Davis Rea LTD. Has $12.30 Million Holdings in Cloudflare, Inc. (NYSE:NET)

Davis Rea LTD. increased its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 19.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 152,056 shares of the company's stock after purchasing an additional 25,100 shares during the period. Cloudflare makes up 5.4% of Davis Rea LTD.'s holdings, making the stock its 7th biggest holding. Davis Rea LTD.'s holdings in Cloudflare were worth $12,300,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of NET. Susquehanna Fundamental Investments LLC bought a new position in Cloudflare in the second quarter valued at about $7,319,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Cloudflare by 20.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 875,183 shares of the company's stock valued at $84,745,000 after purchasing an additional 149,866 shares in the last quarter. Swiss National Bank boosted its stake in shares of Cloudflare by 2.0% during the first quarter. Swiss National Bank now owns 886,900 shares of the company's stock valued at $85,879,000 after purchasing an additional 17,700 shares in the last quarter. Comerica Bank boosted its stake in shares of Cloudflare by 19.9% during the first quarter. Comerica Bank now owns 28,556 shares of the company's stock valued at $2,765,000 after purchasing an additional 4,733 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in shares of Cloudflare by 13.5% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 192,381 shares of the company's stock valued at $15,935,000 after purchasing an additional 22,900 shares in the last quarter. Institutional investors own 82.68% of the company's stock.

Cloudflare Price Performance

NET traded down $1.47 during trading on Thursday, reaching $88.38. 1,407,745 shares of the company were exchanged, compared to its average volume of 3,136,379. The company's 50-day moving average is $83.58 and its two-hundred day moving average is $80.57. The company has a market cap of $30.20 billion, a price-to-earnings ratio of -165.85 and a beta of 1.10. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46. Cloudflare, Inc. has a 12-month low of $53.88 and a 12-month high of $116.00.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.06. The business had revenue of $401.00 million for 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%. The company's quarterly revenue was up 30.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.12) EPS. Research analysts forecast that Cloudflare, Inc. will post -0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, COO Michelle Zatlyn sold 12,820 shares of the company's stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $76.14, for a total value of $976,114.80. Following the transaction, the chief operating officer now directly owns 192,177 shares in the company, valued at $14,632,356.78. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, COO Michelle Zatlyn sold 12,820 shares of the firm's stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $76.14, for a total value of $976,114.80. Following the completion of the transaction, the chief operating officer now owns 192,177 shares in the company, valued at $14,632,356.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the firm's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $15,114,520.58. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 519,552 shares of company stock worth $42,763,195 in the last ninety days. 12.83% of the stock is currently owned by insiders.

Analyst Ratings Changes

NET has been the topic of a number of recent analyst reports. Mizuho lifted their price objective on Cloudflare from $92.00 to $105.00 and gave the stock a "neutral" rating in a research note on Thursday, October 17th. Wolfe Research initiated coverage on Cloudflare in a research note on Tuesday, July 16th. They issued a "peer perform" rating on the stock. Piper Sandler lifted their price objective on Cloudflare from $82.00 to $83.00 and gave the stock a "neutral" rating in a research note on Friday, August 2nd. Needham & Company LLC reaffirmed a "buy" rating and issued a $135.00 price objective on shares of Cloudflare in a research note on Friday, August 2nd. Finally, Royal Bank of Canada boosted their price target on Cloudflare from $90.00 to $99.00 and gave the company an "outperform" rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $91.72.

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.