Brookstone Capital Management Trims Stock Position in Cloudflare, Inc. (NYSE:NET)

Brookstone Capital Management trimmed its position in Cloudflare, Inc. (NYSE:NET) by 13.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,468 shares of the company’s stock after selling 375 shares during the quarter. Brookstone Capital Management’s holdings in Cloudflare were worth $239,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. increased its holdings in Cloudflare by 6.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 69,760 shares of the company’s stock worth $5,808,000 after acquiring an additional 4,300 shares in the last quarter. Truist Financial Corp boosted its stake in Cloudflare by 1.2% in the 4th quarter. Truist Financial Corp now owns 28,388 shares of the company’s stock worth $2,364,000 after purchasing an additional 331 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in Cloudflare by 5.1% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 65,790 shares of the company’s stock worth $5,478,000 after purchasing an additional 3,164 shares during the period. Deutsche Bank AG boosted its stake in Cloudflare by 5.1% in the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock worth $85,243,000 after purchasing an additional 65,596 shares during the period. Finally, International Assets Investment Management LLC bought a new position in Cloudflare in the 4th quarter worth approximately $11,639,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $96.04, for a total transaction of $5,030,959.36. Following the transaction, the chief executive officer now owns 230,612 shares in the company, valued at $22,147,976.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Carl Ledbetter sold 44,154 shares of the firm’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $94.37, for a total transaction of $4,166,812.98. Following the transaction, the director now owns 1,222,859 shares in the company, valued at $115,401,203.83. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $96.04, for a total value of $5,030,959.36. Following the transaction, the chief executive officer now owns 230,612 shares in the company, valued at approximately $22,147,976.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 677,805 shares of company stock worth $54,700,869. Company insiders own 12.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NET. Citigroup dropped their price target on Cloudflare from $95.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, May 9th. Royal Bank of Canada lowered their target price on Cloudflare from $108.00 to $90.00 and set an “outperform” rating for the company in a research report on Friday, May 31st. Piper Sandler reiterated a “neutral” rating and set a $81.00 target price (down from $110.00) on shares of Cloudflare in a research report on Friday, May 3rd. JPMorgan Chase & Co. lowered their target price on Cloudflare from $90.00 to $80.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Finally, KeyCorp lowered their target price on Cloudflare from $132.00 to $94.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Cloudflare presently has a consensus rating of “Hold” and a consensus price target of $90.96.

Cloudflare Stock Performance

NET stock opened at $85.05 on Wednesday. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The business’s fifty day simple moving average is $76.82 and its two-hundred day simple moving average is $85.44. Cloudflare, Inc. has a twelve month low of $53.88 and a twelve month high of $116.00. The firm has a market cap of $28.90 billion, a price-to-earnings ratio of -160.47 and a beta of 1.10.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. The business had revenue of $378.60 million for the quarter, compared to analyst estimates of $372.93 million. Analysts predict that Cloudflare, Inc. will post -0.19 earnings per share for the current 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.