Van Hulzen Asset Management LLC Lowers Stake in Cloudflare, Inc. (NYSE:NET)

Van Hulzen Asset Management LLC cut its position in shares of Cloudflare, Inc. (NYSE:NET) by 43.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,655 shares of the company’s stock after selling 5,923 shares during the quarter. Van Hulzen Asset Management LLC’s holdings in Cloudflare were worth $634,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of NET. Norges Bank acquired a new stake in shares of Cloudflare in the fourth quarter worth approximately $221,858,000. Baillie Gifford & Co. boosted its position in shares of Cloudflare by 8.5% in the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after acquiring an additional 2,575,396 shares during the last quarter. 1832 Asset Management L.P. boosted its position in shares of Cloudflare by 121.2% in the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after acquiring an additional 1,597,900 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Cloudflare by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after acquiring an additional 740,914 shares during the last quarter. Finally, Capital World Investors boosted its position in shares of Cloudflare by 2.1% in the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock worth $2,723,685,000 after acquiring an additional 584,566 shares during the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Cantor Fitzgerald raised their target price on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Piper Sandler lifted their price target on shares of Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Susquehanna lifted their price target on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. The Goldman Sachs Group reduced their price target on shares of Cloudflare from $77.00 to $68.00 and set a “sell” rating on the stock in a research report on Tuesday, June 4th. Finally, Guggenheim lifted their price target on shares of Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a research report on Friday, August 2nd. Three 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $92.29.

Cloudflare Stock Up 0.8 %

Shares of NYSE:NET opened at $76.86 on Wednesday. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. The company has a fifty day simple moving average of $80.25 and a 200 day simple moving average of $83.52. The firm has a market cap of $26.12 billion, a PE ratio of -145.02 and a beta of 1.10. Cloudflare, Inc. has a 12-month low of $53.88 and a 12-month high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The business had revenue of $401.00 million during the quarter, compared to analyst estimates of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The business’s revenue was up 30.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.12) earnings per share. On average, equities research analysts anticipate that Cloudflare, Inc. will post -0.14 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $76.55, for a total transaction of $4,009,995.20. Following the completion of the sale, the chief executive officer now owns 10,761 shares in the company, valued at $823,754.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $76.55, for a total transaction of $4,009,995.20. Following the completion of the sale, the chief executive officer now owns 10,761 shares in the company, valued at $823,754.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Janel Riley sold 3,495 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $81.65, for a total transaction of $285,366.75. Following the sale, the chief accounting officer now owns 80,183 shares of the company’s stock, valued at approximately $6,546,941.95. The disclosure for this sale can be found here. Insiders sold a total of 624,446 shares of company stock worth $50,024,013 over the last 90 days. 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.