Everhart Financial Group Inc. Cuts Holdings in Cloudflare, Inc. (NYSE:NET)

Everhart Financial Group Inc. lowered its stake in shares of Cloudflare, Inc. (NYSE:NET) by 9.1% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 2,658 shares of the company’s stock after selling 265 shares during the period. Everhart Financial Group Inc.’s holdings in Cloudflare were worth $220,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in NET. Cigna Investments Inc. New raised its position in Cloudflare by 4.2% during the first quarter. Cigna Investments Inc. New now owns 3,178 shares of the company’s stock valued at $307,000 after purchasing an additional 129 shares in the last quarter. Yousif Capital Management LLC raised its holdings in shares of Cloudflare by 4.0% during the 4th quarter. Yousif Capital Management LLC now owns 3,399 shares of the company’s stock valued at $283,000 after buying an additional 130 shares in the last quarter. Soltis Investment Advisors LLC lifted its position in Cloudflare by 0.5% in the 1st quarter. Soltis Investment Advisors LLC now owns 31,403 shares of the company’s stock worth $3,041,000 after buying an additional 168 shares during the last quarter. GAMMA Investing LLC lifted its position in Cloudflare by 34.4% in the 1st quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock worth $65,000 after buying an additional 171 shares during the last quarter. Finally, Eagle Bay Advisors LLC boosted its stake in Cloudflare by 0.8% in the fourth quarter. Eagle Bay Advisors LLC now owns 21,005 shares of the company’s stock worth $1,749,000 after buying an additional 177 shares in the last quarter. 82.68% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on NET shares. DZ Bank upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a report on Tuesday, May 7th. Bank of America boosted their price target on shares of Cloudflare from $52.00 to $60.00 and gave the stock an “underperform” rating in a research note on Friday, May 3rd. Piper Sandler raised their price objective on Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Susquehanna boosted their target price on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, TD Cowen reduced their price target on Cloudflare from $117.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Three investment 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. Based on data from MarketBeat.com, Cloudflare presently has a consensus rating of “Hold” and an average price target of $92.29.

Insider Activity

In related news, Director Carl Ledbetter sold 7,994 shares of Cloudflare stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $72.79, for a total transaction of $581,883.26. Following the completion of the transaction, the director now directly owns 1,140,665 shares of the company’s stock, valued at approximately $83,029,005.35. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Carl Ledbetter sold 7,994 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $72.79, for a total value of $581,883.26. Following the sale, the director now owns 1,140,665 shares in the company, valued at approximately $83,029,005.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $81.91, for a total value of $2,100,172.40. Following the transaction, the chief operating officer now owns 192,177 shares of the company’s stock, valued at approximately $15,741,218.07. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 603,554 shares of company stock worth $47,853,232. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Stock Up 2.2 %

Cloudflare stock traded up $1.75 during trading hours on Friday, hitting $82.38. 1,332,832 shares of the stock traded hands, compared to its average volume of 3,445,824. Cloudflare, Inc. has a one year low of $53.88 and a one year high of $116.00. The company has a market cap of $27.99 billion, a PE ratio of -155.43 and a beta of 1.10. The firm’s 50-day moving average price is $80.34 and its two-hundred day moving average price is $85.06. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $401.00 million for the quarter, compared to analyst estimates of $394.11 million. Cloudflare had a negative return on equity of 8.90% and a negative net margin of 6.90%. The firm’s revenue was up 30.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.12) earnings per share. On average, research analysts forecast that Cloudflare, Inc. will post -0.19 EPS for the current year.

Cloudflare 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.