RFG Advisory LLC Increases Stock Position in Cloudflare, Inc. (NYSE:NET)

RFG Advisory LLC boosted its stake in Cloudflare, Inc. (NYSE:NET) by 18.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,672 shares of the company’s stock after acquiring an additional 1,366 shares during the period. RFG Advisory LLC’s holdings in Cloudflare were worth $718,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in Cloudflare in the first quarter valued at $27,000. Allspring Global Investments Holdings LLC lifted its position in Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Cloudflare in the second quarter valued at $29,000. ICA Group Wealth Management LLC acquired a new position in Cloudflare in the fourth quarter valued at $38,000. Finally, Versant Capital Management Inc increased its stake in Cloudflare by 1,202.9% in the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after purchasing an additional 421 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Price Performance

Shares of NET stock traded down $1.08 during trading hours on Monday, hitting $76.63. The company’s stock had a trading volume of 1,427,467 shares, compared to its average volume of 3,553,499. The business has a fifty day moving average of $78.34 and a 200-day moving average of $85.10. The stock has a market cap of $26.04 billion, a price-to-earnings ratio of -146.02 and a beta of 1.10. Cloudflare, Inc. has a twelve month low of $53.88 and a twelve month high of $116.00. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.14 by $0.06. The business had revenue of $401.00 million for the quarter, compared to analyst estimates of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.90%. The company’s quarterly revenue was up 30.0% on a year-over-year basis. During the same period in the prior year, the business earned ($0.12) earnings per share. As a group, equities research analysts anticipate that Cloudflare, Inc. will post -0.19 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have commented on NET. TD Cowen dropped their price objective on shares of Cloudflare from $117.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. KeyCorp dropped their price objective on shares of Cloudflare from $132.00 to $94.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. Needham & Company LLC restated a “buy” rating and issued a $135.00 price objective on shares of Cloudflare in a research note on Friday, August 2nd. Wells Fargo & Company dropped their price objective on shares of Cloudflare from $125.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. Finally, DZ Bank upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a research note on Tuesday, May 7th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Cloudflare currently has a consensus rating of “Hold” and a consensus price target of $92.29.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 28,634 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $75.13, for a total transaction of $2,151,272.42. Following the sale, the chief financial officer now owns 309,937 shares in the company, valued at $23,285,566.81. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Thomas J. Seifert sold 28,634 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $75.13, for a total transaction of $2,151,272.42. Following the sale, the chief financial officer now owns 309,937 shares in the company, valued at $23,285,566.81. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $76.70, for a total transaction of $4,017,852.80. Following the sale, the chief executive officer now owns 211,394 shares in the company, valued at approximately $16,213,919.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 623,681 shares of company stock worth $48,871,142. 12.83% 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.