Mayflower Financial Advisors LLC Cuts Stake in Cloudflare, Inc. $NET

Mayflower Financial Advisors LLC lowered its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 63.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,289 shares of the company’s stock after selling 2,248 shares during the quarter. Mayflower Financial Advisors LLC’s holdings in Cloudflare were worth $252,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NET. GAMMA Investing LLC boosted its stake in Cloudflare by 86.8% during the first quarter. GAMMA Investing LLC now owns 1,093 shares of the company’s stock valued at $123,000 after buying an additional 508 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in Cloudflare by 22.1% during the first quarter. Sequoia Financial Advisors LLC now owns 4,457 shares of the company’s stock valued at $502,000 after buying an additional 808 shares during the last quarter. Diversified Trust Co bought a new position in Cloudflare during the first quarter valued at approximately $339,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Cloudflare by 10.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,679 shares of the company’s stock valued at $2,951,000 after buying an additional 2,500 shares during the last quarter. Finally, Sovran Advisors LLC boosted its stake in Cloudflare by 45.2% during the first quarter. Sovran Advisors LLC now owns 2,990 shares of the company’s stock valued at $323,000 after buying an additional 931 shares during the last quarter. 82.68% of the stock is owned by institutional investors.

Cloudflare Price Performance

NYSE:NET opened at $227.71 on Thursday. The firm has a market capitalization of $79.35 billion, a price-to-earnings ratio of -669.74 and a beta of 1.99. Cloudflare, Inc. has a 1 year low of $85.60 and a 1 year high of $230.10. The business has a 50 day simple moving average of $215.83 and a 200-day simple moving average of $185.56. The company has a debt-to-equity ratio of 2.63, a current ratio of 5.14 and a quick ratio of 5.14.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%.The firm had revenue of $512.32 million during the quarter, compared to analyst estimates of $501.58 million. During the same period last year, the company earned $0.20 EPS. Cloudflare’s quarterly revenue was up 27.8% compared to the same quarter last year. Equities analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insiders Place Their Bets

In other Cloudflare news, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction on Monday, October 20th. The stock was sold at an average price of $211.81, for a total value of $2,118,100.00. Following the sale, the chief financial officer owned 189,517 shares in the company, valued at $40,141,595.77. This trade represents a 5.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michelle Zatlyn sold 25,641 shares of the stock in a transaction on Thursday, October 9th. The stock was sold at an average price of $215.38, for a total value of $5,522,558.58. Following the completion of the sale, the insider owned 14,575 shares in the company, valued at approximately $3,139,163.50. The trade was a 63.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 634,540 shares of company stock valued at $132,159,157. Insiders own 10.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Cantor Fitzgerald increased their price target on Cloudflare from $162.00 to $199.00 and gave the company a “neutral” rating in a research note on Friday, August 1st. Robert W. Baird increased their price target on Cloudflare from $148.00 to $175.00 and gave the company a “neutral” rating in a research note on Friday, July 25th. Mizuho increased their price target on Cloudflare from $220.00 to $240.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. KeyCorp raised their price objective on Cloudflare from $210.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Finally, DZ Bank reaffirmed a “sell” rating and issued a $170.00 price objective on shares of Cloudflare in a research note on Tuesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $198.21.

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.