Vanguard Group Inc. Has $6.93 Billion Stake in Cloudflare, Inc. $NET

Vanguard Group Inc. grew its stake in shares of Cloudflare, Inc. (NYSE:NET) by 2.6% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 32,317,249 shares of the company’s stock after buying an additional 821,684 shares during the period. Vanguard Group Inc. owned approximately 9.27% of Cloudflare worth $6,934,958,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Physician Wealth Advisors Inc. increased its stake in Cloudflare by 693.3% during the third quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock valued at $26,000 after acquiring an additional 104 shares during the period. Westside Investment Management Inc. grew its holdings in shares of Cloudflare by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock worth $28,000 after purchasing an additional 65 shares in the last quarter. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Cloudflare during the second quarter valued at approximately $29,000. ORG Wealth Partners LLC increased its position in shares of Cloudflare by 101.4% during the third quarter. ORG Wealth Partners LLC now owns 139 shares of the company’s stock valued at $30,000 after purchasing an additional 70 shares during the period. Finally, Cloud Capital Management LLC bought a new position in Cloudflare in the third quarter worth $31,000. Institutional investors own 82.68% of the company’s stock.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $178.37, for a total value of $1,783,700.00. Following the transaction, the chief financial officer owned 137,486 shares in the company, valued at $24,523,377.82. This trade represents a 6.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carl Ledbetter sold 15,000 shares of Cloudflare stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $211.16, for a total value of $3,167,400.00. Following the completion of the sale, the director owned 953,073 shares of the company’s stock, valued at approximately $201,250,894.68. The trade was a 1.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 562,475 shares of company stock worth $110,342,859. 10.89% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Citizens Jmp boosted their price target on shares of Cloudflare from $250.00 to $270.00 and gave the company a “market outperform” rating in a report on Friday, October 31st. Robert W. Baird set a $260.00 target price on Cloudflare and gave the stock an “outperform” rating in a report on Wednesday, February 11th. Truist Financial set a $225.00 target price on Cloudflare in a research report on Tuesday, January 20th. Argus upped their price target on Cloudflare from $238.00 to $265.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Finally, New Street Research set a $140.00 price objective on Cloudflare in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $232.11.

Cloudflare Stock Up 5.8%

Shares of NYSE NET opened at $196.00 on Tuesday. Cloudflare, Inc. has a 12-month low of $89.42 and a 12-month high of $260.00. The firm’s 50-day simple moving average is $190.07 and its 200 day simple moving average is $204.75. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 1.46. The company has a market cap of $68.66 billion, a price-to-earnings ratio of -675.84 and a beta of 1.97.

Cloudflare (NYSE:NET) last announced its earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. The company had revenue of $614.51 million for the quarter, compared to analyst estimates of $591.67 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.40%. Cloudflare’s quarterly revenue was up 33.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.19 earnings per share. On average, research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Cloudflare Profile

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.