Westfield Capital Management Co. LP Buys 32,154 Shares of Cloudflare, Inc. $NET

Westfield Capital Management Co. LP lifted its stake in shares of Cloudflare, Inc. (NYSE:NET) by 7.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 480,850 shares of the company’s stock after acquiring an additional 32,154 shares during the quarter. Westfield Capital Management Co. LP owned approximately 0.14% of Cloudflare worth $103,186,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Physician Wealth Advisors Inc. lifted its holdings 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 purchasing an additional 104 shares in the last quarter. Westside Investment Management Inc. raised its position in shares of Cloudflare by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock valued at $28,000 after purchasing an additional 65 shares during the period. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Cloudflare during the 2nd quarter valued at $29,000. ORG Wealth Partners LLC boosted its holdings in Cloudflare by 101.4% in the 3rd quarter. ORG Wealth Partners LLC now owns 139 shares of the company’s stock worth $30,000 after buying an additional 70 shares during the period. Finally, Cloud Capital Management LLC bought a new position in Cloudflare in the 3rd quarter worth $31,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Price Performance

NYSE:NET opened at $171.92 on Thursday. The firm has a market capitalization of $60.22 billion, a price-to-earnings ratio of -592.79 and a beta of 1.97. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.04 and a quick ratio of 2.04. The business has a 50 day simple moving average of $186.72 and a 200-day simple moving average of $203.34. Cloudflare, Inc. has a 1 year low of $89.42 and a 1 year high of $260.00.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 7.40% and a negative net margin of 4.72%.Cloudflare’s quarterly revenue was up 33.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.19 EPS. Equities analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Thomas J. Seifert sold 41,557 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $185.04, for a total transaction of $7,689,707.28. Following the transaction, the chief financial officer owned 85,452 shares of the company’s stock, valued at approximately $15,812,038.08. This represents a 32.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carl Ledbetter sold 15,000 shares of Cloudflare stock in a transaction that occurred on Tuesday, January 27th. The shares were sold at an average price of $211.16, for a total transaction of $3,167,400.00. Following the transaction, the director directly owned 953,073 shares in the company, valued at approximately $201,250,894.68. The trade was a 1.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 506,012 shares of company stock valued at $98,211,842 over the last quarter. Corporate insiders own 10.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on NET shares. Wells Fargo & Company raised their price target on Cloudflare from $265.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. Jefferies Financial Group lifted their target price on Cloudflare from $185.00 to $225.00 and gave the company a “hold” rating in a research note on Wednesday, February 11th. BTIG Research upped their price target on Cloudflare from $199.00 to $243.00 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Citizens Jmp set a $270.00 price target on shares of Cloudflare in a report on Friday, October 31st. Finally, Citigroup raised their price target on Cloudflare from $260.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $230.70.

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.