4,700 Shares in Cloudflare, Inc. (NYSE:NET) Purchased by Davis Capital Management

Davis Capital Management acquired a new stake in Cloudflare, Inc. (NYSE:NET) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,700 shares of the company’s stock, valued at approximately $395,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Cloudflare by 1.5% in the first quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock valued at $2,766,632,000 after purchasing an additional 412,864 shares during the period. Capital World Investors lifted its position in shares of Cloudflare by 2.1% during the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after acquiring an additional 584,566 shares during the period. 1832 Asset Management L.P. lifted its position in shares of Cloudflare by 121.2% during the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after acquiring an additional 1,597,900 shares during the period. Norges Bank acquired a new stake in shares of Cloudflare during the 4th quarter valued at approximately $221,858,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Cloudflare by 4.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,030,682 shares of the company’s stock valued at $85,815,000 after acquiring an additional 47,175 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Trading Up 6.8 %

NET stock traded up $5.06 during midday trading on Friday, hitting $79.46. The stock had a trading volume of 10,348,642 shares, compared to its average volume of 2,542,594. Cloudflare, Inc. has a 12-month low of $53.88 and a 12-month high of $116.00. The company’s 50-day moving average price is $77.83 and its 200 day moving average price is $85.22. The firm has a market cap of $27.00 billion, a PE ratio of -149.92 and a beta of 1.10. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.90%. The company had revenue of $378.60 million during the quarter, compared to analysts’ expectations of $372.93 million. On average, equities research analysts predict that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Katrin Suder sold 574 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $67.11, for a total transaction of $38,521.14. Following the completion of the sale, the director now directly owns 51,162 shares of the company’s stock, valued at approximately $3,433,481.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Carl Ledbetter sold 30,145 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $72.86, for a total transaction of $2,196,364.70. Following the completion of the sale, the director now directly owns 1,166,648 shares of the company’s stock, valued at approximately $85,001,973.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Katrin Suder sold 574 shares of the company’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $67.11, for a total transaction of $38,521.14. Following the sale, the director now directly owns 51,162 shares of the company’s stock, valued at $3,433,481.82. The disclosure for this sale can be found here. Insiders sold 691,210 shares of company stock valued at $53,578,881 in the last ninety days. Company insiders own 12.83% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on NET shares. Cantor Fitzgerald lifted their price target on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday. The Goldman Sachs Group reduced their price target on shares of Cloudflare from $77.00 to $68.00 and set a “sell” rating for the company in a research report on Tuesday, June 4th. TD Cowen reduced their price target on shares of Cloudflare from $117.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Bank of America lifted their price objective on Cloudflare from $52.00 to $60.00 and gave the stock an “underperform” rating in a research report on Friday, May 3rd. Finally, Oppenheimer cut their price objective on Cloudflare from $122.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $92.08.

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.