US Bancorp DE Lowers Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Key Points

• US Bancorp DE has reduced its stake in Cloudflare, Inc. by 7.8%, holding 33,043 shares valued at approximately $3.7 million after selling 2,785 shares.
• Cloudflare's stock recently increased by 3.6%, reaching a price of $215.19, with a market cap of $74.59 billion and a P/E ratio of -632.91.
• Analysts have mixed views on Cloudflare, with a consensus rating of "Moderate Buy" and average price target of $186.88, reflecting significant upgrades from firms like UBS Group and Bank of America.

US Bancorp DE reduced its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 7.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,043 shares of the company's stock after selling 2,785 shares during the period. US Bancorp DE's holdings in Cloudflare were worth $3,724,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Lyell Wealth Management LP boosted its stake in Cloudflare by 6.7% during the first quarter. Lyell Wealth Management LP now owns 50,748 shares of the company's stock valued at $5,719,000 after buying an additional 3,190 shares during the last quarter. Private Advisory Group LLC boosted its position in shares of Cloudflare by 5.2% during the 1st quarter. Private Advisory Group LLC now owns 38,227 shares of the company's stock valued at $4,308,000 after acquiring an additional 1,881 shares during the last quarter. Baader Bank Aktiengesellschaft purchased a new position in shares of Cloudflare in the first quarter valued at $266,000. SlateStone Wealth LLC grew its holdings in shares of Cloudflare by 3.9% in the first quarter. SlateStone Wealth LLC now owns 3,181 shares of the company's stock valued at $358,000 after purchasing an additional 119 shares in the last quarter. Finally, Pacific Capital Partners Ltd bought a new stake in Cloudflare in the first quarter worth $483,000. Hedge funds and other institutional investors own 82.68% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NET. Robert W. Baird boosted their target price on shares of Cloudflare from $148.00 to $175.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Capital One Financial raised Cloudflare from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. UBS Group upped their price objective on Cloudflare from $145.00 to $200.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Guggenheim lifted their target price on Cloudflare from $70.00 to $111.00 and gave the stock a "sell" rating in a report on Friday, August 1st. Finally, Bank of America increased their price target on Cloudflare from $235.00 to $240.00 and gave the company a "buy" rating in a report on Friday, August 1st. Three research 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's stock. Based on data from MarketBeat.com, Cloudflare presently has a consensus rating of "Moderate Buy" and an average price target of $186.88.

Cloudflare Stock Up 3.6%

Shares of Cloudflare stock traded up $7.38 during trading on Wednesday, hitting $215.19. 2,320,799 shares of the stock traded hands, compared to its average volume of 3,503,849. The company has a current ratio of 5.14, a quick ratio of 5.14 and a debt-to-equity ratio of 2.63. The stock's fifty day simple moving average is $187.48 and its 200 day simple moving average is $151.01. The firm has a market cap of $74.59 billion, a P/E ratio of -632.91 and a beta of 1.84. Cloudflare, Inc. has a 52-week low of $74.88 and a 52-week high of $215.58.

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

Insider Activity at Cloudflare

In other news, Director Carl Ledbetter sold 15,000 shares of Cloudflare stock in a transaction on Monday, July 28th. The stock was sold at an average price of $199.85, for a total value of $2,997,750.00. Following the transaction, the director directly owned 1,043,073 shares in the company, valued at approximately $208,458,139.05. This trade represents a 1.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 34,270 shares of the business's stock in a transaction 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 completion of the transaction, 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. Insiders have sold 691,062 shares of company stock valued at $122,093,547 over the last 90 days. Insiders own 10.89% of the company's stock.

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.