Flagship Harbor Advisors LLC Lowers Position in Cloudflare, Inc. (NYSE:NET)

Flagship Harbor Advisors LLC trimmed its position in Cloudflare, Inc. (NYSE:NET) by 12.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,896 shares of the company’s stock after selling 265 shares during the period. Flagship Harbor Advisors LLC’s holdings in Cloudflare were worth $214,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in NET. Bank of New York Mellon Corp grew its position in shares of Cloudflare by 1.9% in the 4th quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock worth $138,516,000 after buying an additional 23,641 shares during the period. Amalgamated Bank boosted its stake in Cloudflare by 0.5% during the fourth quarter. Amalgamated Bank now owns 20,002 shares of the company’s stock worth $2,154,000 after acquiring an additional 107 shares in the last quarter. Mn Services Vermogensbeheer B.V. grew its holdings in Cloudflare by 1.7% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 115,400 shares of the company’s stock worth $12,426,000 after purchasing an additional 1,900 shares during the period. Kovack Advisors Inc. bought a new position in shares of Cloudflare during the fourth quarter valued at approximately $258,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of Cloudflare during the fourth quarter valued at approximately $416,000. Institutional investors own 82.68% of the company’s stock.

Insider Activity at Cloudflare

In related news, CFO Thomas J. Seifert sold 10,000 shares of the company’s stock in a transaction on Friday, April 25th. The shares were sold at an average price of $120.14, for a total value of $1,201,400.00. Following the completion of the transaction, the chief financial officer now owns 293,582 shares of the company’s stock, valued at approximately $35,270,941.48. This represents a 3.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Matthew Prince sold 2,311 shares of the stock in a transaction on Thursday, April 10th. The stock was sold at an average price of $107.75, for a total value of $249,010.25. Following the completion of the sale, the chief executive officer now owns 413,413 shares of the company’s stock, valued at $44,545,250.75. The trade was a 0.56% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 515,987 shares of company stock worth $77,174,354. 10.89% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. CICC Research upgraded Cloudflare from a “market perform” rating to an “outperform” rating and set a $154.00 price target on the stock in a research note on Monday, May 12th. KeyCorp assumed coverage on Cloudflare in a research note on Friday, June 6th. They issued an “overweight” rating and a $210.00 target price on the stock. Oppenheimer restated an “outperform” rating and set a $200.00 price target (up from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. UBS Group upped their price target on shares of Cloudflare from $135.00 to $145.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. Finally, Bank of America raised shares of Cloudflare from an “underperform” rating to a “buy” rating and increased their price objective for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $145.92.

Cloudflare Stock Up 0.4%

NET opened at $190.91 on Friday. The firm’s 50 day simple moving average is $153.32 and its two-hundred day simple moving average is $134.66. The company has a market capitalization of $66.17 billion, a PE ratio of -830.06 and a beta of 1.84. Cloudflare, Inc. has a 1-year low of $69.26 and a 1-year high of $192.46. The company has a current ratio of 3.20, a quick ratio of 3.20 and a debt-to-equity ratio of 0.90.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The company had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. During the same period in the prior year, the business posted $0.16 earnings per share. Cloudflare’s revenue for the quarter was up 26.5% compared to the same quarter last year. As a group, equities analysts forecast that Cloudflare, Inc. will post -0.11 EPS 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.