Praxis Investment Management Inc. Acquires 1,920 Shares of Cloudflare, Inc. (NYSE:NET)

Praxis Investment Management Inc. boosted its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 25.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,380 shares of the company's stock after purchasing an additional 1,920 shares during the quarter. Praxis Investment Management Inc.'s holdings in Cloudflare were worth $1,057,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Allworth Financial LP raised its position in shares of Cloudflare by 8.4% during the 4th quarter. Allworth Financial LP now owns 2,854 shares of the company's stock valued at $307,000 after buying an additional 220 shares in the last quarter. CIBC Asset Management Inc raised its position in Cloudflare by 14.0% during the fourth quarter. CIBC Asset Management Inc now owns 12,120 shares of the company's stock valued at $1,305,000 after purchasing an additional 1,491 shares during the period. D.A. Davidson & CO. raised its position in Cloudflare by 0.5% during the fourth quarter. D.A. Davidson & CO. now owns 21,075 shares of the company's stock valued at $2,269,000 after purchasing an additional 106 shares during the period. Atria Wealth Solutions Inc. lifted its stake in shares of Cloudflare by 26.2% in the 4th quarter. Atria Wealth Solutions Inc. now owns 7,502 shares of the company's stock valued at $808,000 after purchasing an additional 1,559 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in shares of Cloudflare by 1.2% in the 4th quarter. Handelsbanken Fonder AB now owns 185,416 shares of the company's stock worth $19,966,000 after purchasing an additional 2,204 shares during the period. Institutional investors own 82.68% of the company's stock.

Cloudflare Trading Down 1.2%

NET opened at $179.27 on Friday. The company has a current ratio of 3.20, a quick ratio of 3.20 and a debt-to-equity ratio of 0.90. The firm has a market cap of $62.14 billion, a price-to-earnings ratio of -779.42 and a beta of 1.84. Cloudflare, Inc. has a 12 month low of $69.26 and a 12 month high of $184.85. The stock has a fifty day moving average price of $146.95 and a 200-day moving average price of $132.72.

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

Insider Buying and Selling at Cloudflare

In other Cloudflare news, insider Michelle Zatlyn sold 25,640 shares of the firm's stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $130.85, for a total value of $3,354,994.00. Following the completion of the sale, the insider now owns 413,413 shares of the company's stock, valued at approximately $54,095,091.05. This trade represents a 5.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 2,311 shares of the stock in a transaction that occurred on Thursday, April 10th. The shares were sold at an average price of $107.75, for a total transaction of $249,010.25. Following the completion of the transaction, the chief executive officer now directly owns 413,413 shares of the company's stock, valued at $44,545,250.75. The trade was a 0.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 557,267 shares of company stock worth $81,730,346 over the last three months. Corporate insiders own 10.89% of the company's stock.

Analyst Upgrades and Downgrades

NET has been the subject of a number of analyst reports. Susquehanna lowered their price target on Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a research report on Monday, May 12th. Bank of America raised shares of Cloudflare from an "underperform" rating to a "buy" rating and increased their target price for the company from $60.00 to $160.00 in a research note on Tuesday, March 25th. Needham & Company LLC raised their target price on shares of Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a report on Friday, May 9th. 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. Finally, The Goldman Sachs Group reduced their price objective on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $145.92.

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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