Cloudflare, Inc. (NYSE:NET) Shares Sold by AQR Capital Management LLC

AQR Capital Management LLC cut its position in shares of Cloudflare, Inc. (NYSE:NET) by 83.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,481 shares of the company’s stock after selling 43,699 shares during the period. AQR Capital Management LLC’s holdings in Cloudflare were worth $702,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Riverview Trust Co purchased a new stake in Cloudflare during the 1st quarter worth about $27,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Cloudflare by 595.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after acquiring an additional 238 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Cloudflare during the second quarter worth about $29,000. Versant Capital Management Inc lifted its position in shares of Cloudflare by 1,202.9% in the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after acquiring an additional 421 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Cloudflare by 37,600.0% in the second quarter. Blue Trust Inc. now owns 754 shares of the company’s stock valued at $62,000 after buying an additional 752 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Stock Performance

Shares of NET opened at $93.47 on Monday. The company has a 50-day simple moving average of $80.88 and a two-hundred day simple moving average of $80.95. 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 firm has a market capitalization of $31.76 billion, a PE ratio of -176.36 and a beta of 1.10. Cloudflare, Inc. has a one year low of $53.88 and a one year high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $401.00 million during the quarter, compared to analyst estimates of $394.11 million. During the same quarter in the previous year, the firm earned ($0.12) EPS. Cloudflare’s quarterly revenue was up 30.0% compared to the same quarter last year. On average, analysts anticipate that Cloudflare, Inc. will post -0.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NET. Morgan Stanley reaffirmed an “equal weight” rating and set a $92.00 price target on shares of Cloudflare in a research report on Monday, June 17th. Royal Bank of Canada upped 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. Guggenheim lifted their price objective on shares of Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a research note 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 report on Friday, August 2nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $135.00 target price on shares of Cloudflare in a report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $91.20.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $78.89, for a total transaction of $1,183,350.00. Following the completion of the sale, the chief financial officer now directly owns 309,937 shares of the company’s stock, valued at approximately $24,450,929.93. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $78.89, for a total transaction of $1,183,350.00. Following the transaction, the chief financial officer now directly owns 309,937 shares of the company’s stock, valued at $24,450,929.93. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $77.17, for a total transaction of $231,510.00. Following the completion of the sale, the insider now directly owns 195,303 shares of the company’s stock, valued at approximately $15,071,532.51. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 417,784 shares of company stock worth $33,130,625. Insiders own 12.83% of the company’s stock.

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.