Cloudflare, Inc. $NET Shares Sold by NZS Capital LLC

NZS Capital LLC lowered its holdings in Cloudflare, Inc. (NYSE:NET) by 64.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 105,753 shares of the company’s stock after selling 194,752 shares during the period. NZS Capital LLC’s holdings in Cloudflare were worth $22,694,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in NET. Physician Wealth Advisors Inc. boosted its stake in shares of Cloudflare by 693.3% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock worth $26,000 after acquiring an additional 104 shares in the last quarter. Westside Investment Management Inc. raised its position in shares of Cloudflare by 100.0% during the third quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock worth $28,000 after purchasing an additional 65 shares during the period. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Cloudflare during the second quarter valued at $29,000. ORG Wealth Partners LLC increased its stake in Cloudflare by 101.4% in the 3rd quarter. ORG Wealth Partners LLC now owns 139 shares of the company’s stock worth $30,000 after purchasing an additional 70 shares in the last quarter. Finally, Cloud Capital Management LLC acquired a new stake in Cloudflare during the 3rd quarter worth about $31,000. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Stock Performance

NET stock opened at $178.82 on Wednesday. The firm has a 50 day moving average of $184.97 and a two-hundred day moving average of $202.72. Cloudflare, Inc. has a 12 month low of $89.42 and a 12 month high of $260.00. The company has a market capitalization of $62.64 billion, a price-to-earnings ratio of -616.60 and a beta of 1.98. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.01. The business had revenue of $614.51 million during the quarter, compared to analyst estimates of $591.67 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. Cloudflare’s quarterly revenue was up 33.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.19 EPS. As a group, equities analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Activity

In other Cloudflare news, insider Michelle Zatlyn sold 35,080 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $187.39, for a total transaction of $6,573,641.20. Following the transaction, the insider owned 34,514 shares in the company, valued at $6,467,578.46. This trade represents a 50.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 41,557 shares of the business’s stock in a transaction on Friday, February 20th. The stock was sold at an average price of $185.04, for a total transaction of $7,689,707.28. Following the completion of the sale, the chief financial officer owned 85,452 shares of the company’s stock, valued at $15,812,038.08. The trade was a 32.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 555,262 shares of company stock valued at $104,705,441. Insiders own 10.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Barclays lifted their target price on shares of Cloudflare from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 11th. Citigroup lifted their price target on Cloudflare from $260.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Zacks Research lowered Cloudflare from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 12th. Truist Financial set a $225.00 target price on Cloudflare in a report on Tuesday, January 20th. Finally, Wall Street Zen raised shares of Cloudflare from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $230.70.

Cloudflare Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.