Cloudflare, Inc. (NYSE:NET) Shares Sold by Independent Advisor Alliance

Independent Advisor Alliance lowered its stake in shares of Cloudflare, Inc. (NYSE:NET) by 23.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,162 shares of the company’s stock after selling 8,430 shares during the period. Independent Advisor Alliance’s holdings in Cloudflare were worth $2,278,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in NET. Advisors Asset Management Inc. boosted its stake in shares of Cloudflare by 15.6% during the first quarter. Advisors Asset Management Inc. now owns 1,761 shares of the company’s stock valued at $171,000 after acquiring an additional 237 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Cloudflare by 20.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 875,183 shares of the company’s stock valued at $84,745,000 after acquiring an additional 149,866 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in shares of Cloudflare by 26.6% during the first quarter. B. Riley Wealth Advisors Inc. now owns 3,936 shares of the company’s stock valued at $381,000 after acquiring an additional 828 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Cloudflare by 4.8% during the first quarter. California State Teachers Retirement System now owns 447,813 shares of the company’s stock valued at $43,362,000 after acquiring an additional 20,533 shares during the last quarter. Finally, Comerica Bank boosted its stake in Cloudflare by 19.9% in the 1st quarter. Comerica Bank now owns 28,556 shares of the company’s stock worth $2,765,000 after buying an additional 4,733 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NET. Royal Bank of Canada raised their price target on Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Mizuho raised their price target on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Wells Fargo & Company raised their price target on Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Robert W. Baird raised their price target on Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, Guggenheim raised their price target on Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare has a consensus rating of “Hold” and an average target price of $92.88.

Cloudflare Price Performance

NET stock opened at $103.74 on Tuesday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $116.00. The stock’s 50 day moving average is $88.21 and its two-hundred day moving average is $81.55. The company has a market capitalization of $35.60 billion, a PE ratio of -399.00 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The company had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total value of $244,590.00. Following the completion of the transaction, the insider now owns 185,386 shares in the company, valued at approximately $15,114,520.58. This trade represents a 1.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michelle Zatlyn sold 64,100 shares of Cloudflare stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $81.60, for a total value of $5,230,560.00. Following the completion of the transaction, the chief operating officer now owns 192,177 shares of the company’s stock, valued at approximately $15,681,643.20. The trade was a 25.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 546,194 shares of company stock worth $46,804,995 in the last three months. 12.83% of the stock is owned by insiders.

About Cloudflare

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.