Cloudflare, Inc. (NYSE:NET) Shares Acquired by Townsquare Capital LLC

Townsquare Capital LLC lifted its stake in shares of Cloudflare, Inc. (NYSE:NET) by 3.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 41,920 shares of the company’s stock after buying an additional 1,267 shares during the quarter. Townsquare Capital LLC’s holdings in Cloudflare were worth $3,391,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC increased its stake in Cloudflare by 13.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after buying an additional 119 shares during the period. Elo Mutual Pension Insurance Co boosted its holdings in shares of Cloudflare by 0.5% in the second quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after acquiring an additional 136 shares in the last quarter. OneDigital Investment Advisors LLC increased its stake in shares of Cloudflare by 3.5% during the third quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $327,000 after acquiring an additional 137 shares during the period. Quarry LP raised its holdings in Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares in the last quarter. Finally, Forum Financial Management LP lifted its position in Cloudflare by 6.1% in the second quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock valued at $234,000 after purchasing an additional 162 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NET has been the subject of a number of analyst reports. Wells Fargo & Company increased their target price on Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $135.00 price objective on shares of Cloudflare in a research report on Friday, August 2nd. Robert W. Baird boosted their target price on shares of Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. BNP Paribas started coverage on shares of Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target for the company. Finally, UBS Group raised their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Four equities research 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $92.88.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were 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 of the company’s stock, valued at approximately $823,754.55. This trade represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Michelle Zatlyn sold 35,118 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $105.30, for a total transaction of $3,697,925.40. Following the completion of the sale, the chief operating officer now owns 172,959 shares of the company’s stock, valued at approximately $18,212,582.70. The trade was a 16.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 606,952 shares of company stock worth $53,078,202. 12.83% of the stock is currently owned by insiders.

Cloudflare Stock Performance

Shares of NYSE NET opened at $99.88 on Friday. The company has a 50-day simple moving average of $90.25 and a 200-day simple moving average of $82.40. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company has a market cap of $34.28 billion, a PE ratio of -384.15 and a beta of 1.10. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $116.00.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, equities analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

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.