Cloudflare, Inc. (NYSE:NET) Shares Sold by Cravens & Co Advisors LLC

Cravens & Co Advisors LLC decreased its holdings in Cloudflare, Inc. (NYSE:NET) by 8.5% in the third quarter, HoldingsChannel.com reports. The firm owned 4,794 shares of the company’s stock after selling 446 shares during the quarter. Cravens & Co Advisors LLC’s holdings in Cloudflare were worth $388,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in NET. Blueshift Asset Management LLC acquired a new stake in shares of Cloudflare in the third quarter worth approximately $3,209,000. Cynosure Group LLC acquired a new stake in shares of Cloudflare during the 3rd quarter worth about $271,000. Townsquare Capital LLC raised its position in Cloudflare by 3.1% in the third quarter. Townsquare Capital LLC now owns 41,920 shares of the company’s stock valued at $3,391,000 after purchasing an additional 1,267 shares during the period. Brooklyn Investment Group acquired a new stake in shares of Cloudflare during the third quarter worth about $106,000. Finally, The Manufacturers Life Insurance Company grew its stake in Cloudflare by 5.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 14,308 shares of the company’s stock worth $1,157,000 after purchasing an additional 734 shares in the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Stock Performance

Shares of NET opened at $102.24 on Wednesday. The stock has a market capitalization of $35.09 billion, a P/E ratio of -393.23 and a beta of 1.10. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $116.00. The firm’s 50 day moving average is $89.15 and its 200-day moving average is $81.98. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. Equities research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $78.06, for a total value of $4,089,095.04. Following the transaction, the chief executive officer now owns 10,761 shares in the company, valued at approximately $840,003.66. This represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Thomas J. Seifert sold 28,635 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $95.03, for a total transaction of $2,721,184.05. Following the transaction, the chief financial officer now directly owns 252,869 shares in the company, valued at approximately $24,030,141.07. The trade was a 10.17 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 546,194 shares of company stock valued at $46,804,995. Company insiders own 12.83% of the company’s stock.

Analysts Set New Price Targets

NET has been the topic of several recent analyst reports. Scotiabank increased their price target on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research note on Friday, November 8th. 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 research report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and set a $135.00 target price on shares of Cloudflare in a report on Friday, August 2nd. BNP Paribas began coverage on Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective for the company. Finally, Piper Sandler increased their price objective on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $92.88.

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.