Quarry LP Boosts Stake in Cloudflare, Inc. (NYSE:NET)

Quarry LP boosted its stake in shares of Cloudflare, Inc. (NYSE:NET) by 73.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 345 shares of the company’s stock after buying an additional 146 shares during the period. Quarry LP’s holdings in Cloudflare were worth $29,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Riverview Trust Co purchased a new stake in shares of Cloudflare during the 1st quarter valued at $27,000. Allspring Global Investments Holdings LLC increased its position 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 valued at $27,000 after acquiring an additional 238 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Cloudflare in the 2nd quarter valued at $29,000. Versant Capital Management Inc increased its position in shares of Cloudflare by 1,202.9% in the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after acquiring an additional 421 shares during the period. Finally, Blue Trust Inc. increased its position in shares of Cloudflare by 37,600.0% in the 2nd quarter. Blue Trust Inc. now owns 754 shares of the company’s stock valued at $62,000 after acquiring an additional 752 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on NET. Susquehanna upped their target price on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Royal Bank of Canada upped their target price on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Wolfe Research began coverage on Cloudflare in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Needham & Company LLC reissued a “buy” rating and issued a $135.00 target price on shares of Cloudflare in a research report on Friday, August 2nd. Finally, 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. Three 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. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $92.29.

Cloudflare Trading Down 3.5 %

Shares of Cloudflare stock opened at $80.48 on Tuesday. The firm has a market capitalization of $27.35 billion, a PE ratio of -151.85 and a beta of 1.10. Cloudflare, Inc. has a twelve month low of $53.88 and a twelve month high of $116.00. The firm’s 50-day moving average price is $79.98 and its 200 day moving average price is $81.20. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The firm had revenue of $401.00 million for the quarter, compared to analyst estimates of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. Cloudflare’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same period last year, the company posted ($0.12) EPS. On average, sell-side analysts predict that Cloudflare, Inc. will post -0.13 EPS for the current fiscal year.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $82.67, for a total value of $4,330,585.28. Following the transaction, the chief executive officer now directly owns 8,742 shares of the company’s stock, valued at approximately $722,701.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $77.17, for a total value of $231,510.00. Following the transaction, the insider now directly owns 195,303 shares of the company’s stock, valued at $15,071,532.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $82.67, for a total transaction of $4,330,585.28. Following the completion of the transaction, the chief executive officer now directly owns 8,742 shares in the company, valued at $722,701.14. 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 three months, insiders have sold 380,428 shares of company stock valued at $30,112,786. 12.83% of the stock is owned by corporate insiders.

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.