Focus Partners Wealth Acquires 9,367 Shares of Cloudflare, Inc. (NYSE:NET)

Focus Partners Wealth grew its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 272.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 12,802 shares of the company’s stock after purchasing an additional 9,367 shares during the quarter. Focus Partners Wealth’s holdings in Cloudflare were worth $1,470,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of NET. Larson Financial Group LLC boosted its stake in Cloudflare by 1,988.5% during the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after acquiring an additional 517 shares in the last quarter. CoreCap Advisors LLC boosted its position in shares of Cloudflare by 218.4% during the 4th quarter. CoreCap Advisors LLC now owns 554 shares of the company’s stock worth $60,000 after purchasing an additional 380 shares in the last quarter. Whittier Trust Co. grew its stake in shares of Cloudflare by 120.5% in the 4th quarter. Whittier Trust Co. now owns 602 shares of the company’s stock valued at $65,000 after buying an additional 329 shares during the period. Sava Infond d.o.o. acquired a new position in Cloudflare during the 4th quarter worth approximately $65,000. Finally, Murphy & Mullick Capital Management Corp bought a new position in Cloudflare in the fourth quarter worth approximately $66,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Analyst Ratings Changes

NET has been the subject of several recent research reports. Bank of America upgraded Cloudflare from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $60.00 to $160.00 in a report on Tuesday, March 25th. Mizuho upgraded shares of Cloudflare from a “neutral” rating to an “outperform” rating and set a $135.00 price target for the company in a research note on Wednesday, April 16th. Baird R W lowered shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. DZ Bank downgraded shares of Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 target price for the company. in a research report on Tuesday, February 11th. Finally, Oppenheimer raised their price target on shares of Cloudflare from $150.00 to $165.00 and gave the company an “outperform” rating in a research report on Friday, May 9th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $141.79.

Cloudflare Price Performance

NET opened at $157.06 on Friday. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. The firm has a 50-day moving average of $118.38 and a 200 day moving average of $119.92. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The firm has a market cap of $54.20 billion, a P/E ratio of -713.89 and a beta of 1.78.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company had revenue of $479.09 million for the quarter, compared to analysts’ expectations of $469.49 million. During the same quarter in the previous year, the business earned $0.16 EPS. The company’s revenue for the quarter was up 26.5% on a year-over-year basis. On average, research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insiders Place Their Bets

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $124.16, for a total transaction of $372,480.00. Following the sale, the insider now owns 185,406 shares of the company’s stock, valued at $23,020,008.96. The trade was a 1.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $152.68, for a total value of $7,997,989.12. Following the completion of the transaction, the chief executive officer now directly owns 10,426 shares of the company’s stock, valued at $1,591,841.68. The trade was a 83.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 597,260 shares of company stock valued at $79,553,032 over the last ninety days. 12.83% of the stock is currently owned by insiders.

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.