Cloudflare, Inc. (NYSE:NET) Shares Sold by TrueMark Investments LLC

TrueMark Investments LLC cut its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 7.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,993 shares of the company's stock after selling 1,644 shares during the quarter. TrueMark Investments LLC's holdings in Cloudflare were worth $2,478,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NET. NBC Securities Inc. purchased a new stake in shares of Cloudflare during the 1st quarter worth $27,000. GPS Wealth Strategies Group LLC lifted its stake in shares of 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 period. MassMutual Private Wealth & Trust FSB boosted its holdings in 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 buying an additional 142 shares in the last quarter. Gordian Capital Singapore Pte Ltd acquired a new position in Cloudflare during the fourth quarter worth about $43,000. Finally, Global Financial Private Client LLC increased its holdings in Cloudflare by 38,100.0% in the first quarter. Global Financial Private Client LLC now owns 382 shares of the company's stock valued at $43,000 after buying an additional 381 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Insiders Place Their Bets

In other Cloudflare news, CFO Thomas J. Seifert sold 10,000 shares of the business's stock in a transaction dated 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 completion of the transaction, the chief financial officer now directly owns 241,550 shares of the company's stock, valued at $43,662,578. The trade was a 3.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $100.88, for a total transaction of $5,284,497.92. The disclosure for this sale can be found here. Insiders have sold 541,627 shares of company stock valued at $80,182,952 over the last quarter. Insiders own 10.89% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NET. Morgan Stanley upped their price target on Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Susquehanna reduced their price objective on Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a research report on Monday, May 12th. Royal Bank Of Canada lowered their target price on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. KeyCorp started coverage on shares of Cloudflare in a research note on Friday, June 6th. They set an "overweight" rating and a $210.00 price objective for the company. Finally, Mizuho upgraded Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 target price on the stock in a report on Wednesday, April 16th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $145.92.

Cloudflare Stock Performance

Shares of NYSE NET traded up $2.76 during trading on Tuesday, reaching $186.63. The stock had a trading volume of 2,026,386 shares, compared to its average volume of 3,138,517. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The stock has a market cap of $64.69 billion, a PE ratio of -811.45 and a beta of 1.84. Cloudflare, Inc. has a one year low of $69.26 and a one year high of $187.84. The firm's 50 day moving average price is $150.04 and its two-hundred day moving average price is $133.74.

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