Mission Wealth Management LP Cuts Stake in Cloudflare, Inc. (NYSE:NET)

Mission Wealth Management LP reduced its stake in shares of Cloudflare, Inc. (NYSE:NET) by 3.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,049 shares of the company’s stock after selling 137 shares during the period. Mission Wealth Management LP’s holdings in Cloudflare were worth $392,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of NET. O Shaughnessy Asset Management LLC purchased a new position in shares of Cloudflare during the 3rd quarter worth about $325,000. Gotham Asset Management LLC acquired a new position in Cloudflare during the third quarter valued at approximately $580,000. Royal London Asset Management Ltd. lifted its position in Cloudflare by 2.3% during the third quarter. Royal London Asset Management Ltd. now owns 107,194 shares of the company’s stock valued at $6,759,000 after buying an additional 2,374 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in Cloudflare by 52.0% during the third quarter. Mercer Global Advisors Inc. ADV now owns 80,906 shares of the company’s stock valued at $5,100,000 after buying an additional 27,677 shares in the last quarter. Finally, Deutsche Bank AG lifted its position in Cloudflare by 5.1% during the third quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after buying an additional 65,596 shares in the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, COO Michelle Zatlyn sold 102,580 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $82.52, for a total value of $8,464,901.60. Following the completion of the sale, the chief operating officer now owns 211,394 shares of the company’s stock, valued at $17,444,232.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $95.29, for a total value of $4,991,671.36. Following the completion of the sale, the chief executive officer now directly owns 230,612 shares of the company’s stock, valued at approximately $21,975,017.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 102,580 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $82.52, for a total transaction of $8,464,901.60. Following the completion of the sale, the chief operating officer now directly owns 211,394 shares of the company’s stock, valued at $17,444,232.88. The disclosure for this sale can be found here. Insiders sold 821,025 shares of company stock valued at $66,626,900 over the last 90 days. 12.83% of the stock is currently owned by company insiders.

Cloudflare Stock Performance

Shares of NET traded up $2.43 during midday trading on Friday, hitting $86.96. 2,077,069 shares of the stock traded hands, compared to its average volume of 2,892,556. Cloudflare, Inc. has a 1-year low of $53.88 and a 1-year high of $116.00. The firm has a market capitalization of $29.55 billion, a PE ratio of -164.04 and a beta of 1.10. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. The business’s 50 day moving average price is $76.69 and its two-hundred day moving average price is $85.44.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. The business had revenue of $378.60 million during the quarter, compared to the consensus estimate of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. Equities research analysts predict that Cloudflare, Inc. will post -0.19 EPS for the current fiscal year.

Analysts Set New Price Targets

NET has been the topic of a number of recent research reports. Bank of America lifted their price target on shares of Cloudflare from $52.00 to $60.00 and gave the company an “underperform” rating in a research report on Friday, May 3rd. DZ Bank raised shares of Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a research report on Tuesday, May 7th. Guggenheim reissued a “sell” rating and set a $50.00 target price on shares of Cloudflare in a research report on Tuesday, June 25th. Wells Fargo & Company reduced their target price on shares of Cloudflare from $125.00 to $105.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Finally, Royal Bank of Canada reduced their target price on shares of Cloudflare from $108.00 to $90.00 and set an “outperform” rating on the stock in a research report on Friday, May 31st. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $90.96.

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.