosted their price objective on shares of Cloudflare from $151.00 to $224.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Three 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 stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $186.88.

Insider Activity

In related news, CFO Thomas J. Seifert sold 59,130 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $200.30, for a total transaction of $11,843,739.00. Following the transaction, the chief financial officer owned 241,550 shares in the company, valued at $48,382,465. This represents a 19.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michelle Zatlyn sold 35,098 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $156.83, for a total transaction of $5,504,419.34. Following the transaction, the insider owned 6,390 shares in the company, valued at approximately $1,002,143.70. This trade represents a 84.60% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 691,062 shares of company stock worth $122,093,547. Corporate insiders own 10.89% of the company's stock.

Cloudflare Trading Down 2.8%

Shares of NYSE NET opened at $204.53 on Friday. The firm's 50 day moving average price is $189.16 and its 200-day moving average price is $152.44. The company has a market cap of $70.89 billion, a PE ratio of -601.56 and a beta of 1.84. Cloudflare, Inc. has a 52-week low of $74.88 and a 52-week high of $219.00. The company has a debt-to-equity ratio of 2.63, a quick ratio of 5.14 and a current ratio of 5.14.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.03. The firm had revenue of $512.32 million for the quarter, compared to the consensus estimate of $501.58 million. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.42%. The business's revenue was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.20 earnings per share. On average, equities research analysts expect 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.

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