Independence Bank of Kentucky Decreases Holdings in Cloudflare, Inc. $NET

Independence Bank of Kentucky trimmed its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 5.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,385 shares of the company’s stock after selling 200 shares during the period. Independence Bank of Kentucky’s holdings in Cloudflare were worth $663,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Mather Group LLC. boosted its position in Cloudflare by 1,188.2% during the 1st quarter. Mather Group LLC. now owns 219 shares of the company’s stock worth $25,000 after purchasing an additional 202 shares during the period. NBC Securities Inc. purchased a new stake in Cloudflare during the 1st quarter worth $27,000. GPS Wealth Strategies Group LLC boosted its position in Cloudflare by 213.4% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company’s stock worth $29,000 after purchasing an additional 175 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in Cloudflare by 115.4% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock valued at $30,000 after buying an additional 142 shares during the last quarter. Finally, CVA Family Office LLC boosted its position in Cloudflare by 37.1% in the 1st quarter. CVA Family Office LLC now owns 392 shares of the company’s stock valued at $44,000 after buying an additional 106 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Cloudflare news, insider Michelle Zatlyn sold 25,641 shares of the company’s stock in a transaction dated Thursday, September 25th. The shares were sold at an average price of $212.49, for a total value of $5,448,456.09. Following the completion of the transaction, the insider owned 14,575 shares in the company, valued at approximately $3,097,041.75. This represents a 63.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John Graham-Cumming sold 10,215 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $206.32, for a total transaction of $2,107,558.80. Following the completion of the transaction, the director owned 495,191 shares of the company’s stock, valued at approximately $102,167,807.12. This trade represents a 2.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 718,020 shares of company stock valued at $144,107,619 over the last quarter. Corporate insiders own 10.89% of the company’s stock.

Cloudflare Price Performance

NET opened at $218.55 on Tuesday. The firm has a market cap of $76.16 billion, a price-to-earnings ratio of -642.79 and a beta of 1.95. Cloudflare, Inc. has a fifty-two week low of $77.80 and a fifty-two week high of $230.10. The company’s 50-day moving average price is $208.20 and its 200 day moving average price is $169.34. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.03. The firm had revenue of $512.32 million for the quarter, compared to analyst estimates of $501.58 million. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.42%. Cloudflare’s quarterly revenue was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.20 earnings per share. Cloudflare has set its FY 2025 guidance at 0.850-0.860 EPS. Q3 2025 guidance at 0.230-0.23 EPS. As a group, sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on NET. JMP Securities upped their price objective on shares of Cloudflare from $180.00 to $225.00 and gave the company a “market outperform” rating in a research report on Monday, July 28th. Royal Bank Of Canada upped their price objective on shares of Cloudflare from $210.00 to $228.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Cowen reissued a “buy” rating on shares of Cloudflare in a research report on Monday, June 16th. Morgan Stanley upped their price objective on shares of Cloudflare from $225.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Finally, Citigroup upped their price objective on shares of Cloudflare from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $191.28.

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.