Inspire Investing LLC Boosts Stock Position in Cloudflare, Inc. (NYSE:NET)

Inspire Investing LLC raised its position in Cloudflare, Inc. (NYSE:NET) by 12.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,550 shares of the company’s stock after purchasing an additional 391 shares during the period. Inspire Investing LLC’s holdings in Cloudflare were worth $287,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of NET. Susquehanna Fundamental Investments LLC purchased a new position in shares of Cloudflare during the second quarter valued at approximately $7,319,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Cloudflare by 20.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 875,183 shares of the company’s stock worth $84,745,000 after purchasing an additional 149,866 shares during the period. Swiss National Bank boosted its holdings in shares of Cloudflare by 2.0% during the first quarter. Swiss National Bank now owns 886,900 shares of the company’s stock worth $85,879,000 after purchasing an additional 17,700 shares during the last quarter. Comerica Bank grew its position in shares of Cloudflare by 19.9% in the first quarter. Comerica Bank now owns 28,556 shares of the company’s stock valued at $2,765,000 after purchasing an additional 4,733 shares during the period. Finally, Teachers Retirement System of The State of Kentucky increased its stake in Cloudflare by 13.5% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 192,381 shares of the company’s stock valued at $15,935,000 after purchasing an additional 22,900 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $93.95, for a total value of $4,921,476.80. Following the completion of the sale, the chief executive officer now owns 10,761 shares in the company, valued at approximately $1,010,995.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $77.17, for a total value of $231,510.00. Following the completion of the transaction, the insider now directly owns 195,303 shares in the company, valued at approximately $15,071,532.51. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $93.95, for a total value of $4,921,476.80. Following the sale, the chief executive officer now owns 10,761 shares in the company, valued at $1,010,995.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 507,552 shares of company stock worth $41,631,505. 12.83% of the stock is currently owned by insiders.

Cloudflare Stock Performance

Cloudflare stock opened at $90.80 on Friday. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. The firm’s fifty day moving average price is $82.39 and its 200 day moving average price is $81.01. The company has a market capitalization of $30.85 billion, a price-to-earnings ratio of -171.32 and a beta of 1.10. Cloudflare, Inc. has a 12-month low of $53.88 and a 12-month high of $116.00.

Cloudflare (NYSE:NET) last released its quarterly 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 return on equity of 8.54% and a negative net margin of 6.90%. The business had revenue of $401.00 million for the quarter, compared to analysts’ expectations of $394.11 million. During the same quarter in the previous year, the firm posted ($0.12) earnings per share. The company’s revenue was up 30.0% compared to the same quarter last year. On average, research analysts forecast that Cloudflare, Inc. will post -0.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

NET has been the topic of a number of research analyst reports. Mizuho raised their price target on Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday. Scotiabank initiated coverage on shares of Cloudflare in a research report on Monday, July 8th. They issued a “sector perform” rating and a $85.00 target price on the stock. Royal Bank of Canada upped their price target on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. BNP Paribas started coverage on shares of Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target on the stock. Finally, Wolfe Research initiated coverage on Cloudflare in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. Four 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. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $91.72.

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.