Institute for Wealth Management LLC. Lowers Holdings in Cloudflare, Inc. (NYSE:NET)

Institute for Wealth Management LLC. lowered its holdings in Cloudflare, Inc. (NYSE:NET) by 7.5% during the first quarter, Holdings Channel.com reports. The firm owned 7,681 shares of the company’s stock after selling 627 shares during the period. Institute for Wealth Management LLC.’s holdings in Cloudflare were worth $866,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Grandview Asset Management LLC raised its holdings in Cloudflare by 10.3% in the 1st quarter. Grandview Asset Management LLC now owns 13,206 shares of the company’s stock valued at $1,488,000 after buying an additional 1,234 shares during the period. Kingswood Wealth Advisors LLC acquired a new stake in shares of Cloudflare during the first quarter valued at about $216,000. Rakuten Securities Inc. raised its stake in shares of Cloudflare by 151.3% in the 1st quarter. Rakuten Securities Inc. now owns 2,156 shares of the company’s stock valued at $243,000 after acquiring an additional 1,298 shares during the period. FNY Investment Advisers LLC acquired a new position in shares of Cloudflare in the 1st quarter worth approximately $103,000. Finally, QRG Capital Management Inc. boosted its position in shares of Cloudflare by 34.7% during the 1st quarter. QRG Capital Management Inc. now owns 65,151 shares of the company’s stock worth $7,342,000 after purchasing an additional 16,770 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Trading Up 0.1%

NYSE:NET opened at $181.35 on Friday. The stock has a 50-day simple moving average of $145.48 and a 200-day simple moving average of $132.05. The stock has a market cap of $62.86 billion, a P/E ratio of -788.47 and a beta of 1.84. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $182.98. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The company had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The firm’s revenue for the quarter was up 26.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.16 EPS. As a group, analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 10,050 shares of the company’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $181.57, for a total value of $1,824,778.50. Following the completion of the transaction, the director now owns 1,073,073 shares in the company, valued at $194,837,864.61. This represents a 0.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $171.25, for a total value of $8,970,760.00. Following the sale, the chief executive officer now owns 381,213 shares in the company, valued at $65,282,726.25. This trade represents a 12.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 557,267 shares of company stock valued at $81,730,346 in the last ninety days. Insiders own 10.89% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Oppenheimer reissued an “outperform” rating and issued a $200.00 target price (up previously from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. Jefferies Financial Group decreased their target price on Cloudflare from $170.00 to $150.00 and set a “hold” rating on the stock in a research note on Friday, May 9th. Royal Bank Of Canada dropped their target price on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Guggenheim boosted their price target on shares of Cloudflare from $68.00 to $70.00 and gave the stock a “sell” rating in a research note on Friday, May 9th. Finally, KeyCorp began coverage on shares of Cloudflare in a research note on Friday, June 6th. They issued an “overweight” rating and a $210.00 price objective for the company. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $145.92.

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.