Profund Advisors LLC Sells 1,934 Shares of Cloudflare, Inc. (NYSE:NET)

Profund Advisors LLC trimmed its stake in Cloudflare, Inc. (NYSE:NET) by 10.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,440 shares of the company’s stock after selling 1,934 shares during the period. Profund Advisors LLC’s holdings in Cloudflare were worth $1,445,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Elo Mutual Pension Insurance Co grew its stake in Cloudflare by 0.5% in the second quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after purchasing an additional 136 shares during the last quarter. Forum Financial Management LP raised its stake in shares of Cloudflare by 6.1% during the 2nd quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock worth $234,000 after acquiring an additional 162 shares in the last quarter. Soltis Investment Advisors LLC raised its stake in shares of Cloudflare by 0.5% during the 1st quarter. Soltis Investment Advisors LLC now owns 31,403 shares of the company’s stock worth $3,041,000 after acquiring an additional 168 shares in the last quarter. GAMMA Investing LLC lifted its position in Cloudflare by 34.4% during the first quarter. GAMMA Investing LLC now owns 668 shares of the company’s stock valued at $65,000 after acquiring an additional 171 shares during the last quarter. Finally, Bleakley Financial Group LLC boosted its stake in Cloudflare by 5.6% in the first quarter. Bleakley Financial Group LLC now owns 3,329 shares of the company’s stock valued at $322,000 after acquiring an additional 178 shares in the last quarter. 82.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. The Goldman Sachs Group decreased their price objective on Cloudflare from $77.00 to $68.00 and set a “sell” rating for the company in a report on Tuesday, June 4th. Wolfe Research began coverage on Cloudflare in a research note on Tuesday, July 16th. They set a “peer perform” rating on the stock. Susquehanna upped their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, August 5th. Guggenheim boosted their target price on shares of Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research report on Friday, August 2nd. Finally, UBS Group raised shares of Cloudflare from a “sell” rating to a “neutral” rating and raised their price target for the stock from $76.00 to $82.00 in a report on Tuesday, June 25th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $92.29.

Insider Buying and Selling

In other Cloudflare news, 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 transaction 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, COO Michelle Zatlyn sold 12,820 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total transaction of $976,114.80. Following the completion of the sale, 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 Securities & Exchange Commission, which is available through this link. Also, Director Carl Ledbetter sold 8,030 shares of the business’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $79.89, for a total transaction of $641,516.70. Following the transaction, the director now owns 1,084,364 shares in the company, valued at $86,629,839.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 572,062 shares of company stock valued at $46,086,211. 12.83% of the stock is owned by corporate insiders.

Cloudflare Stock Performance

NET opened at $85.62 on Tuesday. The firm has a fifty day moving average price of $79.50 and a 200 day moving average price of $82.21. Cloudflare, Inc. has a 1 year low of $53.88 and a 1 year high of $116.00. The stock has a market cap of $29.09 billion, a P/E ratio of -161.54 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51.

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

About Cloudflare

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.