Cloudflare, Inc. (NYSE:NET) Shares Sold by Migdal Insurance & Financial Holdings Ltd.

Migdal Insurance & Financial Holdings Ltd. decreased its position in Cloudflare, Inc. (NYSE:NET) by 3.6% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 23,100 shares of the company’s stock after selling 860 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Cloudflare were worth $2,603,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in shares of Cloudflare by 86.8% during the first quarter. GAMMA Investing LLC now owns 1,093 shares of the company’s stock valued at $123,000 after acquiring an additional 508 shares during the last quarter. LPL Financial LLC boosted its stake in shares of Cloudflare by 3.4% during the fourth quarter. LPL Financial LLC now owns 122,171 shares of the company’s stock valued at $13,155,000 after acquiring an additional 3,989 shares during the last quarter. Crossmark Global Holdings Inc. boosted its stake in shares of Cloudflare by 9.6% during the first quarter. Crossmark Global Holdings Inc. now owns 2,635 shares of the company’s stock valued at $297,000 after acquiring an additional 230 shares during the last quarter. Amalgamated Bank boosted its stake in shares of Cloudflare by 7.0% during the first quarter. Amalgamated Bank now owns 21,402 shares of the company’s stock valued at $2,412,000 after acquiring an additional 1,400 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in Cloudflare by 47.0% in the 4th quarter. Wellington Management Group LLP now owns 5,930 shares of the company’s stock worth $639,000 after buying an additional 1,896 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Activity

In related news, insider Douglas James Kramer sold 9,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $196.09, for a total transaction of $1,764,810.00. Following the completion of the sale, the insider owned 160,377 shares in the company, valued at $31,448,325.93. This represents a 5.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michelle Zatlyn sold 25,641 shares of the company’s stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $190.68, for a total value of $4,889,225.88. Following the completion of the transaction, the insider directly owned 6,390 shares of the company’s stock, valued at approximately $1,218,445.20. This trade represents a 80.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 581,062 shares of company stock worth $99,070,153 over the last 90 days. Company insiders own 10.89% of the company’s stock.

Cloudflare Stock Up 0.3%

Shares of NET traded up $0.65 during trading hours on Friday, hitting $191.90. 191,718 shares of the company were exchanged, compared to its average volume of 3,163,810. The company has a market cap of $66.52 billion, a PE ratio of -835.77 and a beta of 1.85. The firm’s 50 day moving average is $174.58 and its 200-day moving average is $142.60. Cloudflare, Inc. has a 52 week low of $69.26 and a 52 week high of $198.01. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20.

Cloudflare (NYSE:NET) last released its quarterly earnings results 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 company had revenue of $479.09 million for the quarter, compared to the consensus estimate 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 was up 26.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.16 EPS. On average, equities research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Mizuho raised their price target on Cloudflare from $155.00 to $220.00 and gave the stock an “outperform” rating in a research note on Wednesday. Jefferies Financial Group cut their price objective on Cloudflare from $170.00 to $150.00 and set a “hold” rating on the stock in a report on Friday, May 9th. Piper Sandler restated a “neutral” rating and issued a $151.00 price objective (up from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Morgan Stanley reiterated an “overweight” rating and set a $225.00 target price (up from $150.00) on shares of Cloudflare in a report on Friday, July 11th. Finally, Guggenheim raised their target price on Cloudflare from $68.00 to $70.00 and gave the company a “sell” rating in a report on Friday, May 9th. 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, Cloudflare currently has an average rating of “Moderate Buy” and a consensus target price of $152.32.

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.