Lyell Wealth Management LP Has $5.72 Million Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Key Points

• Lyell Wealth Management LP increased its stake in Cloudflare, Inc. by 6.7%, owning a total of 50,748 shares valued at approximately $5.7 million after acquiring an additional 3,190 shares in the first quarter.
• Insider selling has occurred recently, with CEO Matthew Prince selling 52,384 shares for over $9.6 million, reducing his stake by 12.08% to 381,213 shares.
• As of the latest report, 82.68% of Cloudflare's stock is held by institutional investors, indicating a strong institutional interest in the company.

Lyell Wealth Management LP increased its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 6.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,748 shares of the company's stock after acquiring an additional 3,190 shares during the period. Lyell Wealth Management LP's holdings in Cloudflare were worth $5,719,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of NET. Private Advisory Group LLC lifted its stake in shares of Cloudflare by 5.2% during the 1st quarter. Private Advisory Group LLC now owns 38,227 shares of the company's stock worth $4,308,000 after acquiring an additional 1,881 shares during the last quarter. Baader Bank Aktiengesellschaft bought a new position in shares of Cloudflare in the 1st quarter worth $266,000. SlateStone Wealth LLC boosted its holdings in shares of Cloudflare by 3.9% in the 1st quarter. SlateStone Wealth LLC now owns 3,181 shares of the company's stock valued at $358,000 after buying an additional 119 shares in the last quarter. Pacific Capital Partners Ltd acquired a new position in shares of Cloudflare during the first quarter worth $483,000. Finally, XTX Topco Ltd acquired a new stake in Cloudflare in the first quarter worth about $342,000. 82.68% of the stock is currently owned by institutional investors.

Insider Activity at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction on Friday, June 13th. The stock was 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 owned 381,213 shares in the company, valued at $65,282,726.25. This represents a 12.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Thomas J. Seifert sold 34,270 shares of the business's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $200.17, for a total transaction of $6,859,825.90. Following the completion of the sale, the chief financial officer owned 241,550 shares in the company, valued at $48,351,063.50. The trade was a 12.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 688,062 shares of company stock worth $121,498,887 in the last 90 days. Corporate insiders own 10.89% of the company's stock.

Cloudflare Stock Down 3.5%

NET traded down $7.22 on Friday, reaching $200.46. The company's stock had a trading volume of 6,447,007 shares, compared to its average volume of 3,077,286. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $211.27. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. The stock has a market cap of $69.48 billion, a price-to-earnings ratio of -589.59 and a beta of 1.84. The business's 50 day moving average is $184.49 and its 200 day moving average is $149.29.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.21 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.03. The company had revenue of $512.32 million during the quarter, compared to the consensus estimate of $501.58 million. Cloudflare had a negative return on equity of 8.59% and a negative net margin of 6.22%. Cloudflare's quarterly revenue was up 27.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.20 earnings per share. As a group, research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

NET has been the subject of a number of research reports. Cantor Fitzgerald lifted their target price on Cloudflare from $162.00 to $199.00 and gave the stock a "neutral" rating in a report on Friday. Piper Sandler increased their price objective on Cloudflare from $151.00 to $224.00 and gave the company a "neutral" rating in a research note on Friday. Cowen restated a "buy" rating on shares of Cloudflare in a research report on Monday, June 16th. Wells Fargo & Company increased their price target on shares of Cloudflare from $225.00 to $250.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Scotiabank increased their target price on shares of Cloudflare from $135.00 to $200.00 and gave the stock a "sector perform" rating in a research note on Friday. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $186.88.

Cloudflare 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.