Kestra Private Wealth Services LLC lifted its position in Cloudflare, Inc. (NYSE:NET – Get Rating) by 21.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,422 shares of the company’s stock after purchasing an additional 1,638 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Cloudflare were worth $1,128,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Maryland State Retirement & Pension System raised its stake in Cloudflare by 2.9% during the first quarter. Maryland State Retirement & Pension System now owns 20,259 shares of the company’s stock worth $2,425,000 after acquiring an additional 571 shares in the last quarter. Spire Wealth Management raised its stake in Cloudflare by 208.8% during the first quarter. Spire Wealth Management now owns 2,257 shares of the company’s stock worth $270,000 after acquiring an additional 1,526 shares in the last quarter. CIBC World Markets Inc. raised its stake in Cloudflare by 293.4% during the fourth quarter. CIBC World Markets Inc. now owns 18,671 shares of the company’s stock worth $2,455,000 after acquiring an additional 13,925 shares in the last quarter. CWM LLC raised its stake in Cloudflare by 28.6% during the first quarter. CWM LLC now owns 2,946 shares of the company’s stock worth $353,000 after acquiring an additional 656 shares in the last quarter. Finally, GSA Capital Partners LLP raised its stake in Cloudflare by 23.2% during the first quarter. GSA Capital Partners LLP now owns 2,202 shares of the company’s stock worth $264,000 after acquiring an additional 414 shares in the last quarter. 71.69% of the stock is currently owned by institutional investors and hedge funds.
Cloudflare Trading Down 3.3 %
NYSE NET opened at $58.92 on Friday. The firm has a market cap of $19.22 billion, a P/E ratio of -64.75 and a beta of 1.10. The company has a debt-to-equity ratio of 2.47, a current ratio of 5.45 and a quick ratio of 5.45. The stock’s 50-day moving average is $60.70 and its 200-day moving average is $72.75. Cloudflare, Inc. has a one year low of $38.96 and a one year high of $221.64.
Cloudflare (NYSE:NET – Get Rating) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.07). Cloudflare had a negative return on equity of 23.62% and a negative net margin of 35.66%. The company had revenue of $234.52 million for the quarter, compared to analyst estimates of $227.52 million. Sell-side analysts anticipate that Cloudflare, Inc. will post -0.52 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on NET. Piper Sandler raised their target price on Cloudflare from $57.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, August 5th. Royal Bank of Canada raised their target price on Cloudflare from $62.00 to $74.00 in a research note on Friday, August 5th. Cantor Fitzgerald began coverage on Cloudflare in a research note on Thursday, September 8th. They issued a “neutral” rating and a $65.00 target price for the company. Credit Suisse Group lowered their target price on Cloudflare to $125.00 in a research note on Tuesday, August 9th. Finally, Evercore ISI decreased their price target on Cloudflare from $110.00 to $65.00 and set an “outperform” rating on the stock in a report on Tuesday, June 28th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $112.50.
In other news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $65.93, for a total transaction of $3,453,677.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Paul D. Underwood sold 6,000 shares of the company’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $420,000.00. Following the sale, the chief accounting officer now owns 30,030 shares in the company, valued at approximately $2,102,100. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $65.93, for a total value of $3,453,677.12. The disclosure for this sale can be found here. In the last three months, insiders sold 320,304 shares of company stock worth $20,817,806. 15.99% of the stock is currently owned by company insiders.
CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.
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