Western Financial Corp CA Decreases Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Western Financial Corp CA reduced its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 29.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,527 shares of the company's stock after selling 3,519 shares during the period. Western Financial Corp CA's holdings in Cloudflare were worth $961,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. 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 position 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 acquiring an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its position 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 acquiring an additional 142 shares during the last quarter. Gordian Capital Singapore Pte Ltd purchased a new stake in Cloudflare in the fourth quarter valued at $43,000. Finally, Global Financial Private Client LLC lifted its position 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 acquiring an additional 381 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cloudflare news, insider Douglas James Kramer sold 9,000 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $112.83, for a total value of $1,015,470.00. Following the completion of the transaction, the insider now directly owns 188,406 shares in the company, valued at $21,257,848.98. This trade represents a 4.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the firm'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 sold a total of 515,987 shares of company stock worth $77,174,354 over the last ninety days. 10.89% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NET. Oppenheimer reissued an "outperform" rating and issued a $200.00 price target (up from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. The Goldman Sachs Group reduced their price target on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating for the company in a research report on Friday, March 14th. UBS Group boosted their price target on shares of Cloudflare from $135.00 to $145.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Mizuho raised shares of Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 price target for the company in a research report on Wednesday, April 16th. Finally, Needham & Company LLC lifted their price objective on shares of Cloudflare from $145.00 to $160.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $145.92.

Cloudflare Stock Up 2.0%

NET stock opened at $190.16 on Thursday. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90. Cloudflare, Inc. has a fifty-two week low of $69.26 and a fifty-two week high of $192.01. The firm's 50-day simple moving average is $151.66 and its 200 day simple moving average is $134.13. The stock has a market cap of $65.91 billion, a PE ratio of -826.78 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The business had revenue of $479.09 million during 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 business's revenue for the quarter was up 26.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.16 EPS. As a group, sell-side analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

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.

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