CIBC Private Wealth Group LLC Grows Stake in Cloudflare, Inc. $NET

CIBC Private Wealth Group LLC increased its stake in shares of Cloudflare, Inc. (NYSE:NET) by 7.6% in the 3rd quarter, Holdings Channel reports. The firm owned 579,137 shares of the company’s stock after purchasing an additional 41,095 shares during the period. CIBC Private Wealth Group LLC’s holdings in Cloudflare were worth $124,277,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Empowered Funds LLC increased its stake in Cloudflare by 34.2% during the 1st quarter. Empowered Funds LLC now owns 6,656 shares of the company’s stock worth $750,000 after buying an additional 1,696 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Cloudflare in the second quarter valued at approximately $424,000. PNC Financial Services Group Inc. lifted its position in shares of Cloudflare by 37.6% in the second quarter. PNC Financial Services Group Inc. now owns 9,961 shares of the company’s stock valued at $1,951,000 after acquiring an additional 2,722 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Cloudflare by 108.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 663,648 shares of the company’s stock worth $129,962,000 after acquiring an additional 344,943 shares during the last quarter. Finally, Creative Planning boosted its stake in shares of Cloudflare by 30.5% in the second quarter. Creative Planning now owns 59,061 shares of the company’s stock worth $11,566,000 after acquiring an additional 13,793 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Janel Riley sold 23,332 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $190.00, for a total value of $4,433,080.00. Following the transaction, the chief accounting officer directly owned 56,791 shares in the company, valued at approximately $10,790,290. This represents a 29.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $173.78, for a total value of $9,103,291.52. Following the completion of the transaction, the chief executive officer owned 22,911 shares in the company, valued at $3,981,473.58. This represents a 69.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 534,031 shares of company stock worth $99,017,195. Corporate insiders own 10.89% of the company’s stock.

Cloudflare Stock Up 2.2%

NYSE NET opened at $211.83 on Wednesday. The business’s fifty day simple moving average is $185.89 and its 200-day simple moving average is $202.98. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35. The firm has a market cap of $74.20 billion, a PE ratio of -730.44 and a beta of 1.98. Cloudflare, Inc. has a 52 week low of $89.42 and a 52 week high of $260.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $591.67 million. During the same quarter in the prior year, the firm posted $0.19 earnings per share. Cloudflare’s quarterly revenue was up 33.6% on a year-over-year basis. As a group, equities analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Guggenheim increased their price objective on Cloudflare from $117.00 to $140.00 and gave the company a “sell” rating in a research note on Wednesday, February 11th. Susquehanna set a $190.00 target price on shares of Cloudflare in a report on Thursday, February 12th. TD Cowen reiterated a “buy” rating on shares of Cloudflare in a research report on Tuesday, January 27th. Needham & Company LLC decreased their price target on shares of Cloudflare from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cloudflare in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Cloudflare has a consensus rating of “Moderate Buy” and a consensus price target of $233.38.

Cloudflare Company 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.