Highland Capital Management LLC Sells 3,077 Shares of Cloudflare, Inc. (NYSE:NET)

Highland Capital Management LLC decreased its stake in shares of Cloudflare, Inc. (NYSE:NET) by 12.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,709 shares of the company’s stock after selling 3,077 shares during the period. Highland Capital Management LLC’s holdings in Cloudflare were worth $1,715,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Riverview Trust Co acquired a new stake in shares of Cloudflare in the first quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC raised its position in shares of Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after acquiring an additional 238 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Cloudflare during the second quarter valued at $29,000. ICA Group Wealth Management LLC bought a new position in Cloudflare in the fourth quarter valued at about $38,000. Finally, Versant Capital Management Inc increased its position in Cloudflare by 1,202.9% in the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after purchasing an additional 421 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Analyst Ratings Changes

NET has been the topic of several recent research reports. Piper Sandler raised their target price on shares of Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Citigroup decreased their price objective on shares of Cloudflare from $95.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, May 9th. Needham & Company LLC restated a “buy” rating and issued a $135.00 price target on shares of Cloudflare in a report on Friday, August 2nd. The Goldman Sachs Group dropped their target price on shares of Cloudflare from $77.00 to $68.00 and set a “sell” rating on the stock in a report on Tuesday, June 4th. Finally, Wells Fargo & Company dropped their price target on Cloudflare from $125.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Cloudflare currently has an average rating of “Hold” and a consensus target price of $92.29.

Cloudflare Price Performance

Shares of NET stock traded up $1.65 on Monday, reaching $84.04. The company had a trading volume of 91,570 shares, compared to its average volume of 3,425,374. The business’s 50-day moving average is $80.34 and its 200 day moving average is $85.10. Cloudflare, Inc. has a one year low of $53.88 and a one year high of $116.00. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The stock has a market capitalization of $28.56 billion, a PE ratio of -155.45 and a beta of 1.10.

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

Insider Buying and Selling

In other news, COO Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $81.91, for a total value of $2,100,172.40. Following the completion of the sale, the chief operating officer now directly owns 192,177 shares in the company, valued at approximately $15,741,218.07. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Cloudflare news, Director Katrin Suder sold 574 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $67.11, for a total transaction of $38,521.14. Following the transaction, the director now directly owns 51,162 shares in the company, valued at approximately $3,433,481.82. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $81.91, for a total transaction of $2,100,172.40. Following the completion of the sale, 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. Insiders sold 603,554 shares of company stock valued at $47,853,232 over the last 90 days. Company insiders own 12.83% of the company’s stock.

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.