Newbridge Financial Services Group Inc. Boosts Stake in Cloudflare, Inc. (NYSE:NET)

Newbridge Financial Services Group Inc. raised its holdings in Cloudflare, Inc. (NYSE:NET) by 30.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,009 shares of the company’s stock after acquiring an additional 1,624 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Cloudflare were worth $581,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Riverview Trust Co purchased a new stake in Cloudflare in the first quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC increased its stake in Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Cloudflare during the second quarter worth about $29,000. Quarry LP boosted its holdings in shares of Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after purchasing an additional 146 shares in the last quarter. Finally, Versant Capital Management Inc increased its position in shares of Cloudflare by 1,202.9% during the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after purchasing an additional 421 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on NET shares. Robert W. Baird increased their price target on shares of Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Morgan Stanley reiterated an “equal weight” rating and issued a $92.00 target price on shares of Cloudflare in a research report on Monday, June 17th. Wolfe Research began coverage on shares of Cloudflare in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Piper Sandler lifted their price objective on Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Scotiabank assumed coverage on Cloudflare in a research note on Monday, July 8th. They issued a “sector perform” rating and a $85.00 target price for the company. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $92.29.

Cloudflare Price Performance

Shares of NYSE:NET opened at $78.10 on Wednesday. The business has a fifty day moving average price of $79.77 and a 200-day moving average price of $81.73. 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 company has a market capitalization of $26.54 billion, a PE ratio of -147.36 and a beta of 1.10. Cloudflare, Inc. has a 1-year low of $53.88 and a 1-year high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $401.00 million for the quarter, compared to the consensus estimate of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. Cloudflare’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.12) EPS. As a group, equities analysts expect that Cloudflare, Inc. will post -0.13 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on 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 sale, the insider now owns 195,303 shares of the company’s stock, valued at approximately $15,071,532.51. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $82.96, for a total transaction of $4,345,776.64. Following the sale, the chief executive officer now owns 8,742 shares of the company’s stock, valued at approximately $725,236.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $77.17, for a total transaction of $231,510.00. Following the completion of the sale, the insider now owns 195,303 shares of the company’s stock, valued at $15,071,532.51. The disclosure for this sale can be found here. In the last three months, insiders have sold 417,812 shares of company stock valued at $33,270,713. 12.83% of the stock is owned by corporate insiders.

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.