Keystone Wealth Services LLC Decreases Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Keystone Wealth Services LLC decreased its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 7.4% during the first quarter, Holdings Channel.com reports. The firm owned 8,655 shares of the company’s stock after selling 693 shares during the period. Keystone Wealth Services LLC’s holdings in Cloudflare were worth $975,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Groupama Asset Managment purchased a new stake in shares of Cloudflare in the fourth quarter valued at $269,200,000. Norges Bank purchased a new stake in shares of Cloudflare in the fourth quarter valued at $249,544,000. American Century Companies Inc. raised its stake 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 acquiring an additional 1,017,399 shares during the period. Fred Alger Management LLC raised its stake in shares of Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock valued at $100,604,000 after acquiring an additional 836,591 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock valued at $116,178,000 after acquiring an additional 804,059 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $117.32, for a total value of $6,145,690.88. Following the completion of the transaction, the chief executive officer now directly owns 413,413 shares of the company’s stock, valued at $48,501,613.16. This trade represents a 11.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $120.00, for a total transaction of $1,200,000.00. Following the completion of the transaction, the chief financial officer now directly owns 293,582 shares of the company’s stock, valued at $35,229,840. The trade was a 3.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 609,601 shares of company stock valued at $87,251,258. 10.89% of the stock is currently owned by insiders.

Cloudflare Stock Up 0.5%

Shares of Cloudflare stock opened at $171.69 on Monday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $181.81. The firm’s 50-day moving average is $139.61 and its two-hundred day moving average is $130.28. The stock has a market cap of $59.51 billion, a price-to-earnings ratio of -780.40 and a beta of 1.84.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). The firm had revenue of $479.09 million for 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 business’s quarterly revenue was up 26.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.16 earnings per share. As a group, research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on NET shares. Oppenheimer reissued an “outperform” rating and issued a $200.00 target price (up previously from $165.00) on shares of Cloudflare in a research note on Thursday, June 5th. Piper Sandler restated a “neutral” rating and issued a $151.00 price target (up from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Bank of America upgraded shares of Cloudflare from an “underperform” rating to a “buy” rating and upped their price target for the stock from $60.00 to $160.00 in a report on Tuesday, March 25th. Jefferies Financial Group cut their price target on shares of Cloudflare from $170.00 to $150.00 and set a “hold” rating on the stock in a report on Friday, May 9th. Finally, CICC Research upgraded shares of Cloudflare from a “market perform” rating to an “outperform” rating and set a $154.00 price target on the stock in a report on Monday, May 12th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cloudflare presently has an average rating of “Hold” and an average price target of $145.92.

Cloudflare Company 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.