Townsquare Capital LLC Sells 10,465 Shares of Cloudflare, Inc. (NYSE:NET)

Key Points

• Townsquare Capital LLC reduced its stake in Cloudflare, Inc. by 28.4%, owning 26,337 shares worth approximately $2.97 million after selling over 10,400 shares in the first quarter.
• Multiple institutional investors increased their holdings in Cloudflare, with Fred Alger Management LLC boosting their stake by an impressive 856.3% in the fourth quarter.
• In the last quarter, insiders sold a total of 638,678 shares of Cloudflare stock, worth about $114.3 million, representing a significant decrease in their positions.

Townsquare Capital LLC lessened its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 28.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,337 shares of the company's stock after selling 10,465 shares during the quarter. Townsquare Capital LLC's holdings in Cloudflare were worth $2,968,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Mather Group LLC. increased its holdings in Cloudflare by 1,188.2% in the first quarter. Mather Group LLC. now owns 219 shares of the company's stock valued at $25,000 after purchasing an additional 202 shares during the last quarter. NBC Securities Inc. bought a new stake in Cloudflare in the first quarter valued at about $27,000. GPS Wealth Strategies Group LLC increased its holdings in Cloudflare by 213.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock valued at $29,000 after purchasing an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after purchasing an additional 142 shares during the last quarter. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Cloudflare in the fourth quarter worth about $43,000. Institutional investors and hedge funds own 82.68% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on NET shares. Cantor Fitzgerald increased their price target on Cloudflare from $162.00 to $199.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Robert W. Baird increased their price target on Cloudflare from $148.00 to $175.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Susquehanna lowered their price target on Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a report on Monday, May 12th. CICC Research upgraded Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price target for the company in a report on Monday, May 12th. Finally, Wells Fargo & Company increased their price target on Cloudflare from $225.00 to $250.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $186.88.

Cloudflare Stock Performance

Shares of NET traded down $4.16 during mid-day trading on Thursday, reaching $195.18. The company's stock had a trading volume of 2,534,555 shares, compared to its average volume of 3,667,604. Cloudflare, Inc. has a 1-year low of $74.88 and a 1-year high of $219.00. The stock has a market cap of $68.02 billion, a P/E ratio of -574.07 and a beta of 1.84. The business has a 50-day simple moving average of $190.94 and a two-hundred day simple moving average of $153.83. The company has a current ratio of 5.14, a quick ratio of 5.14 and a debt-to-equity ratio of 2.63.

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

In related news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $198.22, for a total transaction of $594,660.00. Following the completion of the sale, the insider directly owned 157,377 shares of the company's stock, valued at approximately $31,195,268.94. This trade represents a 1.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 34,270 shares of Cloudflare stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $200.17, for a total value of $6,859,825.90. Following the sale, the chief financial officer directly owned 241,550 shares of the company's stock, valued at approximately $48,351,063.50. The trade was a 12.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 586,294 shares of company stock valued at $106,298,200. Insiders own 10.89% of the company's stock.

Cloudflare 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.