Cloudflare, Inc. (NYSE:NET) Shares Bought by Townsquare Capital LLC

Townsquare Capital LLC grew its stake in Cloudflare, Inc. (NYSE:NET) by 3.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,920 shares of the company’s stock after purchasing an additional 1,267 shares during the quarter. Townsquare Capital LLC’s holdings in Cloudflare were worth $3,391,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of NET. Allspring Global Investments Holdings LLC boosted its stake in shares of Cloudflare by 13.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after acquiring an additional 119 shares during the last quarter. Elo Mutual Pension Insurance Co lifted its stake in Cloudflare by 0.5% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock worth $2,253,000 after purchasing an additional 136 shares in the last quarter. OneDigital Investment Advisors LLC boosted its holdings in shares of Cloudflare by 3.5% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $327,000 after purchasing an additional 137 shares during the last quarter. Quarry LP grew its position in shares of Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after purchasing an additional 146 shares in the last quarter. Finally, Forum Financial Management LP increased its holdings in shares of Cloudflare by 6.1% in the second quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock valued at $234,000 after purchasing an additional 162 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Activity at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total transaction of $244,590.00. Following the transaction, the insider now owns 185,386 shares of the company’s stock, valued at $15,114,520.58. The trade was a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Maria S. Eitel sold 6,875 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $88.00, for a total value of $605,000.00. Following the completion of the sale, the director now directly owns 5,927 shares of the company’s stock, valued at $521,576. The trade was a 53.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 606,952 shares of company stock valued at $53,078,202 over the last ninety days. Insiders own 12.83% of the company’s stock.

Wall Street Analyst Weigh In

NET has been the subject of several analyst reports. Wells Fargo & Company upped their target price on Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and set a $135.00 price target on shares of Cloudflare in a report on Friday, August 2nd. BNP Paribas began coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price for the company. Mizuho boosted their price target on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, October 17th. Finally, Scotiabank lifted their target price on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a report on Friday, November 8th. Four 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’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $92.88.

Cloudflare Trading Up 0.5 %

NET opened at $99.88 on Friday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $116.00. The company has a market cap of $34.28 billion, a P/E ratio of -384.15 and a beta of 1.10. The business’s 50-day simple moving average is $90.25 and its 200-day simple moving average is $82.40.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate of ($0.03). The company had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. As a group, equities research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal 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.