2,782 Shares in Cloudflare, Inc. (NYSE:NET) Acquired by NewEdge Wealth LLC

NewEdge Wealth LLC acquired a new position in Cloudflare, Inc. (NYSE:NET) in the 4th quarter, Holdings Channel reports. The firm acquired 2,782 shares of the company’s stock, valued at approximately $232,000.

Several other hedge funds also recently added to or reduced their stakes in NET. Perigon Wealth Management LLC lifted its stake in Cloudflare by 72.7% during the fourth quarter. Perigon Wealth Management LLC now owns 16,299 shares of the company’s stock worth $1,357,000 after purchasing an additional 6,861 shares in the last quarter. Cerity Partners LLC acquired a new position in Cloudflare during the fourth quarter worth $649,000. Aspiriant LLC lifted its stake in Cloudflare by 24.7% during the fourth quarter. Aspiriant LLC now owns 15,772 shares of the company’s stock worth $1,313,000 after purchasing an additional 3,119 shares in the last quarter. Executive Wealth Management LLC lifted its stake in Cloudflare by 2.0% during the fourth quarter. Executive Wealth Management LLC now owns 23,904 shares of the company’s stock worth $1,990,000 after purchasing an additional 463 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its stake in Cloudflare by 3.4% during the fourth quarter. Geneos Wealth Management Inc. now owns 11,874 shares of the company’s stock worth $989,000 after purchasing an additional 391 shares in the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Stock Performance

Shares of NET stock opened at $86.71 on Friday. The stock’s 50-day moving average is $96.86 and its two-hundred day moving average is $81.63. The firm has a market cap of $29.28 billion, a price-to-earnings ratio of -157.65 and a beta of 1.12. Cloudflare, Inc. has a 1 year low of $39.90 and a 1 year high of $116.00. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. The company had revenue of $362.47 million for the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. Analysts predict that Cloudflare, Inc. will post -0.2 earnings per share for the current year.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the transaction, the chief executive officer now owns 12,183 shares of the company’s stock, valued at $1,152,389.97. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $94.59, for a total transaction of $4,955,002.56. Following the transaction, the chief executive officer now owns 12,183 shares of the company’s stock, valued at $1,152,389.97. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Carl Ledbetter sold 7,982 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $85.06, for a total value of $678,948.92. Following the transaction, the director now directly owns 1,464,950 shares in the company, valued at approximately $124,608,647. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,095,707 shares of company stock valued at $106,154,633. 14.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Wells Fargo & Company upped their price target on Cloudflare from $95.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, February 9th. Capital One Financial began coverage on Cloudflare in a research note on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 price objective on the stock. Truist Financial increased their price objective on Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, February 9th. JMP Securities increased their price objective on Cloudflare from $75.00 to $90.00 and gave the company a “market outperform” rating in a research note on Wednesday, January 31st. Finally, Mizuho reduced their price objective on Cloudflare from $105.00 to $95.00 and set a “neutral” rating on the stock in a research note on Monday. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $87.08.

Cloudflare Profile

Cloudflare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.