Accel Wealth Management Acquires New Holdings in Cloudflare, Inc. (NYSE:NET)

Accel Wealth Management purchased a new position in shares of Cloudflare, Inc. (NYSE:NET) during the fourth quarter, Holdings Channel.com reports. The fund purchased 2,432 shares of the company’s stock, valued at approximately $202,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Moneta Group Investment Advisors LLC grew its position in Cloudflare by 131,133.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,073,501 shares of the company’s stock valued at $274,583,000 after purchasing an additional 6,068,873 shares in the last quarter. Norges Bank acquired a new stake in Cloudflare in the fourth quarter valued at approximately $124,592,000. 1832 Asset Management L.P. lifted its stake in Cloudflare by 315.1% in the first quarter. 1832 Asset Management L.P. now owns 1,888,400 shares of the company’s stock valued at $116,439,000 after acquiring an additional 1,433,500 shares during the last quarter. Two Sigma Investments LP lifted its stake in Cloudflare by 215.1% in the first quarter. Two Sigma Investments LP now owns 1,344,914 shares of the company’s stock valued at $82,927,000 after acquiring an additional 918,096 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Cloudflare by 2.4% in the first quarter. Vanguard Group Inc. now owns 23,358,000 shares of the company’s stock valued at $2,795,953,000 after acquiring an additional 548,149 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Price Performance

Shares of NET traded up $0.23 during trading hours on Thursday, hitting $96.78. The stock had a trading volume of 1,698,630 shares, compared to its average volume of 4,138,791. The company’s fifty day moving average is $93.17 and its two-hundred day moving average is $78.14. The company has a debt-to-equity ratio of 1.68, a current ratio of 3.50 and a quick ratio of 3.50. Cloudflare, Inc. has a 52 week low of $39.90 and a 52 week high of $116.00. The stock has a market capitalization of $32.68 billion, a price-to-earnings ratio of -175.27 and a beta of 1.14.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. The business had revenue of $362.47 million for the quarter, compared to analyst estimates of $352.70 million. On average, analysts anticipate that Cloudflare, Inc. will post -0.19 EPS for the current year.

Insider Buying and Selling

In related news, General Counsel Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $81.43, for a total transaction of $244,290.00. Following the transaction, the general counsel now owns 154,629 shares in the company, valued at approximately $12,591,439.47. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Cloudflare news, Director Carl Ledbetter sold 10,047 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $76.22, for a total transaction of $765,782.34. Following the transaction, the director now directly owns 1,577,500 shares in the company, valued at approximately $120,237,050. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $81.43, for a total transaction of $244,290.00. Following the transaction, the general counsel now owns 154,629 shares in the company, valued at $12,591,439.47. The disclosure for this sale can be found here. Insiders have sold a total of 1,079,809 shares of company stock worth $101,239,047 in the last 90 days. Corporate insiders own 14.80% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on NET. Cantor Fitzgerald restated a “neutral” rating and issued a $100.00 price objective (up from $70.00) on shares of Cloudflare in a research note on Friday, February 9th. Morgan Stanley boosted their price objective on shares of Cloudflare from $66.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Monday, February 12th. Truist Financial boosted their price objective on shares of Cloudflare from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. JMP Securities boosted their price objective on shares of Cloudflare from $75.00 to $90.00 and gave the stock a “market outperform” rating in a research note on Wednesday, January 31st. Finally, Needham & Company LLC boosted their price objective on shares of Cloudflare from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $87.50.

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.