Thoroughbred Financial Services LLC Purchases New Shares in Cloudflare, Inc. (NYSE:NET)

Thoroughbred Financial Services LLC acquired a new position in Cloudflare, Inc. (NYSE:NET - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 5,046 shares of the company's stock, valued at approximately $568,000.

Other institutional investors have also recently bought and sold shares of the company. CreativeOne Wealth LLC lifted its stake in shares of Cloudflare by 0.8% in the 4th quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock valued at $752,000 after acquiring an additional 58 shares during the last quarter. Gill Capital Partners LLC increased its holdings in Cloudflare by 2.9% in the 1st quarter. Gill Capital Partners LLC now owns 2,761 shares of the company's stock worth $311,000 after purchasing an additional 79 shares in the last quarter. Spire Wealth Management raised its position in Cloudflare by 11.0% in the first quarter. Spire Wealth Management now owns 962 shares of the company's stock valued at $108,000 after purchasing an additional 95 shares during the last quarter. Yousif Capital Management LLC raised its position in Cloudflare by 2.5% in the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock valued at $447,000 after purchasing an additional 98 shares during the last quarter. Finally, Ellevest Inc. boosted its stake in shares of Cloudflare by 2.3% during the fourth quarter. Ellevest Inc. now owns 4,538 shares of the company's stock valued at $489,000 after purchasing an additional 102 shares in the last quarter. Institutional investors own 82.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Cowen reaffirmed a "buy" rating on shares of Cloudflare in a research note on Monday, June 16th. DZ Bank reiterated a "sell" rating and set a $170.00 price target on shares of Cloudflare in a report on Tuesday, July 22nd. Robert W. Baird boosted their price objective on shares of Cloudflare from $148.00 to $175.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Capital One Financial raised Cloudflare from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Finally, Mizuho lifted their target price on Cloudflare from $220.00 to $240.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $186.88.

Cloudflare Price Performance

NET stock opened at $215.19 on Thursday. Cloudflare, Inc. has a 52-week low of $74.88 and a 52-week high of $215.58. The company has a debt-to-equity ratio of 2.63, a quick ratio of 5.14 and a current ratio of 5.14. The business has a 50-day simple moving average of $187.48 and a two-hundred day simple moving average of $151.01. The company has a market capitalization of $74.59 billion, a P/E ratio of -632.91 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.03. The business had revenue of $512.32 million for the quarter, compared to analysts' expectations of $501.58 million. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. The business's revenue was up 27.8% on a year-over-year basis. During the same period last year, the business earned $0.20 EPS. Research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Activity

In other Cloudflare news, CFO Thomas J. Seifert sold 59,130 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $200.30, for a total value of $11,843,739.00. Following the completion of the sale, the chief financial officer owned 241,550 shares in the company, valued at approximately $48,382,465. This trade represents a 19.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michelle Zatlyn sold 35,098 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $156.83, for a total value of $5,504,419.34. Following the completion of the transaction, the insider owned 6,390 shares in the company, valued at $1,002,143.70. The trade was a 84.60% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 691,062 shares of company stock valued at $122,093,547 in the last three months. 10.89% of the stock is owned by company insiders.

Cloudflare Company 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.

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