Cerity Partners LLC Purchases 2,489 Shares of Cloudflare, Inc. (NYSE:NET)

Cerity Partners LLC boosted its stake in Cloudflare, Inc. (NYSE:NET) by 13.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,168 shares of the company’s stock after buying an additional 2,489 shares during the period. Cerity Partners LLC’s holdings in Cloudflare were worth $2,385,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in NET. Mather Group LLC. lifted its stake in shares of Cloudflare by 1,188.2% during the 1st quarter. Mather Group LLC. now owns 219 shares of the company’s stock valued at $25,000 after buying an additional 202 shares in the last quarter. NBC Securities Inc. bought a new stake in shares of Cloudflare in the 1st quarter worth about $27,000. GPS Wealth Strategies Group LLC increased its holdings in shares of Cloudflare by 213.4% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company’s stock worth $29,000 after buying an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in Cloudflare by 115.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock valued at $30,000 after purchasing an additional 142 shares during the last quarter. Finally, Gordian Capital Singapore Pte Ltd bought a new position in Cloudflare during the 4th quarter valued at about $43,000. Institutional investors own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on NET. UBS Group upped their price target on shares of Cloudflare from $135.00 to $145.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Piper Sandler reiterated a “neutral” rating and issued a $151.00 price target (up previously from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. Oppenheimer restated an “outperform” rating and set a $200.00 price objective (up previously from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. Jefferies Financial Group reduced their price target on shares of Cloudflare from $170.00 to $150.00 and set a “hold” rating for the company in a research report on Friday, May 9th. Finally, Guggenheim boosted their price objective on shares of Cloudflare from $68.00 to $70.00 and gave the company a “sell” rating in a research note on Friday, May 9th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $152.32.

Cloudflare Trading Up 2.9%

Shares of Cloudflare stock opened at $196.77 on Friday. The firm has a 50-day simple moving average of $175.86 and a two-hundred day simple moving average of $143.46. The company has a market cap of $68.20 billion, a P/E ratio of -855.52 and a beta of 1.85. Cloudflare, Inc. has a fifty-two week low of $69.26 and a fifty-two week high of $198.01. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The firm had revenue of $479.09 million during the quarter, compared to analysts’ expectations of $469.49 million. During the same period last year, the company earned $0.16 EPS. The business’s quarterly revenue was up 26.5% on a year-over-year basis. As a group, equities analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, CFO Thomas J. Seifert sold 41,556 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $156.78, for a total transaction of $6,515,149.68. Following the transaction, the chief financial officer owned 241,550 shares of the company’s stock, valued at $37,870,209. This trade represents a 14.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $152.68, for a total transaction of $7,997,989.12. Following the sale, the chief executive officer directly owned 10,426 shares of the company’s stock, valued at approximately $1,591,841.68. The trade was a 83.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 581,062 shares of company stock valued at $99,070,153. Insiders own 10.89% of the company’s stock.

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.