Whittier Trust Co. of Nevada Inc. Grows Stock Holdings in Cloudflare, Inc. $NET

Whittier Trust Co. of Nevada Inc. grew its holdings in Cloudflare, Inc. (NYSE:NET) by 25.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,460 shares of the company’s stock after purchasing an additional 26,274 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in Cloudflare were worth $25,831,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Reliant Investment Partners LLC lifted its stake in Cloudflare by 1.5% in the 3rd quarter. Reliant Investment Partners LLC now owns 3,316 shares of the company’s stock worth $718,000 after purchasing an additional 50 shares in the last quarter. Frank Rimerman Advisors LLC lifted its stake in Cloudflare by 1.8% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 2,821 shares of the company’s stock worth $605,000 after purchasing an additional 51 shares in the last quarter. Brown Brothers Harriman & Co. lifted its stake in Cloudflare by 55.4% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 157 shares of the company’s stock worth $34,000 after purchasing an additional 56 shares in the last quarter. Silver Oak Securities Incorporated lifted its stake in Cloudflare by 5.5% in the 4th quarter. Silver Oak Securities Incorporated now owns 1,090 shares of the company’s stock worth $218,000 after purchasing an additional 57 shares in the last quarter. Finally, Bogart Wealth LLC lifted its stake in Cloudflare by 28.0% in the 3rd quarter. Bogart Wealth LLC now owns 270 shares of the company’s stock worth $58,000 after purchasing an additional 59 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NET. KeyCorp lowered shares of Cloudflare from an “overweight” rating to a “hold” rating in a research note on Wednesday. Piper Sandler raised shares of Cloudflare from a “neutral” rating to an “overweight” rating and set a $222.00 price target on the stock in a research report on Tuesday. Robert W. Baird set a $260.00 price target on shares of Cloudflare and gave the company an “outperform” rating in a research report on Wednesday, February 11th. BTIG Research lifted their price target on shares of Cloudflare from $199.00 to $243.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Finally, Scotiabank reduced their price target on shares of Cloudflare from $255.00 to $225.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $232.62.

Cloudflare Stock Up 3.8%

Cloudflare stock opened at $197.32 on Friday. Cloudflare, Inc. has a fifty-two week low of $100.25 and a fifty-two week high of $260.00. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.98 and a current ratio of 1.98. The firm has a 50 day moving average price of $195.94 and a 200 day moving average price of $201.13. The company has a market capitalization of $69.45 billion, a PE ratio of -680.38 and a beta of 1.87.

Cloudflare (NYSE:NET) last posted its earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. The firm had revenue of $614.51 million during the quarter, compared to the consensus estimate of $591.67 million. During the same quarter last year, the firm earned $0.19 EPS. The firm’s revenue for the quarter was up 33.6% on a year-over-year basis. Research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Transactions at Cloudflare

In related news, insider Michelle Zatlyn sold 25,641 shares of Cloudflare stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $189.50, for a total value of $4,858,969.50. Following the completion of the sale, the insider owned 34,514 shares in the company, valued at approximately $6,540,403. This trade represents a 42.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew Prince sold 659 shares of Cloudflare stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $223.62, for a total transaction of $147,365.58. Following the completion of the sale, the chief executive officer owned 406,315 shares of the company’s stock, valued at $90,860,160.30. This trade represents a 0.16% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 572,965 shares of company stock worth $111,409,912 in the last three months. Company insiders own 10.89% of the company’s stock.

About Cloudflare

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.