AXS Investments LLC Invests $764,000 in Cloudflare, Inc. $NET

AXS Investments LLC bought a new position in shares of Cloudflare, Inc. (NYSE:NET) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 3,559 shares of the company’s stock, valued at approximately $764,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Cloudflare by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 31,495,565 shares of the company’s stock valued at $6,167,776,000 after acquiring an additional 658,656 shares during the period. Geode Capital Management LLC lifted its holdings in Cloudflare by 5.1% during the second quarter. Geode Capital Management LLC now owns 5,536,679 shares of the company’s stock valued at $1,081,533,000 after purchasing an additional 270,227 shares in the last quarter. Norges Bank acquired a new stake in shares of Cloudflare in the second quarter valued at about $541,462,000. Charles Schwab Investment Management Inc. increased its stake in shares of Cloudflare by 3.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,368,906 shares of the company’s stock worth $268,073,000 after purchasing an additional 47,698 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Cloudflare by 96.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,302,893 shares of the company’s stock worth $279,588,000 after purchasing an additional 639,245 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Performance

Shares of NET stock opened at $177.23 on Monday. Cloudflare, Inc. has a one year low of $89.42 and a one year high of $260.00. The firm’s 50 day moving average price is $194.53 and its 200-day moving average price is $206.06. The firm has a market cap of $62.08 billion, a P/E ratio of -590.77, a P/E/G ratio of 153.72 and a beta of 1.97. The company has a debt-to-equity ratio of 1.46, a quick ratio of 2.04 and a current ratio of 2.04.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, October 30th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.04. Cloudflare had a negative return on equity of 6.54% and a negative net margin of 5.12%.The business had revenue of $562.03 million for the quarter, compared to analysts’ expectations of $544.65 million. During the same period last year, the firm earned $0.20 earnings per share. The company’s revenue for the quarter was up 30.7% compared to the same quarter last year. As a group, equities research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling

In related news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $189.47, for a total value of $9,925,196.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Graham-Cumming sold 2,520 shares of the firm’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $200.27, for a total value of $504,680.40. Following the completion of the sale, the director directly owned 495,191 shares of the company’s stock, valued at approximately $99,171,901.57. This trade represents a 0.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 627,693 shares of company stock worth $123,884,812. 10.89% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

NET has been the topic of several research analyst reports. Truist Financial set a $225.00 price objective on Cloudflare in a report on Tuesday, January 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cloudflare in a research note on Wednesday, January 21st. Jefferies Financial Group reissued a “hold” rating and issued a $225.00 price objective on shares of Cloudflare in a research note on Tuesday, December 16th. Susquehanna raised their price objective on Cloudflare from $205.00 to $260.00 and gave the company a “neutral” rating in a report on Monday, November 3rd. Finally, DZ Bank raised shares of Cloudflare from a “sell” rating to a “hold” rating and set a $237.00 target price for the company in a report on Wednesday, November 5th. One research 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 assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $232.48.

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.