Cloudflare, Inc. (NYSE:NET) Shares Acquired by Victory Capital Management Inc.

Victory Capital Management Inc. boosted its stake in Cloudflare, Inc. (NYSE:NET) by 0.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,343 shares of the company’s stock after buying an additional 176 shares during the period. Victory Capital Management Inc.’s holdings in Cloudflare were worth $6,655,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in NET. Forum Financial Management LP lifted its position in Cloudflare by 6.1% in the 2nd quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock valued at $234,000 after purchasing an additional 162 shares during the last quarter. Soltis Investment Advisors LLC raised its holdings in shares of Cloudflare by 0.5% during the first quarter. Soltis Investment Advisors LLC now owns 31,403 shares of the company’s stock valued at $3,041,000 after buying an additional 168 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Cloudflare by 34.4% during the first quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock worth $65,000 after buying an additional 171 shares during the period. Bleakley Financial Group LLC grew its holdings in Cloudflare by 5.6% in the 1st quarter. Bleakley Financial Group LLC now owns 3,329 shares of the company’s stock worth $322,000 after buying an additional 178 shares in the last quarter. Finally, Joel Isaacson & Co. LLC increased its position in Cloudflare by 2.7% in the 1st quarter. Joel Isaacson & Co. LLC now owns 6,949 shares of the company’s stock valued at $673,000 after acquiring an additional 183 shares during the period. 82.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, COO Michelle Zatlyn sold 12,820 shares of Cloudflare stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total value of $976,114.80. Following the transaction, the chief operating officer now owns 192,177 shares of the company’s stock, valued at $14,632,356.78. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, COO Michelle Zatlyn sold 12,820 shares of Cloudflare stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total value of $976,114.80. Following the transaction, the chief operating officer now owns 192,177 shares in the company, valued at approximately $14,632,356.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Janel Riley sold 3,495 shares of the company’s stock in a transaction dated 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 $6,546,941.95. The disclosure for this sale can be found here. In the last ninety days, insiders sold 597,702 shares of company stock worth $48,088,422. 12.83% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. The Goldman Sachs Group reduced their price target on Cloudflare from $77.00 to $68.00 and set a “sell” rating for the company in a research report on Tuesday, June 4th. Susquehanna boosted their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Piper Sandler increased their price objective on shares of Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Royal Bank of Canada boosted their target price on Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Wolfe Research initiated coverage on Cloudflare in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $92.29.

Cloudflare Stock Performance

NET stock opened at $78.59 on Monday. The company has a market capitalization of $26.70 billion, a price-to-earnings ratio of -148.28 and a beta of 1.10. The firm has a 50 day moving average of $79.69 and a two-hundred day moving average of $83.05. 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 12 month low of $53.88 and a 12 month high of $116.00.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, August 1st. The company reported $0.20 EPS for the quarter, topping 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 firm had revenue of $401.00 million for the quarter, compared to the consensus estimate of $394.11 million. During the same period in the prior year, the business posted ($0.12) earnings per share. The business’s quarterly revenue was up 30.0% on a year-over-year basis. As a group, equities analysts anticipate that Cloudflare, Inc. will post -0.12 EPS for the current fiscal 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.