Donoghue Forlines LLC Trims Stock Position in Cloudflare, Inc. $NET

Donoghue Forlines LLC lessened its position in shares of Cloudflare, Inc. (NYSE:NET) by 20.2% during the second quarter, HoldingsChannel.com reports. The fund owned 15,042 shares of the company’s stock after selling 3,814 shares during the period. Cloudflare makes up approximately 0.8% of Donoghue Forlines LLC’s holdings, making the stock its 18th largest holding. Donoghue Forlines LLC’s holdings in Cloudflare were worth $2,946,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the company. Fiera Capital Corp bought a new position in shares of Cloudflare in the second quarter worth $14,919,000. ABN Amro Investment Solutions bought a new stake in Cloudflare during the second quarter valued at $892,000. Police & Firemen s Retirement System of New Jersey grew its position in Cloudflare by 5.6% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 46,897 shares of the company’s stock worth $9,184,000 after buying an additional 2,486 shares in the last quarter. Geode Capital Management LLC increased its stake in Cloudflare by 5.1% in the 2nd quarter. Geode Capital Management LLC now owns 5,536,679 shares of the company’s stock worth $1,081,533,000 after acquiring an additional 270,227 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in Cloudflare by 37.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 9,961 shares of the company’s stock worth $1,951,000 after acquiring an additional 2,722 shares during the last quarter. 82.68% of the stock is owned by institutional investors.

Cloudflare Price Performance

Shares of NYSE:NET opened at $213.58 on Friday. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 1.46. The stock has a market cap of $74.81 billion, a PE ratio of -711.93 and a beta of 2.10. The company’s fifty day moving average is $222.12 and its 200 day moving average is $194.39. Cloudflare, Inc. has a 52 week low of $87.77 and a 52 week high of $260.00.

Insider Activity

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $226.46, for a total transaction of $11,862,880.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michelle Zatlyn sold 35,100 shares of Cloudflare stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $191.71, for a total value of $6,729,021.00. Following the completion of the transaction, the insider directly owned 14,575 shares in the company, valued at $2,794,173.25. This trade represents a 70.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 638,060 shares of company stock valued at $133,217,328. 10.89% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Royal Bank Of Canada lifted their price target on Cloudflare from $250.00 to $265.00 and gave the company an “outperform” rating in a research report on Friday, October 31st. Wall Street Zen raised shares of Cloudflare from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. UBS Group boosted their price target on shares of Cloudflare from $240.00 to $245.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. KeyCorp raised their price objective on shares of Cloudflare from $235.00 to $300.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. Finally, Stifel Nicolaus lifted their price objective on shares of Cloudflare from $230.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $235.35.

Cloudflare 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.