Private Advisory Group LLC Has $11.48 Million Position in Cloudflare, Inc. $NET

Private Advisory Group LLC lowered its holdings in Cloudflare, Inc. (NYSE:NET) by 24.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,480 shares of the company’s stock after selling 17,205 shares during the period. Private Advisory Group LLC’s holdings in Cloudflare were worth $11,476,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of NET. Norges Bank purchased a new stake in Cloudflare in the 2nd quarter worth about $541,462,000. Groupama Asset Managment acquired a new position in shares of Cloudflare in the 2nd quarter valued at about $225,204,000. Vanguard Group Inc. increased its holdings in shares of Cloudflare by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock valued at $6,934,958,000 after purchasing an additional 821,684 shares during the period. KBC Group NV lifted its position in shares of Cloudflare by 1,388.7% in the second quarter. KBC Group NV now owns 736,153 shares of the company’s stock worth $144,161,000 after purchasing an additional 686,702 shares in the last quarter. Finally, Rakuten Investment Management Inc. acquired a new stake in shares of Cloudflare during the third quarter worth approximately $138,660,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Stock Down 8.1%

NET opened at $176.99 on Monday. The firm has a market cap of $62.00 billion, a P/E ratio of -610.29 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. The business has a 50 day moving average price of $188.52 and a 200 day moving average price of $204.21. Cloudflare, Inc. has a twelve month low of $89.42 and a twelve month high of $260.00.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, beating 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%. The company’s quarterly revenue was up 33.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.19 earnings per share. Research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Activity at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $176.19, for a total value of $528,570.00. Following the sale, the insider directly owned 101,101 shares of the company’s stock, valued at approximately $17,812,985.19. This trade represents a 2.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michelle Zatlyn sold 25,641 shares of Cloudflare stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $190.05, for a total value of $4,873,072.05. Following the completion of the transaction, the insider owned 24,555 shares in the company, valued at $4,666,677.75. The trade was a 51.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 378,093 shares of company stock valued at $74,578,759. 10.89% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on NET. Barclays increased their target price on shares of Cloudflare from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 11th. Argus increased their price objective on Cloudflare from $238.00 to $265.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Piper Sandler boosted their target price on Cloudflare from $220.00 to $222.00 and gave the company a “neutral” rating in a research note on Wednesday, February 11th. KeyCorp reaffirmed an “overweight” rating on shares of Cloudflare in a research report on Wednesday, February 11th. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of Cloudflare in a research note on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cloudflare presently has a consensus rating of “Moderate Buy” and a consensus price target of $230.70.

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.