US Bancorp DE Sells 2,785 Shares of Cloudflare, Inc. (NYSE:NET)

by · The Markets Daily

US Bancorp DE trimmed its position in Cloudflare, Inc. (NYSE:NET – Free Report) by 7.8% during the first quarter, Holdings Channel reports. The institutional investor owned 33,043 shares of the company’s stock after selling 2,785 shares during the quarter. US Bancorp DE’s holdings in Cloudflare were worth $3,724,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. CreativeOne Wealth LLC boosted its position in Cloudflare by 0.8% in the 4th quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company’s stock valued at $752,000 after buying an additional 58 shares during the last quarter. Spire Wealth Management lifted its stake in shares of Cloudflare by 11.0% in the 1st quarter. Spire Wealth Management now owns 962 shares of the company’s stock valued at $108,000 after purchasing an additional 95 shares during the period. Yousif Capital Management LLC lifted its stake in shares of Cloudflare by 2.5% in the 1st quarter. Yousif Capital Management LLC now owns 3,969 shares of the company’s stock valued at $447,000 after purchasing an additional 98 shares during the period. Ellevest Inc. lifted its stake in shares of Cloudflare by 2.3% in the 4th quarter. Ellevest Inc. now owns 4,538 shares of the company’s stock valued at $489,000 after purchasing an additional 102 shares during the period. Finally, Versant Capital Management Inc lifted its stake in shares of Cloudflare by 19.3% in the 1st quarter. Versant Capital Management Inc now owns 655 shares of the company’s stock valued at $74,000 after purchasing an additional 106 shares during the period. 82.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on NET shares. Jefferies Financial Group cut their price target on Cloudflare from $170.00 to $150.00 and set a “hold” rating on the stock in a research note on Friday, May 9th. Morgan Stanley increased their price target on Cloudflare from $225.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Cowen reissued a “buy” rating on shares of Cloudflare in a research note on Monday, June 16th. Bank of America increased their price target on Cloudflare from $235.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Finally, Needham & Company LLC increased their price target on Cloudflare from $200.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Cloudflare currently has a consensus rating of “Moderate Buy” and a consensus target price of $186.88.

Check Out Our Latest Analysis on Cloudflare

Cloudflare Price Performance

NET stock opened at $207.81 on Wednesday. The stock has a 50-day moving average price of $186.41 and a two-hundred day moving average price of $150.57. The stock has a market cap of $72.03 billion, a PE ratio of -611.21 and a beta of 1.84. The company has a current ratio of 5.14, a quick ratio of 5.14 and a debt-to-equity ratio of 2.63. Cloudflare, Inc. has a 1 year low of $74.88 and a 1 year high of $215.58.

Cloudflare (NYSE:NET – Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. The firm had revenue of $512.32 million during the quarter, compared to analysts’ expectations of $501.58 million. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. The company’s revenue was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.20 EPS. Equities analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $171.25, for a total value of $8,970,760.00. Following the completion of the transaction, the chief executive officer owned 381,213 shares in the company, valued at $65,282,726.25. This trade represents a 12.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michelle Zatlyn sold 35,098 shares of the firm’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $156.83, for a total value of $5,504,419.34. Following the completion of the transaction, the insider owned 6,390 shares of the company’s stock, valued at $1,002,143.70. The trade was a 84.60% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 691,062 shares of company stock worth $122,093,547 over the last 90 days. 10.89% of the stock is currently owned by insiders.

Cloudflare Company Profile

(Free Report)

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.

Read More

Want to see what other hedge funds are holding NET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cloudflare, Inc. (NYSE:NET – Free Report).