Main Street Financial Solutions LLC Acquires New Position in Cloudflare, Inc. (NYSE:NET)

Main Street Financial Solutions LLC bought a new position in shares of Cloudflare, Inc. (NYSE:NET) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,569 shares of the company’s stock, valued at approximately $213,000.

Other hedge funds have also bought and sold shares of the company. Jump Financial LLC increased its holdings in shares of Cloudflare by 166.1% in the fourth quarter. Jump Financial LLC now owns 13,572 shares of the company’s stock valued at $1,130,000 after purchasing an additional 8,472 shares during the period. Dimensional Fund Advisors LP increased its holdings in Cloudflare by 8.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 285,604 shares of the company’s stock worth $23,783,000 after buying an additional 21,447 shares during the period. Janney Montgomery Scott LLC raised its position in Cloudflare by 81.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 7,395 shares of the company’s stock worth $615,000 after buying an additional 3,323 shares during the last quarter. Beacon Pointe Advisors LLC lifted its stake in Cloudflare by 64.1% during the 4th quarter. Beacon Pointe Advisors LLC now owns 16,960 shares of the company’s stock valued at $1,412,000 after acquiring an additional 6,622 shares during the period. Finally, Panagora Asset Management Inc. boosted its holdings in shares of Cloudflare by 38.9% in the 4th quarter. Panagora Asset Management Inc. now owns 10,833 shares of the company’s stock valued at $902,000 after acquiring an additional 3,033 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Price Performance

Cloudflare stock opened at $78.59 on Friday. The company has a fifty day simple moving average of $79.69 and a 200-day simple moving average of $83.16. The firm has a market capitalization of $26.70 billion, a price-to-earnings ratio of -148.28 and a beta of 1.10. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46. Cloudflare, Inc. has a 52-week low of $53.88 and a 52-week high of $116.00.

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. UBS Group upgraded shares of Cloudflare from a “sell” rating to a “neutral” rating and boosted their target price for the company from $76.00 to $82.00 in a research report on Tuesday, June 25th. Guggenheim upped their target price on Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research note on Friday, August 2nd. Robert W. Baird lifted their price target on Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $135.00 price objective on shares of Cloudflare in a research report on Friday, August 2nd. Finally, Mizuho boosted their target price on shares of Cloudflare from $88.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, July 16th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $92.29.

Insider Buying and Selling

In other Cloudflare news, CAO Janel Riley sold 3,495 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $81.65, for a total value of $285,366.75. Following the completion of the sale, the chief accounting officer now directly owns 80,183 shares in the company, valued at approximately $6,546,941.95. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Cloudflare news, CAO Janel Riley sold 3,495 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $81.65, for a total value of $285,366.75. Following the transaction, the chief accounting officer now directly owns 80,183 shares in the company, valued at approximately $6,546,941.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $85.28, for a total transaction of $2,186,579.20. Following the sale, the chief operating officer now owns 211,394 shares of the company’s stock, valued at approximately $18,027,680.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 597,702 shares of company stock worth $48,088,422. 12.83% of the stock is owned by corporate insiders.

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.