Hartline Investment Corp Has $28.68 Million Position in Cloudflare, Inc. $NET

Key Points

• Hartline Investment Corp reduced its stake in Cloudflare by 8.7%, now holding 146,455 shares worth approximately $28.68 million, making it the firm's 9th largest investment.
• Several institutional investors, including UBS AM and Raymond James Financial Inc., increased their positions in Cloudflare substantially during the 1st quarter of 2023.
• Analyst ratings for Cloudflare are overwhelmingly positive, with one Strong Buy, fifteen Buy, and an average target price of $196.54.

Hartline Investment Corp decreased its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 8.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 146,455 shares of the company's stock after selling 14,001 shares during the quarter. Cloudflare makes up 3.3% of Hartline Investment Corp's investment portfolio, making the stock its 9th largest position. Hartline Investment Corp's holdings in Cloudflare were worth $28,680,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in NET. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Cloudflare by 33.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,129,030 shares of the company's stock worth $352,610,000 after acquiring an additional 786,063 shares during the period. Nuveen LLC bought a new position in shares of Cloudflare during the 1st quarter worth $88,203,000. American Century Companies Inc. grew its stake in shares of Cloudflare by 34.5% during the 1st quarter. American Century Companies Inc. now owns 3,037,420 shares of the company's stock worth $342,287,000 after acquiring an additional 779,819 shares during the period. Raymond James Financial Inc. grew its stake in shares of Cloudflare by 129.7% during the 1st quarter. Raymond James Financial Inc. now owns 1,097,235 shares of the company's stock worth $123,647,000 after acquiring an additional 619,526 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Cloudflare by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 30,836,909 shares of the company's stock worth $3,475,011,000 after purchasing an additional 538,850 shares in the last quarter. Institutional investors own 82.68% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on NET. Citigroup increased their price objective on Cloudflare from $240.00 to $255.00 and gave the stock a "buy" rating in a report on Monday, August 18th. Wells Fargo & Company increased their price objective on Cloudflare from $225.00 to $250.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Weiss Ratings reissued a "sell (d-)" rating on shares of Cloudflare in a report on Wednesday, October 8th. DZ Bank reissued a "sell" rating and set a $170.00 price objective on shares of Cloudflare in a report on Tuesday, July 22nd. Finally, Stifel Nicolaus increased their price objective on Cloudflare from $175.00 to $230.00 and gave the stock a "buy" rating in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $196.54.

Cloudflare Stock Performance

NYSE:NET opened at $209.94 on Friday. The business's 50-day moving average price is $212.65 and its two-hundred day moving average price is $178.22. Cloudflare, Inc. has a twelve month low of $85.60 and a twelve month high of $230.10. The stock has a market cap of $73.16 billion, a P/E ratio of -617.47 and a beta of 1.99. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.03. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%.The firm had revenue of $512.32 million for the quarter, compared to analysts' expectations of $501.58 million. During the same quarter last year, the firm posted $0.20 EPS. The company's revenue was up 27.8% compared to the same quarter last year. Cloudflare has set its FY 2025 guidance at 0.850-0.860 EPS. Q3 2025 guidance at 0.230-0.23 EPS. As a group, equities analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Transactions at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 15,000 shares of the firm's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $223.91, for a total value of $3,358,650.00. Following the sale, the director owned 1,013,073 shares of the company's stock, valued at $226,837,175.43. This trade represents a 1.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michelle Zatlyn sold 25,641 shares of the firm's stock in a transaction dated Thursday, October 9th. The shares were sold at an average price of $215.38, for a total value of $5,522,558.58. Following the completion of the sale, the insider directly owned 14,575 shares in the company, valued at approximately $3,139,163.50. The trade was a 63.76% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 729,540 shares of company stock worth $150,883,922. 10.89% of the stock is owned by 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.

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