3Chopt Investment Partners LLC Purchases New Holdings in Cloudflare, Inc. (NYSE:NET)

3Chopt Investment Partners LLC acquired a new position in shares of Cloudflare, Inc. (NYSE:NET) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 6,490 shares of the company’s stock, valued at approximately $538,000.

Several other large investors also recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. raised its position in Cloudflare by 67.7% during the second quarter. B. Riley Wealth Advisors Inc. now owns 6,600 shares of the company’s stock valued at $547,000 after buying an additional 2,664 shares during the period. Quarry LP increased its holdings in shares of Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after purchasing an additional 146 shares during the period. Creative Planning lifted its position in shares of Cloudflare by 9.2% in the second quarter. Creative Planning now owns 26,763 shares of the company’s stock worth $2,217,000 after purchasing an additional 2,255 shares in the last quarter. Driehaus Capital Management LLC purchased a new stake in shares of Cloudflare in the second quarter worth approximately $522,000. Finally, Sepio Capital LP boosted its holdings in shares of Cloudflare by 1.2% during the second quarter. Sepio Capital LP now owns 26,416 shares of the company’s stock worth $2,188,000 after purchasing an additional 325 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NET has been the topic of several research reports. The Goldman Sachs Group dropped their price objective on shares of Cloudflare from $77.00 to $68.00 and set a “sell” rating on the stock in a research note on Tuesday, June 4th. Morgan Stanley reiterated an “equal weight” rating and set a $92.00 price objective on shares of Cloudflare in a report on Monday, June 17th. Wolfe Research initiated coverage on Cloudflare in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Susquehanna upped their target price on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $135.00 price target on shares of Cloudflare in a research note on Friday, August 2nd. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $92.29.

Insider Transactions at Cloudflare

In related news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $77.17, for a total transaction of $231,510.00. Following the transaction, the insider now owns 195,303 shares of the company’s stock, valued at $15,071,532.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cloudflare news, CAO Janel Riley sold 3,495 shares of Cloudflare stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $81.65, for a total transaction of $285,366.75. Following the sale, the chief accounting officer now directly owns 80,183 shares of the company’s stock, valued at $6,546,941.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $77.17, for a total value of $231,510.00. Following the transaction, the insider now owns 195,303 shares of the company’s stock, valued at approximately $15,071,532.51. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 458,452 shares of company stock worth $36,731,842. Insiders own 12.83% of the company’s stock.

Cloudflare Stock Down 0.9 %

Cloudflare stock opened at $80.89 on Tuesday. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. Cloudflare, Inc. has a fifty-two week low of $53.88 and a fifty-two week high of $116.00. The firm has a fifty day moving average price of $79.73 and a two-hundred day moving average price of $81.82. The firm has a market cap of $27.48 billion, a price-to-earnings ratio of -152.61 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The business had revenue of $401.00 million during 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 firm’s revenue was up 30.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.12) EPS. As a group, analysts forecast that Cloudflare, Inc. will post -0.13 earnings per share for the current year.

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.