RFG Advisory LLC Acquires 1,366 Shares of Cloudflare, Inc. (NYSE:NET)

RFG Advisory LLC grew its holdings in Cloudflare, Inc. (NYSE:NET) by 18.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,672 shares of the company’s stock after purchasing 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.

A number of other institutional investors and hedge funds have also modified their holdings of NET. Vanguard Group Inc. boosted its stake in shares of Cloudflare by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock worth $2,766,632,000 after buying an additional 412,864 shares during the last quarter. Capital World Investors boosted its stake in shares of Cloudflare by 2.1% in the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock worth $2,723,685,000 after buying an additional 584,566 shares during the last quarter. 1832 Asset Management L.P. boosted its stake in shares of Cloudflare by 121.2% in the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after buying an additional 1,597,900 shares during the last quarter. Norges Bank purchased a new position in shares of Cloudflare in the 4th quarter worth $221,858,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Cloudflare by 4.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,030,682 shares of the company’s stock valued at $85,815,000 after purchasing an additional 47,175 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Down 1.4 %

NYSE NET traded down $1.08 during trading hours on Monday, hitting $76.63. 1,427,467 shares of the company were exchanged, compared to its average volume of 3,553,499. The stock has a 50-day moving average price of $78.34 and a 200 day moving average price of $85.10. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare, Inc. has a 52 week low of $53.88 and a 52 week high of $116.00. The stock has a market cap of $26.04 billion, a PE ratio of -146.02 and a beta of 1.10.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. Cloudflare had a negative return on equity of 8.90% and a negative net margin of 6.90%. The company had revenue of $401.00 million for the quarter, compared to analysts’ expectations of $394.11 million. During the same period in the previous year, the firm posted ($0.12) earnings per share. The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. Analysts forecast that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. TD Cowen lowered their target price on Cloudflare from $117.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Robert W. Baird lifted their target price on Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Guggenheim lifted their target price on Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a research report on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and set a $135.00 target price on shares of Cloudflare in a research report on Friday, August 2nd. Finally, Susquehanna lifted their target price on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $92.29.

Insiders Place Their Bets

In other Cloudflare news, Director Katrin Suder sold 574 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $67.11, for a total transaction of $38,521.14. Following the completion of the transaction, the director now owns 51,162 shares in the company, valued at $3,433,481.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $72.04, for a total transaction of $3,773,743.36. Following the completion of the transaction, the chief executive officer now owns 8,742 shares in the company, valued at $629,773.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Katrin Suder sold 574 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $67.11, for a total value of $38,521.14. Following the completion of the sale, the director now owns 51,162 shares of the company’s stock, valued at approximately $3,433,481.82. The disclosure for this sale can be found here. Insiders have sold 623,681 shares of company stock valued at $48,871,142 over the last ninety days. 12.83% of the stock is owned by insiders.

Cloudflare Company 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.