ASB Consultores LLC Sells 2,659 Shares of Cloudflare, Inc. (NYSE:NET)

ASB Consultores LLC lowered its position in shares of Cloudflare, Inc. (NYSE:NET) by 39.4% during the second quarter, HoldingsChannel reports. The fund owned 4,091 shares of the company’s stock after selling 2,659 shares during the quarter. ASB Consultores LLC’s holdings in Cloudflare were worth $339,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Riverview Trust Co bought a new stake in shares of Cloudflare in the 1st quarter valued at about $27,000. Allspring Global Investments Holdings LLC grew its position in shares of Cloudflare by 595.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after buying an additional 238 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Cloudflare in the 2nd quarter valued at about $29,000. ICA Group Wealth Management LLC bought a new stake in shares of Cloudflare in the 4th quarter valued at about $38,000. Finally, Versant Capital Management Inc grew its position in shares of 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 buying an additional 421 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

Insider Activity

In other news, COO Michelle Zatlyn sold 25,640 shares of the company’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 value of $2,186,579.20. Following the completion of the transaction, the chief operating officer now directly owns 211,394 shares of the company’s stock, valued at $18,027,680.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction 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 completion of the transaction, the chief operating officer now directly owns 211,394 shares of the company’s stock, valued at $18,027,680.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Carl Ledbetter sold 8,030 shares of the stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $79.89, for a total value of $641,516.70. Following the transaction, the director now directly owns 1,084,364 shares of the company’s stock, valued at $86,629,839.96. The disclosure for this sale can be found here. Insiders sold a total of 572,062 shares of company stock valued at $46,086,211 over the last three months. Corporate insiders own 12.83% of the company’s stock.

Analyst Ratings Changes

NET has been the topic of a number of analyst reports. Cantor Fitzgerald upped their price target on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Mizuho upped their target price on Cloudflare from $88.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, July 16th. Robert W. Baird upped their target price on Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Susquehanna upped their target price on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Finally, Needham & Company LLC restated a “buy” rating and set a $135.00 target price on shares of Cloudflare in a research report on Friday, August 2nd. Three 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 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.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $82.90 on Friday. The company has a market cap of $28.17 billion, a PE ratio of -156.42 and a beta of 1.10. Cloudflare, Inc. has a 52 week low of $53.88 and a 52 week high of $116.00. The business has a 50 day moving average price of $79.46 and a 200-day moving average price of $82.64. 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 (NYSE:NET) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.14 by $0.06. The firm had revenue of $401.00 million during the quarter, compared to the consensus estimate of $394.11 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The company’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.12) earnings per share. Equities analysts anticipate that Cloudflare, Inc. will post -0.12 earnings per share 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.