Cloudflare, Inc. (NYSE:NET) Position Boosted by Miller Financial Services LLC

Miller Financial Services LLC boosted its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 41.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,862 shares of the company's stock after purchasing an additional 1,729 shares during the quarter. Miller Financial Services LLC's holdings in Cloudflare were worth $661,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC boosted its position in shares of Cloudflare by 54.5% in the 1st quarter. Los Angeles Capital Management LLC now owns 197,463 shares of the company's stock worth $22,252,000 after purchasing an additional 69,641 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its stake in Cloudflare by 13.5% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 245,281 shares of the company's stock worth $27,640,000 after buying an additional 29,200 shares during the period. Montag A & Associates Inc. raised its stake in shares of Cloudflare by 9.5% in the 1st quarter. Montag A & Associates Inc. now owns 1,645 shares of the company's stock valued at $185,000 after purchasing an additional 143 shares during the period. Kestra Private Wealth Services LLC raised its stake in shares of Cloudflare by 8.1% in the 1st quarter. Kestra Private Wealth Services LLC now owns 3,224 shares of the company's stock valued at $363,000 after purchasing an additional 241 shares during the period. Finally, Hollencrest Capital Management increased its position in shares of Cloudflare by 1,225.4% in the first quarter. Hollencrest Capital Management now owns 941 shares of the company's stock valued at $106,000 after acquiring an additional 870 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NET. Susquehanna lowered their price objective on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a research report on Monday, May 12th. Morgan Stanley reissued an "overweight" rating and issued a $225.00 price objective (up previously from $150.00) on shares of Cloudflare in a research note on Friday, July 11th. Guggenheim upped their price target on shares of Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a research report on Friday, May 9th. CICC Research raised shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price target on the stock in a research report on Monday, May 12th. Finally, KeyCorp initiated coverage on shares of Cloudflare in a research report on Friday, June 6th. They set an "overweight" rating and a $210.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $155.32.

Cloudflare Trading Down 3.6%

Shares of NET traded down $7.08 during trading on Tuesday, reaching $190.68. 3,957,877 shares of the company traded hands, compared to its average volume of 3,187,048. Cloudflare, Inc. has a twelve month low of $69.26 and a twelve month high of $200.77. The stock has a market cap of $66.09 billion, a PE ratio of -829.03 and a beta of 1.85. The stock has a 50-day simple moving average of $175.86 and a 200-day simple moving average of $143.68. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90.

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

Insider Buying and Selling at Cloudflare

In related news, insider Michelle Zatlyn sold 35,098 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $156.83, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 41,556 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $156.78, for a total transaction of $6,515,149.68. Following the completion of the transaction, the chief financial officer owned 241,550 shares in the company, valued at $37,870,209. The trade was a 14.68% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 581,062 shares of company stock worth $99,070,153. Corporate insiders own 10.89% of the company's stock.

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.