CHURCHILL MANAGEMENT Corp Decreases Holdings in Cloudflare, Inc. (NYSE:NET)

CHURCHILL MANAGEMENT Corp trimmed its position in shares of Cloudflare, Inc. (NYSE:NET) by 6.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,755 shares of the company’s stock after selling 935 shares during the period. CHURCHILL MANAGEMENT Corp’s holdings in Cloudflare were worth $1,235,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Yousif Capital Management LLC raised its holdings in shares of Cloudflare by 4.0% during the 4th quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock valued at $283,000 after buying an additional 130 shares in the last quarter. Kingswood Wealth Advisors LLC increased its stake in Cloudflare by 0.5% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 27,358 shares of the company’s stock worth $2,278,000 after purchasing an additional 132 shares during the period. Quent Capital LLC increased its stake in Cloudflare by 8.1% in the 4th quarter. Quent Capital LLC now owns 1,877 shares of the company’s stock worth $156,000 after purchasing an additional 140 shares during the period. GAMMA Investing LLC increased its stake in Cloudflare by 34.4% in the 1st quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock worth $65,000 after purchasing an additional 171 shares during the period. Finally, Eagle Bay Advisors LLC increased its stake in Cloudflare by 0.8% in the 4th quarter. Eagle Bay Advisors LLC now owns 21,005 shares of the company’s stock worth $1,749,000 after purchasing an additional 177 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $74.46, for a total transaction of $3,900,512.64. Following the completion of the sale, the chief executive officer now owns 8,742 shares of the company’s stock, valued at $650,929.32. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Cloudflare news, Director Carl Ledbetter sold 9,993 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $100.16, for a total transaction of $1,000,898.88. Following the completion of the sale, the director now owns 1,275,004 shares of the company’s stock, valued at $127,704,400.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $74.46, for a total value of $3,900,512.64. Following the transaction, the chief executive officer now owns 8,742 shares of the company’s stock, valued at $650,929.32. The disclosure for this sale can be found here. Insiders sold a total of 662,119 shares of company stock valued at $54,101,374 over the last quarter. 12.83% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have commented on NET. Robert W. Baird decreased their price target on Cloudflare from $100.00 to $94.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Oppenheimer decreased their price target on Cloudflare from $122.00 to $110.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Wells Fargo & Company reduced their target price on Cloudflare from $125.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. Piper Sandler reissued a “neutral” rating and set a $81.00 target price (down from $110.00) on shares of Cloudflare in a research note on Friday, May 3rd. Finally, Morgan Stanley reissued an “equal weight” rating and set a $92.00 target price on shares of Cloudflare in a research note on Monday, June 17th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Cloudflare has an average rating of “Hold” and an average target price of $90.70.

Cloudflare Price Performance

NYSE:NET opened at $77.94 on Friday. Cloudflare, Inc. has a one year low of $53.88 and a one year high of $116.00. 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 stock has a market cap of $26.48 billion, a PE ratio of -147.06 and a beta of 1.08. The stock has a 50 day moving average price of $77.63 and a 200 day moving average price of $85.30.

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

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.