Creative Planning Acquires 13,793 Shares of Cloudflare, Inc. $NET

Creative Planning grew its holdings in Cloudflare, Inc. (NYSE:NET) by 30.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,061 shares of the company’s stock after purchasing an additional 13,793 shares during the quarter. Creative Planning’s holdings in Cloudflare were worth $11,566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in NET. Meridian Wealth Management LLC boosted its holdings in shares of Cloudflare by 5.0% during the 2nd quarter. Meridian Wealth Management LLC now owns 6,831 shares of the company’s stock worth $1,338,000 after buying an additional 323 shares in the last quarter. Foundations Investment Advisors LLC lifted its position in shares of Cloudflare by 17.4% during the 2nd quarter. Foundations Investment Advisors LLC now owns 20,971 shares of the company’s stock valued at $4,107,000 after acquiring an additional 3,112 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of Cloudflare by 108.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 663,648 shares of the company’s stock valued at $129,962,000 after acquiring an additional 344,943 shares during the period. Prospect Financial Services LLC bought a new position in Cloudflare during the second quarter worth $222,000. Finally, Burling Wealth Partners LLC acquired a new stake in Cloudflare in the second quarter worth $1,196,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

NET has been the topic of several research reports. Susquehanna upped their price objective on shares of Cloudflare from $205.00 to $260.00 and gave the company a “neutral” rating in a report on Monday, November 3rd. Stifel Nicolaus boosted their target price on Cloudflare from $230.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Cantor Fitzgerald upped their price target on Cloudflare from $199.00 to $224.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Wells Fargo & Company raised their price objective on Cloudflare from $250.00 to $265.00 and gave the company an “overweight” rating in a research note on Friday, October 31st. Finally, Guggenheim reaffirmed a “sell” rating on shares of Cloudflare in a research report on Tuesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $235.35.

Cloudflare Trading Down 2.8%

NET opened at $196.54 on Wednesday. Cloudflare, Inc. has a fifty-two week low of $89.42 and a fifty-two week high of $260.00. The firm has a market capitalization of $68.85 billion, a PE ratio of -655.15 and a beta of 2.10. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.04 and a quick ratio of 2.04. The company’s 50-day moving average is $221.30 and its 200 day moving average is $197.12.

Insider Transactions at Cloudflare

In other news, Director Mark J. Hawkins sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $254.15, for a total value of $254,150.00. Following the transaction, the director owned 10,990 shares in the company, valued at $2,793,108.50. This trade represents a 8.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Janel Riley sold 3,488 shares of the company’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $196.51, for a total value of $685,426.88. Following the sale, the chief accounting officer owned 56,144 shares of the company’s stock, valued at $11,032,857.44. This trade represents a 5.85% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 510,225 shares of company stock valued at $108,621,381. Corporate insiders own 10.89% of the company’s stock.

Cloudflare 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.