Hartline Investment Corp Has $21.06 Million Stake in Cloudflare, Inc. (NYSE:NET)

Hartline Investment Corp raised its position in shares of Cloudflare, Inc. (NYSE:NET) by 7.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 260,379 shares of the company’s stock after acquiring an additional 18,426 shares during the period. Cloudflare makes up 2.6% of Hartline Investment Corp’s portfolio, making the stock its 12th biggest holding. Hartline Investment Corp’s holdings in Cloudflare were worth $21,062,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in NET. Allspring Global Investments Holdings LLC grew its stake in shares of Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after acquiring an additional 238 shares during the last quarter. Janney Montgomery Scott LLC grew its position in Cloudflare by 86.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 13,800 shares of the company’s stock worth $1,336,000 after purchasing an additional 6,405 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Cloudflare during the 1st quarter worth about $729,000. Empowered Funds LLC raised its position in shares of Cloudflare by 24.3% during the first quarter. Empowered Funds LLC now owns 3,528 shares of the company’s stock valued at $342,000 after buying an additional 689 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of Cloudflare by 302.5% in the first quarter. SG Americas Securities LLC now owns 25,174 shares of the company’s stock valued at $2,438,000 after buying an additional 18,919 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Price Performance

Shares of NET stock opened at $90.93 on Wednesday. Cloudflare, Inc. has a 1 year low of $62.39 and a 1 year high of $116.00. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm’s 50 day moving average is $85.25 and its 200-day moving average is $80.70.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). The firm had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. As a group, research analysts expect that Cloudflare, Inc. will post -0.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NET has been the subject of several recent research reports. Wolfe Research initiated coverage on Cloudflare in a report on Tuesday, July 16th. They issued a “peer perform” rating for the company. UBS Group raised their target price on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Mizuho lifted their price target on shares of Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, October 17th. Robert W. Baird increased their price objective on shares of Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, Susquehanna lifted their target price on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Four investment 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. Based on data from MarketBeat.com, Cloudflare presently has an average rating of “Hold” and a consensus price target of $92.88.

Insider Activity at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the completion of the sale, the chief financial officer now directly owns 281,403 shares of the company’s stock, valued at approximately $24,422,966.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $86.79, for a total value of $1,301,850.00. Following the transaction, the chief financial officer now directly owns 281,403 shares of the company’s stock, valued at approximately $24,422,966.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Janel Riley sold 3,495 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $81.65, for a total transaction of $285,366.75. Following the sale, the chief accounting officer now owns 80,183 shares of the company’s stock, valued at $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 a total of 477,043 shares of company stock worth $39,737,342 over the last 90 days. Insiders own 12.83% of the company’s stock.

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.