Mercer Global Advisors Inc. ADV Decreases Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Mercer Global Advisors Inc. ADV cut its holdings in Cloudflare, Inc. (NYSE:NET) by 29.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 36,821 shares of the company’s stock after selling 15,730 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Cloudflare were worth $3,046,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Forum Financial Management LP grew its stake in shares of Cloudflare by 6.1% in the 2nd quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock worth $234,000 after buying an additional 162 shares in the last quarter. Soltis Investment Advisors LLC grew its position in Cloudflare by 0.5% in the first quarter. Soltis Investment Advisors LLC now owns 31,403 shares of the company’s stock worth $3,041,000 after acquiring an additional 168 shares in the last quarter. GAMMA Investing LLC increased its stake in Cloudflare by 34.4% during the first quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock worth $65,000 after acquiring an additional 171 shares during the last quarter. Bleakley Financial Group LLC raised its position in Cloudflare by 5.6% during the first quarter. Bleakley Financial Group LLC now owns 3,329 shares of the company’s stock valued at $322,000 after purchasing an additional 178 shares during the period. Finally, Joel Isaacson & Co. LLC lifted its stake in shares of Cloudflare by 2.7% in the 1st quarter. Joel Isaacson & Co. LLC now owns 6,949 shares of the company’s stock valued at $673,000 after purchasing an additional 183 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

Cloudflare Price Performance

NYSE NET opened at $82.45 on Monday. The company has a market cap of $28.02 billion, a PE ratio of -155.57 and a beta of 1.10. The firm’s 50 day moving average price is $79.46 and its 200-day moving average price is $82.32. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare, Inc. has a 52-week low of $53.88 and a 52-week high of $116.00.

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

Analyst Ratings Changes

Several research firms have recently weighed in on NET. Piper Sandler boosted their target price on Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Susquehanna increased their target price on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Wolfe Research assumed coverage on shares of Cloudflare in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Royal Bank of Canada increased their price objective 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. Finally, UBS Group raised shares of Cloudflare from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $76.00 to $82.00 in a research note on Tuesday, June 25th. Three 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $92.29.

Insider Activity

In other news, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $84.97, for a total transaction of $1,274,550.00. Following the transaction, the chief financial officer now directly owns 309,937 shares of the company’s stock, valued at $26,335,346.89. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $84.97, for a total value of $1,274,550.00. Following the transaction, the chief financial officer now owns 309,937 shares in the company, valued at approximately $26,335,346.89. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Michelle Zatlyn sold 102,580 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $82.52, for a total transaction of $8,464,901.60. Following the transaction, the chief operating officer now owns 211,394 shares of the company’s stock, valued at $17,444,232.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 572,062 shares of company stock worth $46,086,211. Corporate insiders own 12.83% of the company’s stock.

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.