Donoghue Forlines LLC Lowers Position in Cloudflare, Inc. $NET

Donoghue Forlines LLC decreased its stake in shares of Cloudflare, Inc. (NYSE:NET) by 20.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,042 shares of the company’s stock after selling 3,814 shares during the period. Cloudflare comprises about 0.8% of Donoghue Forlines LLC’s holdings, making the stock its 18th largest position. Donoghue Forlines LLC’s holdings in Cloudflare were worth $2,946,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Quaker Wealth Management LLC lifted its stake in Cloudflare by 218.6% during the 2nd quarter. Quaker Wealth Management LLC now owns 166 shares of the company’s stock valued at $33,000 after acquiring an additional 306 shares in the last quarter. Hilltop National Bank bought a new position in shares of Cloudflare during the second quarter valued at about $36,000. Ameritas Advisory Services LLC purchased a new position in Cloudflare during the second quarter worth about $39,000. Cullen Frost Bankers Inc. bought a new stake in Cloudflare in the 2nd quarter worth about $45,000. Finally, Whipplewood Advisors LLC grew its position in Cloudflare by 277.6% in the 2nd quarter. Whipplewood Advisors LLC now owns 253 shares of the company’s stock worth $50,000 after purchasing an additional 186 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Stifel Nicolaus boosted their target price on Cloudflare from $230.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Wall Street Zen raised Cloudflare from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Guggenheim restated a “sell” rating on shares of Cloudflare in a research note on Tuesday, October 21st. Mizuho lifted their target price on Cloudflare from $240.00 to $280.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Finally, Piper Sandler boosted their price target on shares of Cloudflare from $224.00 to $249.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $235.35.

Cloudflare Trading Down 5.4%

Shares of Cloudflare stock opened at $213.58 on Friday. The stock has a market capitalization of $74.81 billion, a P/E ratio of -711.93 and a beta of 2.10. Cloudflare, Inc. has a 52-week low of $87.77 and a 52-week high of $260.00. 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’s 50-day simple moving average is $222.12 and its 200 day simple moving average is $194.39.

Insider Activity at Cloudflare

In related news, Director Carl Ledbetter sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $210.65, for a total value of $3,159,750.00. Following the completion of the transaction, the director directly owned 998,073 shares of the company’s stock, valued at approximately $210,244,077.45. This trade represents a 1.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mark J. Hawkins sold 1,000 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $254.15, for a total transaction of $254,150.00. Following the sale, the director directly owned 10,990 shares in the company, valued at $2,793,108.50. The trade was a 8.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 638,060 shares of company stock worth $133,217,328 in the last ninety days. Insiders own 10.89% of the company’s stock.

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.