Cloudflare, Inc. (NYSE:NET) Shares Sold by Seven Eight Capital LP

Seven Eight Capital LP trimmed its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 82.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,592 shares of the company’s stock after selling 40,498 shares during the quarter. Seven Eight Capital LP’s holdings in Cloudflare were worth $712,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Elo Mutual Pension Insurance Co increased its position in shares of Cloudflare by 0.5% during 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 during the last quarter. Blair William & Co. IL increased its holdings in Cloudflare by 2.3% in the 2nd quarter. Blair William & Co. IL now owns 32,865 shares of the company’s stock valued at $2,722,000 after purchasing an additional 752 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in Cloudflare by 5.5% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,422 shares of the company’s stock valued at $2,106,000 after purchasing an additional 1,330 shares during the period. Amalgamated Bank lifted its stake in Cloudflare by 3.6% during the second quarter. Amalgamated Bank now owns 20,316 shares of the company’s stock worth $1,683,000 after purchasing an additional 714 shares in the last quarter. Finally, Andar Capital Management HK Ltd boosted its position in shares of Cloudflare by 44.0% during the second quarter. Andar Capital Management HK Ltd now owns 57,600 shares of the company’s stock worth $4,771,000 after buying an additional 17,600 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Monday, July 1st. The shares were sold at an average price of $82.65, for a total value of $247,950.00. Following the transaction, the insider now directly owns 195,303 shares of the company’s stock, valued at approximately $16,141,792.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $82.65, for a total value of $247,950.00. Following the transaction, the insider now owns 195,303 shares in the company, valued at approximately $16,141,792.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Carl Ledbetter sold 8,030 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $79.89, for a total value of $641,516.70. Following the sale, the director now directly owns 1,084,364 shares of the company’s stock, valued at $86,629,839.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 572,062 shares of company stock worth $46,086,211. 12.83% of the stock is owned by insiders.

Cloudflare Trading Down 0.5 %

NYSE NET opened at $82.45 on Friday. The firm’s fifty day moving average price is $79.46 and its 200 day moving average price is $82.42. Cloudflare, Inc. has a 12 month low of $53.88 and a 12 month high of $116.00. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. The company has a market capitalization of $28.02 billion, a price-to-earnings ratio of -155.57 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, August 1st. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The business had revenue of $401.00 million for the quarter, compared to analysts’ expectations of $394.11 million. During the same quarter in the previous year, the firm earned ($0.12) earnings per share. The business’s revenue was up 30.0% compared to the same quarter last year. On average, sell-side analysts expect that Cloudflare, Inc. will post -0.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NET has been the topic of several research analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $135.00 price objective on shares of Cloudflare in a report on Friday, August 2nd. Royal Bank of Canada increased their price target on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Susquehanna lifted their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Scotiabank began coverage on shares of Cloudflare in a report on Monday, July 8th. They set a “sector perform” rating and a $85.00 target price on the stock. Finally, Piper Sandler boosted their price target on shares of Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $92.29.

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.