Pier 88 Investment Partners LLC Sells 3,200 Shares of Cloudflare, Inc. (NYSE:NET)

Pier 88 Investment Partners LLC lessened its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 20.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,720 shares of the company's stock after selling 3,200 shares during the period. Pier 88 Investment Partners LLC's holdings in Cloudflare were worth $1,433,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Mather Group LLC. increased its holdings in shares of Cloudflare by 1,188.2% in the 1st quarter. Mather Group LLC. now owns 219 shares of the company's stock worth $25,000 after buying an additional 202 shares during the last quarter. NBC Securities Inc. bought a new position in Cloudflare in the 1st quarter worth about $27,000. GPS Wealth Strategies Group LLC grew its stake in Cloudflare by 213.4% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after acquiring an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in Cloudflare by 115.4% in the 1st 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 bought a new position in Cloudflare in the 4th quarter worth about $43,000. Institutional investors own 82.68% of the company's stock.

Cloudflare Stock Performance

Shares of NYSE NET traded down $4.74 during trading hours on Tuesday, reaching $193.02. The stock had a trading volume of 1,341,499 shares, compared to its average volume of 3,177,121. The business's fifty day moving average is $175.86 and its two-hundred day moving average is $143.68. 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 company has a market cap of $66.90 billion, a price-to-earnings ratio of -839.28 and a beta of 1.85. Cloudflare, Inc. has a twelve month low of $69.26 and a twelve month high of $200.77.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). The business had revenue of $479.09 million for the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. Cloudflare's revenue for the quarter was up 26.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.16 EPS. As a group, research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Transactions at Cloudflare

In other news, insider Michelle Zatlyn sold 25,641 shares of the firm's stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $190.68, for a total transaction of $4,889,225.88. Following the completion of the sale, the insider directly owned 6,390 shares of the company's stock, valued at $1,218,445.20. This trade represents a 80.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Douglas James Kramer sold 9,000 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $196.09, for a total value of $1,764,810.00. Following the sale, the insider directly owned 160,377 shares in the company, valued at $31,448,325.93. This trade represents a 5.31% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 581,062 shares of company stock worth $99,070,153. 10.89% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company raised their price objective on Cloudflare from $200.00 to $225.00 and gave the company an "overweight" rating in a research report on Monday. Guggenheim raised their price objective on Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a research report on Friday, May 9th. UBS Group increased their target price on shares of Cloudflare from $135.00 to $145.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Susquehanna decreased 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, Cowen reaffirmed a "buy" rating on shares of Cloudflare in a report on Monday, June 16th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $155.32.

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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