Sanders Morris Harris LLC lowered its stake in shares of Cloudflare, Inc. (NYSE:NET) by 7.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 6,300 shares of the company’s stock after selling 500 shares during the quarter. Sanders Morris Harris LLC’s holdings in Cloudflare were worth $259,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Venrock Management V LLC bought a new position in shares of Cloudflare in the 2nd quarter worth about $1,128,765,000. FMR LLC grew its stake in shares of Cloudflare by 13.9% in the 2nd quarter. FMR LLC now owns 24,729,579 shares of the company’s stock valued at $889,029,000 after buying an additional 3,012,041 shares during the period. Vanguard Group Inc. grew its stake in shares of Cloudflare by 169.5% in the 2nd quarter. Vanguard Group Inc. now owns 9,213,102 shares of the company’s stock valued at $331,210,000 after buying an additional 5,795,087 shares during the period. Gilder Gagnon Howe & Co. LLC grew its stake in shares of Cloudflare by 38.9% in the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 5,100,558 shares of the company’s stock valued at $183,365,000 after buying an additional 1,429,447 shares during the period. Finally, First Trust Advisors LP grew its stake in shares of Cloudflare by 182.6% in the 2nd quarter. First Trust Advisors LP now owns 3,185,622 shares of the company’s stock valued at $114,523,000 after buying an additional 2,058,554 shares during the period. 47.78% of the stock is currently owned by institutional investors and hedge funds.
In related news, COO Michelle Zatlyn sold 48,700 shares of the company’s stock in a transaction on Friday, October 16th. The shares were sold at an average price of $58.96, for a total value of $2,871,352.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 30,000 shares of the company’s stock in a transaction on Tuesday, October 13th. The stock was sold at an average price of $58.22, for a total transaction of $1,746,600.00. Following the completion of the transaction, the chief financial officer now owns 30,000 shares of the company’s stock, valued at $1,746,600. The disclosure for this sale can be found here. Insiders have sold a total of 2,635,430 shares of company stock valued at $106,490,341 over the last 90 days. Company insiders own 35.89% of the company’s stock.
A number of equities analysts have recently weighed in on the company. Piper Sandler boosted their target price on Cloudflare from $29.00 to $41.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Jefferies Financial Group upgraded Cloudflare from a “hold” rating to a “buy” rating and boosted their target price for the stock from $27.00 to $50.00 in a research note on Tuesday, July 28th. JPMorgan Chase & Co. lifted their price target on shares of Cloudflare from $30.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, July 10th. Needham & Company LLC lifted their price target on shares of Cloudflare from $50.00 to $69.00 and gave the stock a “buy” rating in a report on Tuesday, October 13th. Finally, Goldman Sachs Group lifted their price target on shares of Cloudflare from $27.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, June 24th. They noted that the move was a valuation call. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Cloudflare has a consensus rating of “Buy” and a consensus target price of $40.41.
Shares of NET traded down $0.49 during mid-day trading on Friday, reaching $58.29. 7,940,341 shares of the stock traded hands, compared to its average volume of 4,632,541. The firm has a fifty day moving average price of $40.47 and a 200 day moving average price of $33.90. The company has a market cap of $17.82 billion and a price-to-earnings ratio of -89.68. The company has a current ratio of 9.38, a quick ratio of 9.38 and a debt-to-equity ratio of 0.44. Cloudflare, Inc. has a 1 year low of $14.50 and a 1 year high of $61.86.
Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. The firm had revenue of $99.70 million during the quarter, compared to analyst estimates of $94.17 million. Cloudflare had a negative net margin of 36.66% and a negative return on equity of 15.35%. The business’s revenue for the quarter was up 47.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.22) EPS. On average, sell-side analysts anticipate that Cloudflare, Inc. will post -0.34 EPS for the current year.
CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.
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