MAI Capital Management Has $587,000 Stock Position in Cloudflare, Inc. (NYSE:NET)

MAI Capital Management lessened its holdings in Cloudflare, Inc. (NYSE:NET) by 3.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,258 shares of the company’s stock after selling 228 shares during the quarter. MAI Capital Management’s holdings in Cloudflare were worth $587,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. CVA Family Office LLC lifted its stake in Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after purchasing an additional 171 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in Cloudflare in the 2nd quarter valued at approximately $29,000. Quarry LP boosted its position in Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after buying an additional 146 shares during the period. Versant Capital Management Inc increased its position in Cloudflare by 1,202.9% in the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after acquiring an additional 421 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in shares of Cloudflare during the third quarter valued at $38,000. Institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $104.20 on Friday. The company has a market cap of $35.76 billion, a PE ratio of -400.77 and a beta of 1.10. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $116.00. The business has a 50 day moving average price of $87.70 and a 200-day moving average price of $81.23.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting analysts’ consensus estimates of ($0.03). The business had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. Equities analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NET. UBS Group boosted their price objective on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Guggenheim raised their price objective on Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research report on Friday, August 2nd. Mizuho upped their target price on Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, October 17th. Wells Fargo & Company raised their price target on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, BNP Paribas initiated coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price objective on the stock. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $92.88.

Insiders Place Their Bets

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total value of $244,590.00. Following the completion of the transaction, the insider now owns 185,386 shares in the company, valued at $15,114,520.58. This represents a 1.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 28,635 shares of Cloudflare stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $95.03, for a total value of $2,721,184.05. Following the sale, the chief financial officer now owns 252,869 shares in the company, valued at $24,030,141.07. The trade was a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 546,194 shares of company stock valued at $46,804,995. Corporate insiders own 12.83% of the company’s stock.

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.