Davis Rea LTD. Raises Stock Position in Cloudflare, Inc. (NYSE:NET)

Davis Rea LTD. raised its position in Cloudflare, Inc. (NYSE:NET) by 19.8% during the third quarter, Holdings Channel.com reports. The fund owned 152,056 shares of the company’s stock after purchasing an additional 25,100 shares during the quarter. Cloudflare accounts for approximately 5.4% of Davis Rea LTD.’s investment portfolio, making the stock its 7th largest position. Davis Rea LTD.’s holdings in Cloudflare were worth $12,300,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of NET. Allspring Global Investments Holdings LLC lifted its stake in shares of Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after buying an additional 238 shares in the last quarter. CVA Family Office LLC lifted its position 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 acquiring an additional 171 shares in the last quarter. Quarry LP boosted its stake in Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after purchasing an additional 146 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Cloudflare in the second quarter worth $29,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Cloudflare by 1,202.9% during the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after purchasing an additional 421 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Insider Buying and Selling

In other news, COO Michelle Zatlyn sold 64,100 shares of the business’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $81.60, for a total value of $5,230,560.00. Following the completion of the transaction, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at approximately $15,681,643.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, COO Michelle Zatlyn sold 64,100 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $81.60, for a total value of $5,230,560.00. Following the completion of the sale, the chief operating officer now owns 192,177 shares of the company’s stock, valued at $15,681,643.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total value of $244,590.00. Following the transaction, the insider now directly owns 185,386 shares in the company, valued at $15,114,520.58. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 519,552 shares of company stock valued at $42,763,195 over the last three months. 12.83% of the stock is owned by company insiders.

Cloudflare Stock Down 2.0 %

NYSE:NET opened at $88.04 on Thursday. The stock has a fifty day simple moving average of $83.43 and a 200-day simple moving average of $80.51. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. The company has a market cap of $30.08 billion, a price-to-earnings ratio of -169.51 and a beta of 1.10. Cloudflare, Inc. has a twelve month low of $53.88 and a twelve month high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The firm had revenue of $401.00 million during the quarter, compared to analyst estimates of $394.11 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. Cloudflare’s quarterly revenue was up 30.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.12) earnings per share. Analysts anticipate that Cloudflare, Inc. will post -0.13 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on NET. Royal Bank of Canada boosted their target price on Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and set a $135.00 price objective on shares of Cloudflare in a 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 target price on the stock. Susquehanna boosted their target price on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, Robert W. Baird raised their price target on Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Four investment 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. Based on data from MarketBeat, Cloudflare presently has a consensus rating of “Hold” and a consensus price target of $91.72.

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.