Brighton Jones LLC Sells 34,866 Shares of Cloudflare, Inc. (NYSE:NET)

Brighton Jones LLC reduced its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 89.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,933 shares of the company's stock after selling 34,866 shares during the period. Brighton Jones LLC's holdings in Cloudflare were worth $318,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC boosted its holdings in 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 purchasing an additional 119 shares during the last quarter. Elo Mutual Pension Insurance Co lifted its holdings in shares of Cloudflare by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company's stock valued at $2,253,000 after buying an additional 136 shares during the period. Quarry LP boosted its stake 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 buying an additional 146 shares during the last quarter. Forum Financial Management LP grew 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 worth $234,000 after acquiring an additional 162 shares during the period. Finally, Soltis Investment Advisors LLC grew its holdings in shares of Cloudflare by 0.5% in the first quarter. Soltis Investment Advisors LLC now owns 31,403 shares of the company's stock worth $3,041,000 after acquiring an additional 168 shares during the period. 82.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Douglas James Kramer sold 3,000 shares of the firm's stock in a transaction dated Thursday, August 1st. The shares were 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 in the company, valued at approximately $15,071,532.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Douglas James Kramer sold 3,000 shares of the firm's 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 directly owns 195,303 shares of the company's stock, valued at approximately $15,071,532.51. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Janel Riley sold 3,495 shares of the business's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $81.65, for a total value of $285,366.75. Following the transaction, the chief accounting officer now owns 80,183 shares of the company's stock, valued at approximately $6,546,941.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 522,552 shares of company stock valued at $42,994,705 over the last ninety days. 12.83% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Scotiabank began coverage on Cloudflare in a research note on Monday, July 8th. They set a "sector perform" rating and a $85.00 price target for the company. Guggenheim upped their price objective on Cloudflare from $50.00 to $57.00 and gave the stock a "sell" rating in a research note on Friday, August 2nd. BNP Paribas assumed coverage on 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 price target on Cloudflare from $80.00 to $85.00 and gave the company a "neutral" rating in a report on Monday, August 5th. Finally, Royal Bank of Canada upped their price target on Cloudflare from $90.00 to $99.00 and gave the stock an "outperform" rating in a research report on Friday, August 2nd. Four equities 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's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $91.72.

Cloudflare Price Performance

Shares of NET traded down $0.81 during mid-day trading on Friday, hitting $88.76. 1,437,283 shares of the stock were exchanged, compared to its average volume of 3,164,862. The firm has a 50-day moving average of $83.20 and a two-hundred day moving average of $80.60. Cloudflare, Inc. has a 52-week low of $53.88 and a 52-week high of $116.00. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. The company has a market cap of $30.16 billion, a PE ratio of -167.47 and a beta of 1.10.

Cloudflare (NYSE:NET - Get Free Report) last released 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. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The business had revenue of $401.00 million during the quarter, compared to analyst estimates of $394.11 million. During the same quarter last year, the business earned ($0.12) earnings per share. Cloudflare's quarterly revenue was up 30.0% compared to the same quarter last year. On average, equities analysts predict that Cloudflare, Inc. will post -0.13 earnings per share for the current 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.