Taylor Frigon Capital Management LLC Cuts Stake in Cloudflare, Inc. (NYSE:NET)

Taylor Frigon Capital Management LLC lessened its stake in Cloudflare, Inc. (NYSE:NET) by 9.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,721 shares of the company’s stock after selling 4,417 shares during the quarter. Cloudflare makes up about 1.7% of Taylor Frigon Capital Management LLC’s investment portfolio, making the stock its 12th largest position. Taylor Frigon Capital Management LLC’s holdings in Cloudflare were worth $3,463,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. CVA Family Office LLC increased its holdings in Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after acquiring an additional 171 shares during the last quarter. Riverview Trust Co purchased a new position in shares of Cloudflare during the first quarter valued at about $27,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Cloudflare in the second quarter worth about $29,000. Finally, Quarry LP boosted its stake in Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after buying an additional 146 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

Insider Activity at Cloudflare

In other Cloudflare news, COO Michelle Zatlyn sold 64,100 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $81.60, for a total transaction of $5,230,560.00. Following the transaction, the chief operating officer now directly owns 192,177 shares in the company, valued at $15,681,643.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Michelle Zatlyn sold 64,100 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $81.60, for a total value of $5,230,560.00. Following the completion of the sale, the chief operating officer now owns 192,177 shares of the company’s stock, valued at approximately $15,681,643.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred 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 directly owns 195,303 shares in the company, valued at approximately $15,071,532.51. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 522,552 shares of company stock worth $42,994,705 over the last three months. 12.83% of the stock is owned by corporate insiders.

Cloudflare Trading Up 1.6 %

Shares of NYSE:NET traded up $1.42 during trading on Thursday, reaching $89.06. 655,381 shares of the company were exchanged, compared to its average volume of 3,167,851. 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 $30.26 billion, a PE ratio of -165.36 and a beta of 1.10. The business’s fifty day simple moving average is $82.93 and its 200-day simple moving average is $80.79. Cloudflare, Inc. has a 12-month low of $53.88 and a 12-month high of $116.00.

Cloudflare (NYSE:NET) last issued its 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. 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 during the quarter, compared to analyst estimates of $394.11 million. During the same period in the previous year, the company posted ($0.12) EPS. Cloudflare’s revenue was up 30.0% on a year-over-year basis. On average, research analysts anticipate that Cloudflare, Inc. will post -0.13 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Susquehanna upped their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Guggenheim upped their price target 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. Scotiabank assumed coverage on shares of Cloudflare in a research report on Monday, July 8th. They set a “sector perform” rating and a $85.00 price objective for the company. Mizuho boosted their target price on shares of Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Finally, Cantor Fitzgerald increased their price target on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Four 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 MarketBeat, the company presently has an average rating of “Hold” and an average price target of $91.72.

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.