Cloudflare, Inc. (NYSE:NET) Shares Bought by Stock Yards Bank & Trust Co.

Stock Yards Bank & Trust Co. grew its position in Cloudflare, Inc. (NYSE:NET) by 5.8% in the first quarter, HoldingsChannel reports. The institutional investor owned 3,934 shares of the company’s stock after acquiring an additional 215 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Cloudflare were worth $443,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of NET. NBC Securities Inc. acquired a new stake in shares of Cloudflare in the first quarter valued at $27,000. GPS Wealth Strategies Group LLC grew its stake in shares of Cloudflare by 213.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company’s stock valued at $29,000 after buying an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock valued at $30,000 after buying an additional 142 shares in the last quarter. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Cloudflare in the fourth quarter valued at $43,000. Finally, Global Financial Private Client LLC grew its stake in shares of Cloudflare by 38,100.0% in the first quarter. Global Financial Private Client LLC now owns 382 shares of the company’s stock valued at $43,000 after buying an additional 381 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on NET shares. Royal Bank of Canada dropped their price objective on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Jefferies Financial Group dropped their price objective on Cloudflare from $170.00 to $150.00 and set a “hold” rating for the company in a research note on Friday, May 9th. The Goldman Sachs Group lowered their target price on Cloudflare from $183.00 to $161.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Mizuho raised Cloudflare from a “neutral” rating to an “outperform” rating and set a $135.00 target price for the company in a research note on Wednesday, April 16th. Finally, Piper Sandler reissued a “neutral” rating and set a $151.00 target price (up from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $145.92.

Insider Transactions at Cloudflare

In other news, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $120.00, for a total transaction of $1,200,000.00. Following the completion of the transaction, the chief financial officer now directly owns 293,582 shares of the company’s stock, valued at approximately $35,229,840. This represents a 3.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 disclosure for this sale can be found here. In the last three months, insiders sold 661,985 shares of company stock valued at $93,352,423. Corporate insiders own 10.89% of the company’s stock.

Cloudflare Trading Up 0.5%

NYSE:NET opened at $171.69 on Friday. The firm has a market cap of $59.51 billion, a P/E ratio of -780.40 and a beta of 1.84. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock’s 50 day simple moving average is $139.61 and its 200-day simple moving average is $130.07. Cloudflare, Inc. has a 12-month low of $69.26 and a 12-month high of $181.81.

Cloudflare (NYSE:NET) last released its 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). The company had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The company’s revenue for the quarter was up 26.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 EPS. Equities analysts anticipate that Cloudflare, Inc. will post -0.11 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.