Highland Capital Management LLC Purchases 11,341 Shares of Cloudflare, Inc. (NYSE:NET)

Highland Capital Management LLC boosted its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 218.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,541 shares of the company's stock after purchasing an additional 11,341 shares during the period. Highland Capital Management LLC's holdings in Cloudflare were worth $1,864,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp grew its position in shares of Cloudflare by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company's stock valued at $138,516,000 after purchasing an additional 23,641 shares during the period. Amalgamated Bank grew its holdings in Cloudflare by 0.5% in the 4th quarter. Amalgamated Bank now owns 20,002 shares of the company's stock valued at $2,154,000 after buying an additional 107 shares during the period. Mn Services Vermogensbeheer B.V. increased its stake in shares of Cloudflare by 1.7% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 115,400 shares of the company's stock valued at $12,426,000 after acquiring an additional 1,900 shares during the last quarter. Kovack Advisors Inc. purchased a new position in shares of Cloudflare during the 4th quarter worth about $258,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of Cloudflare during the 4th quarter worth about $416,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on NET shares. Cowen reaffirmed a "buy" rating on shares of Cloudflare in a research report on Monday, June 16th. KeyCorp started coverage on Cloudflare in a research report on Friday, June 6th. They set an "overweight" rating and a $210.00 price target for the company. UBS Group raised their price objective on Cloudflare from $135.00 to $145.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Oppenheimer reiterated an "outperform" rating and set a $200.00 target price (up previously from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. Finally, Mizuho upgraded shares of Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 price target on the stock in a report on Wednesday, April 16th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cloudflare currently has an average rating of "Hold" and a consensus price target of $145.92.

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 381,213 shares in the company, valued at $65,282,726.25. The trade was a 12.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Katrin Suder sold 608 shares of Cloudflare stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $172.00, for a total transaction of $104,576.00. Following the completion of the sale, the director directly owned 41,785 shares of the company's stock, valued at approximately $7,187,020. The trade was a 1.43% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 515,987 shares of company stock worth $77,174,354. Insiders own 10.89% of the company's stock.

Cloudflare Stock Performance

Shares of NET traded up $1.62 during midday trading on Monday, hitting $195.67. 2,897,357 shares of the stock traded hands, compared to its average volume of 3,138,790. 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 business's 50 day moving average price is $155.06 and its two-hundred day moving average price is $135.52. The firm has a market capitalization of $67.82 billion, a PE ratio of -850.74 and a beta of 1.84. Cloudflare, Inc. has a 1-year low of $69.26 and a 1-year high of $197.00.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The company had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. During the same quarter in the previous year, the firm earned $0.16 earnings per share. The business's revenue was up 26.5% compared to the same quarter last year. Equities research analysts predict 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.