Cloudflare, Inc. $NET Shares Sold by Glynn Capital Management LLC

Glynn Capital Management LLC lowered its position in Cloudflare, Inc. (NYSE:NET) by 33.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 71,263 shares of the company’s stock after selling 35,603 shares during the quarter. Cloudflare accounts for about 4.8% of Glynn Capital Management LLC’s holdings, making the stock its 9th largest position. Glynn Capital Management LLC’s holdings in Cloudflare were worth $15,292,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of NET. Physician Wealth Advisors Inc. lifted its position in Cloudflare by 693.3% in the third quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock worth $26,000 after purchasing an additional 104 shares during the period. Westside Investment Management Inc. raised its stake in shares of Cloudflare by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock valued at $28,000 after buying an additional 65 shares in the last quarter. ORG Wealth Partners LLC raised its stake in shares of Cloudflare by 101.4% in the 3rd quarter. ORG Wealth Partners LLC now owns 139 shares of the company’s stock valued at $30,000 after buying an additional 70 shares in the last quarter. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Cloudflare during the 2nd quarter valued at about $29,000. Finally, Harbor Investment Advisory LLC bought a new stake in Cloudflare in the third quarter valued at about $32,000. 82.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cloudflare

In other news, CFO Thomas J. Seifert sold 41,557 shares of Cloudflare stock in a transaction on Friday, February 20th. The stock was sold at an average price of $185.04, for a total value of $7,689,707.28. Following the completion of the sale, the chief financial officer directly owned 85,452 shares of the company’s stock, valued at approximately $15,812,038.08. This trade represents a 32.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michelle Zatlyn sold 35,080 shares of the company’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $187.39, for a total value of $6,573,641.20. Following the transaction, the insider directly owned 34,514 shares in the company, valued at $6,467,578.46. This trade represents a 50.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 607,646 shares of company stock worth $115,296,962. Insiders own 10.89% of the company’s stock.

Cloudflare Stock Performance

Shares of NYSE:NET opened at $180.99 on Tuesday. The business has a fifty day moving average of $185.44 and a 200-day moving average of $202.87. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.98 and a current ratio of 1.98. Cloudflare, Inc. has a twelve month low of $89.42 and a twelve month high of $260.00. The firm has a market cap of $63.40 billion, a PE ratio of -624.08 and a beta of 1.98.

Cloudflare (NYSE:NET) last announced its earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. The company had revenue of $614.51 million during the quarter, compared to the consensus estimate of $591.67 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. The company’s revenue was up 33.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.19 earnings per share. On average, equities research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on NET. Wells Fargo & Company raised their price target on shares of Cloudflare from $265.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 11th. Needham & Company LLC cut their target price on Cloudflare from $285.00 to $250.00 and set a “buy” rating for the company in a research report on Wednesday, February 11th. Piper Sandler boosted their price target on Cloudflare from $220.00 to $222.00 and gave the company a “neutral” rating in a research note on Wednesday, February 11th. Oppenheimer started coverage on Cloudflare in a research note on Monday, November 10th. They set an “outperform” rating and a $260.00 price objective for the company. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $224.00 price objective on shares of Cloudflare in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $230.70.

Cloudflare Company 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.