Cloudflare, Inc. (NYSE:NET) Shares Sold by Hartline Investment Corp

Hartline Investment Corp reduced its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 39.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 160,456 shares of the company's stock after selling 103,880 shares during the quarter. Cloudflare makes up approximately 2.4% of Hartline Investment Corp's portfolio, making the stock its 13th biggest position. Hartline Investment Corp's holdings in Cloudflare were worth $18,082,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of NET. Mather Group LLC. grew its holdings in shares of Cloudflare by 1,188.2% in the first quarter. Mather Group LLC. now owns 219 shares of the company's stock valued at $25,000 after purchasing an additional 202 shares in the last quarter. NBC Securities Inc. acquired a new stake in Cloudflare during the 1st quarter worth approximately $27,000. GPS Wealth Strategies Group LLC boosted its position in Cloudflare by 213.4% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock valued at $29,000 after buying an additional 175 shares during the period. MassMutual Private Wealth & Trust FSB grew its stake in shares of 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. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Cloudflare during the fourth quarter worth $43,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NET has been the subject of a number of recent research reports. Piper Sandler reiterated a "neutral" rating and issued a $151.00 target price (up from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Morgan Stanley boosted their price objective on Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Royal Bank Of Canada reduced their target price on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Susquehanna lowered their price target on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a report on Monday, May 12th. Finally, CICC Research upgraded shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price objective on the stock in a report on Monday, May 12th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $145.92.

Cloudflare Price Performance

NYSE:NET traded up $5.62 during mid-day trading on Friday, hitting $191.26. 1,848,809 shares of the company's stock traded hands, compared to its average volume of 3,158,154. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The company has a market cap of $66.29 billion, a PE ratio of -831.54 and a beta of 1.85. The firm's 50 day simple moving average is $162.79 and its 200 day simple moving average is $137.81. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $198.01.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The company had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The company's revenue for the quarter was up 26.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.16 earnings per share. Sell-side analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $171.25, for a total value of $8,970,760.00. Following the completion of the transaction, the chief executive officer owned 381,213 shares of the company's stock, valued at approximately $65,282,726.25. The trade was a 12.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Carl Ledbetter sold 15,000 shares of the company's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $193.94, for a total transaction of $2,909,100.00. Following the completion of the transaction, the director owned 1,058,073 shares in the company, valued at approximately $205,202,677.62. This trade represents a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 530,987 shares of company stock valued at $80,832,794. 10.89% of the stock is owned by company 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.