Cary Street Partners Financial LLC Takes $238,000 Position in Cloudflare, Inc. (NYSE:NET)

Cary Street Partners Financial LLC bought a new position in shares of Cloudflare, Inc. (NYSE:NET) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,211 shares of the company’s stock, valued at approximately $238,000.

Other institutional investors also recently bought and sold shares of the company. Capital World Investors increased its holdings in shares of Cloudflare by 0.7% in the fourth quarter. Capital World Investors now owns 35,409,307 shares of the company’s stock worth $3,812,942,000 after purchasing an additional 260,415 shares during the last quarter. Geode Capital Management LLC increased its stake in Cloudflare by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company’s stock worth $526,986,000 after acquiring an additional 68,661 shares during the last quarter. Groupama Asset Managment purchased a new stake in shares of Cloudflare during the 4th quarter worth approximately $269,200,000. Norges Bank bought a new position in shares of Cloudflare during the 4th quarter valued at approximately $249,544,000. Finally, American Century Companies Inc. grew its holdings in shares of Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock valued at $243,098,000 after purchasing an additional 1,017,399 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on NET. Robert W. Baird reiterated a “neutral” rating and set a $140.00 price objective (up previously from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. UBS Group lifted their price target on Cloudflare from $135.00 to $145.00 and gave the stock a “neutral” rating in a research report on Friday. Mizuho upgraded Cloudflare from a “neutral” rating to an “outperform” rating and set a $135.00 price objective on the stock in a research report on Wednesday, April 16th. Jefferies Financial Group cut their target price on Cloudflare from $170.00 to $150.00 and set a “hold” rating on the stock in a research report on Friday. Finally, DZ Bank downgraded Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 price target for the company. in a research report on Tuesday, February 11th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $142.57.

Insider Transactions at Cloudflare

In related news, CAO Janel Riley sold 4,327 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the transaction, the chief accounting officer now directly owns 74,698 shares of the company’s stock, valued at $12,519,384.80. This represents a 5.48 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Thomas J. Seifert sold 28,635 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $162.07, for a total value of $4,640,874.45. Following the completion of the sale, the chief financial officer now directly owns 293,582 shares of the company’s stock, valued at approximately $47,580,834.74. This represents a 8.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 492,492 shares of company stock valued at $63,757,685 in the last 90 days. Insiders own 12.83% of the company’s stock.

Cloudflare Price Performance

NYSE NET opened at $132.42 on Friday. The company has a market cap of $45.69 billion, a PE ratio of -601.91 and a beta of 1.78. The firm’s 50 day moving average price is $116.02 and its 200-day moving average price is $117.76. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The company had revenue of $479.09 million during the quarter, compared to analysts’ expectations of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The company’s revenue was up 26.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.16 earnings per share. Sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

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.