Advisory Resource Group Sells 908 Shares of Cloudflare, Inc. (NYSE:NET)

Advisory Resource Group decreased its holdings in Cloudflare, Inc. (NYSE:NET) by 9.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,795 shares of the company’s stock after selling 908 shares during the quarter. Advisory Resource Group’s holdings in Cloudflare were worth $991,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Capital World Investors raised its stake in shares of Cloudflare by 0.7% in the fourth quarter. Capital World Investors now owns 35,409,307 shares of the company’s stock worth $3,812,942,000 after buying an additional 260,415 shares during the period. Geode Capital Management LLC raised its stake in Cloudflare by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company’s stock worth $526,986,000 after acquiring an additional 68,661 shares during the period. Groupama Asset Managment purchased a new position in Cloudflare during the fourth quarter valued at approximately $269,200,000. Norges Bank bought a new position in shares of Cloudflare in the fourth quarter worth approximately $249,544,000. Finally, American Century Companies Inc. increased its stake in shares of Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after purchasing an additional 1,017,399 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Stock Up 0.1%

Shares of NYSE NET opened at $181.35 on Thursday. The company has a market cap of $62.86 billion, a P/E ratio of -788.47 and a beta of 1.84. The firm has a 50-day simple moving average of $143.97 and a two-hundred day simple moving average of $131.53. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $182.98. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The business had revenue of $479.09 million for the quarter, compared to the consensus estimate of $469.49 million. During the same period in the prior year, the business posted $0.16 earnings per share. Cloudflare’s revenue was up 26.5% on a year-over-year basis. Research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NET. Susquehanna dropped their price objective on Cloudflare from $170.00 to $140.00 and set a “neutral” rating for the company in a research note on Monday, May 12th. CICC Research raised shares of Cloudflare from a “market perform” rating to an “outperform” rating and set a $154.00 price objective for the company in a report on Monday, May 12th. UBS Group boosted their target price on shares of Cloudflare from $135.00 to $145.00 and gave the stock a “neutral” rating in a report on Friday, May 9th. KeyCorp started coverage on shares of Cloudflare in a research note on Friday, June 6th. They set an “overweight” rating and a $210.00 target price for the company. Finally, Capital One Financial upgraded shares of Cloudflare from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 8th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $145.92.

Insider Buying and Selling

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $100.88, for a total value of $5,284,497.92. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Carl Ledbetter sold 10,050 shares of the firm’s stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $181.57, for a total value of $1,824,778.50. Following the transaction, the director now owns 1,073,073 shares in the company, valued at $194,837,864.61. The trade was a 0.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 557,267 shares of company stock valued at $81,730,346 in the last 90 days. Company insiders own 10.89% of the company’s stock.

Cloudflare Company 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.