Cloudflare, Inc. (NYSE:NET) Holdings Boosted by Wedmont Private Capital

Wedmont Private Capital boosted its position in shares of Cloudflare, Inc. (NYSE:NET) by 41.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,797 shares of the company’s stock after purchasing an additional 1,118 shares during the period. Wedmont Private Capital’s holdings in Cloudflare were worth $306,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NET. Riverview Trust Co purchased a new position in Cloudflare during the 1st quarter worth approximately $27,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after buying an additional 238 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Cloudflare during the 2nd quarter valued at $29,000. Quarry LP boosted its stake in shares of Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after buying an additional 146 shares during the period. Finally, Versant Capital Management Inc boosted its stake in shares of Cloudflare by 1,202.9% during the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after buying an additional 421 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Guggenheim lifted their target price on shares of Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a research note on Friday, August 2nd. UBS Group raised shares of Cloudflare from a “sell” rating to a “neutral” rating and lifted their target price for the company from $76.00 to $82.00 in a research note on Tuesday, June 25th. Cantor Fitzgerald lifted their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $92.00 price objective on shares of Cloudflare in a research note on Monday, June 17th. Finally, Piper Sandler lifted their price objective on shares of Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $91.20.

Insider Activity at Cloudflare

In related news, COO Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $82.60, for a total value of $2,117,864.00. Following the sale, the chief operating officer now owns 192,177 shares of the company’s stock, valued at $15,873,820.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $77.17, for a total value of $231,510.00. Following the sale, the insider now owns 195,303 shares of the company’s stock, valued at $15,071,532.51. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Michelle Zatlyn sold 25,640 shares of the business’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $82.60, for a total transaction of $2,117,864.00. Following the completion of the transaction, the chief operating officer now owns 192,177 shares in the company, valued at approximately $15,873,820.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 417,784 shares of company stock valued at $33,130,625 over the last quarter. 12.83% of the stock is owned by company insiders.

Cloudflare Stock Performance

NYSE:NET opened at $93.47 on Friday. The firm’s 50-day moving average is $80.88 and its 200-day moving average is $81.06. Cloudflare, Inc. has a 52-week low of $53.88 and a 52-week high of $116.00. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. The company has a market cap of $31.94 billion, a price-to-earnings ratio of -322.31 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.06. The company had revenue of $401.00 million for the quarter, compared to the consensus estimate of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The business’s revenue was up 30.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.12) EPS. Equities research analysts anticipate that Cloudflare, Inc. will post -0.13 earnings per share for the current year.

About Cloudflare

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.