Circle Wealth Management LLC Makes New $686,000 Investment in Cloudflare, Inc. $NET

Circle Wealth Management LLC acquired a new stake in Cloudflare, Inc. (NYSE:NET) during the third quarter, according to its most recent filing with the SEC. The firm acquired 3,196 shares of the company’s stock, valued at approximately $686,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in NET. Clark Capital Management Group Inc. acquired a new position in shares of Cloudflare during the third quarter valued at $346,000. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in Cloudflare by 511.0% in the third quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 62,553 shares of the company’s stock valued at $13,420,000 after acquiring an additional 52,316 shares during the last quarter. California Public Employees Retirement System increased its position in Cloudflare by 2.9% in the third quarter. California Public Employees Retirement System now owns 520,870 shares of the company’s stock worth $111,773,000 after purchasing an additional 14,827 shares during the period. Chilton Investment Co. Inc. bought a new stake in Cloudflare during the 3rd quarter worth about $216,000. Finally, Chiron Capital Management LLC bought a new stake in Cloudflare during the 3rd quarter worth about $215,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cloudflare

In other Cloudflare news, insider Michelle Zatlyn sold 25,641 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $189.50, for a total value of $4,858,969.50. Following the sale, the insider directly owned 34,514 shares in the company, valued at approximately $6,540,403. This trade represents a 42.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Janel Riley sold 23,332 shares of Cloudflare stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $190.00, for a total transaction 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 SEC filing for this sale provides additional information. In the last three months, insiders have sold 523,690 shares of company stock valued at $96,821,800. Corporate insiders own 10.89% of the company’s stock.

Cloudflare Price Performance

Cloudflare stock opened at $212.46 on Monday. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 1.35. The firm has a market capitalization of $74.42 billion, a P/E ratio of -732.59 and a beta of 1.98. The business has a 50-day moving average of $185.42 and a 200-day moving average of $203.00. Cloudflare, Inc. has a 1 year low of $89.42 and a 1 year high of $260.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share 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 business had revenue of $614.51 million for the quarter, compared to the consensus estimate of $591.67 million. During the same period last year, the company posted $0.19 EPS. Cloudflare’s revenue for the quarter was up 33.6% on a year-over-year basis. On average, equities analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Robert W. Baird set a $260.00 target price on shares of Cloudflare and gave the company an “outperform” rating in a research note on Wednesday, February 11th. DZ Bank raised shares of Cloudflare from a “hold” rating to a “buy” rating and set a $215.00 price target for the company in a research note on Friday, February 13th. Piper Sandler increased their price objective on shares of Cloudflare from $220.00 to $222.00 and gave the company a “neutral” rating in a report on Wednesday, February 11th. Royal Bank Of Canada increased their price objective on shares of Cloudflare from $230.00 to $240.00 and gave the company an “outperform” rating in a report on Wednesday, February 11th. Finally, Susquehanna set a $190.00 target price on shares of Cloudflare in a report on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Cloudflare has a consensus rating of “Moderate Buy” and a consensus price target of $233.38.

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.