Thoroughbred Financial Services LLC Lowers Position in Cloudflare, Inc. $NET

Thoroughbred Financial Services LLC cut its stake in shares of Cloudflare, Inc. (NYSE:NET) by 20.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,012 shares of the company’s stock after selling 1,034 shares during the period. Thoroughbred Financial Services LLC’s holdings in Cloudflare were worth $785,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cerity Partners LLC raised its holdings in shares of Cloudflare by 13.3% in the 1st quarter. Cerity Partners LLC now owns 21,168 shares of the company’s stock worth $2,385,000 after purchasing an additional 2,489 shares during the period. CWM LLC lifted its position in Cloudflare by 2.5% during the first quarter. CWM LLC now owns 11,692 shares of the company’s stock valued at $1,318,000 after buying an additional 283 shares in the last quarter. Larson Financial Group LLC grew its stake in Cloudflare by 243.5% during the first quarter. Larson Financial Group LLC now owns 1,865 shares of the company’s stock worth $210,000 after buying an additional 1,322 shares during the period. Graypoint LLC purchased a new position in shares of Cloudflare in the 1st quarter valued at $217,000. Finally, Kingsview Wealth Management LLC purchased a new position in shares of Cloudflare in the 1st quarter valued at $206,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on NET shares. Mizuho increased their target price on Cloudflare from $240.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cloudflare in a research note on Wednesday, October 8th. Stifel Nicolaus increased their target price on shares of Cloudflare from $230.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, October 31st. DZ Bank upgraded Cloudflare from a “sell” rating to a “hold” rating and set a $237.00 price target on the stock in a research report on Wednesday, November 5th. Finally, Wall Street Zen upgraded shares of Cloudflare from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.35.

Cloudflare Stock Down 2.0%

Shares of NET stock opened at $206.38 on Monday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 2.04 and a current ratio of 2.04. The stock has a market cap of $72.29 billion, a PE ratio of -685.79 and a beta of 2.10. The business’s fifty day moving average is $222.05 and its 200-day moving average is $196.05. Cloudflare, Inc. has a 1 year low of $89.42 and a 1 year high of $260.00.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $226.46, for a total transaction of $11,862,880.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 41,555 shares of the company’s stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $190.64, for a total transaction of $7,922,045.20. Following the completion of the sale, the chief financial officer owned 189,517 shares of the company’s stock, valued at approximately $36,129,520.88. This trade represents a 17.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 585,676 shares of company stock worth $122,718,003. 10.89% of the stock is owned by insiders.

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.