Ring Mountain Capital LLC Decreases Holdings in Cloudflare, Inc. (NYSE:NET)

Ring Mountain Capital LLC lowered its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 71.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,860 shares of the company's stock after selling 9,468 shares during the period. Ring Mountain Capital LLC's holdings in Cloudflare were worth $435,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mather Group LLC. raised its position in Cloudflare by 1,188.2% during 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. acquired a new stake in shares of Cloudflare in the first quarter worth $27,000. GPS Wealth Strategies Group LLC raised its holdings in shares of Cloudflare by 213.4% during the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after purchasing an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after purchasing an additional 142 shares during the last quarter. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Cloudflare during the fourth quarter valued at $43,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Thomas J. Seifert sold 10,000 shares of the company's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $180.76, for a total transaction of $1,807,600.00. Following the sale, the chief financial officer directly owned 241,550 shares in the company, valued at approximately $43,662,578. This represents a 3.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michelle Zatlyn sold 25,641 shares of Cloudflare stock in a transaction that occurred 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 transaction, the insider owned 6,390 shares of the company's stock, valued at $1,218,445.20. This represents a 80.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold 581,062 shares of company stock worth $99,070,153 over the last 90 days. Company insiders own 10.89% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on NET shares. Guggenheim increased their price target on shares of Cloudflare from $68.00 to $70.00 and gave the stock a "sell" rating in a report on Friday, May 9th. Susquehanna dropped their target price on Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a research report on Monday, May 12th. Bank of America raised Cloudflare from an "underperform" rating to a "buy" rating and upped their price target for the stock from $60.00 to $160.00 in a report on Tuesday, March 25th. Capital One Financial upgraded Cloudflare from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Finally, Piper Sandler restated a "neutral" rating and issued a $151.00 price objective (up from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $152.32.

Cloudflare Price Performance

Shares of NYSE:NET traded up $5.52 during midday trading on Friday, hitting $196.77. The company had a trading volume of 4,214,067 shares, compared to its average volume of 3,178,811. The business's 50-day simple moving average is $175.86 and its 200-day simple moving average is $143.22. The stock has a market cap of $68.20 billion, a price-to-earnings ratio of -855.52 and a beta of 1.85. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. Cloudflare, Inc. has a twelve month low of $69.26 and a twelve month high of $198.01.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly 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). The firm had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The firm's quarterly revenue was up 26.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.16 EPS. On average, research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

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.