LGT Group Foundation Decreases Position in Cloudflare, Inc. (NYSE:NET)

LGT Group Foundation decreased its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 8.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 41,258 shares of the company’s stock after selling 3,605 shares during the quarter. LGT Group Foundation’s holdings in Cloudflare were worth $3,417,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Riverview Trust Co purchased a new stake in Cloudflare in the first quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC lifted its stake 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 buying an additional 238 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Cloudflare in the second quarter valued at approximately $29,000. Versant Capital Management Inc lifted 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 buying an additional 421 shares during the last quarter. Finally, ICA Group Wealth Management LLC purchased a new stake in Cloudflare in the fourth quarter valued at approximately $38,000. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Up 0.2 %

Cloudflare stock opened at $76.23 on Tuesday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. The firm has a market capitalization of $25.90 billion, a price-to-earnings ratio of -143.83 and a beta of 1.10. Cloudflare, Inc. has a fifty-two week low of $53.88 and a fifty-two week high of $116.00. The stock’s fifty day moving average is $80.25 and its two-hundred day moving average is $83.52.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $401.00 million for the quarter, compared to analyst estimates of $394.11 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. Cloudflare’s revenue was up 30.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.12) earnings per share. Analysts predict that Cloudflare, Inc. will post -0.14 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $76.55, for a total value of $4,009,995.20. Following the sale, the chief executive officer now owns 10,761 shares of the company’s stock, valued at $823,754.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $76.55, for a total value of $4,009,995.20. Following the sale, the chief executive officer now directly owns 10,761 shares in the company, valued at $823,754.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Janel Riley sold 3,495 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $81.65, for a total value of $285,366.75. Following the completion of the sale, the chief accounting officer now owns 80,183 shares in the company, valued at $6,546,941.95. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 632,432 shares of company stock valued at $50,618,810. Insiders own 12.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NET. Morgan Stanley reiterated an “equal weight” rating and issued a $92.00 price objective on shares of Cloudflare in a research note on Monday, June 17th. Guggenheim boosted their price objective on Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a research note on Friday, August 2nd. JMP Securities restated a “market outperform” rating and set a $120.00 price target on shares of Cloudflare in a research note on Tuesday, May 14th. Wolfe Research initiated coverage on Cloudflare in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $135.00 price target on shares of Cloudflare in a research note on Friday, August 2nd. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $92.29.

About Cloudflare

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.