Wellington Management Group LLP Purchases 186 Shares of Cloudflare, Inc. (NYSE:NET)

Wellington Management Group LLP lifted its position in shares of Cloudflare, Inc. (NYSE:NET) by 4.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,034 shares of the company’s stock after purchasing an additional 186 shares during the quarter. Wellington Management Group LLP’s holdings in Cloudflare were worth $326,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NET. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Cloudflare in the 2nd quarter worth about $320,000. Institute for Wealth Management LLC. grew its holdings in Cloudflare by 71.0% in the second quarter. Institute for Wealth Management LLC. now owns 8,422 shares of the company’s stock worth $698,000 after purchasing an additional 3,498 shares during the period. Independence Bank of Kentucky increased its stake in shares of Cloudflare by 5.8% during the second quarter. Independence Bank of Kentucky now owns 5,045 shares of the company’s stock valued at $418,000 after purchasing an additional 275 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Cloudflare by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 1,251,670 shares of the company’s stock valued at $103,676,000 after purchasing an additional 35,884 shares during the last quarter. Finally, SlateStone Wealth LLC boosted its position in shares of Cloudflare by 18.0% in the 2nd quarter. SlateStone Wealth LLC now owns 4,954 shares of the company’s stock worth $410,000 after purchasing an additional 757 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on NET shares. BNP Paribas assumed coverage on Cloudflare in a research report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective for the company. Scotiabank lifted their price target on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Friday, November 8th. Piper Sandler increased their price objective on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Morgan Stanley upgraded shares of Cloudflare from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $92.00 to $130.00 in a research note on Monday, December 2nd. Finally, Wells Fargo & Company upped their target price on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Cloudflare currently has an average rating of “Hold” and an average price target of $97.81.

Cloudflare Stock Up 3.8 %

NET opened at $112.69 on Friday. The company has a market capitalization of $38.67 billion, a PE ratio of -433.42 and a beta of 1.10. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm’s 50 day simple moving average is $98.69 and its two-hundred day simple moving average is $86.41. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $119.42.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.03). The firm had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. As a group, equities analysts forecast that Cloudflare, Inc. will post -0.1 EPS for the current year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Friday, November 1st. The shares were sold at an average price of $88.60, for a total value of $265,800.00. Following the completion of the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at $16,425,199.60. This trade represents a 1.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $79.19, for a total transaction of $1,187,850.00. Following the sale, the chief financial officer now owns 281,403 shares in the company, valued at $22,284,303.57. This represents a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 629,592 shares of company stock valued at $61,334,450 in the last 90 days. Insiders own 12.83% of the company’s stock.

Cloudflare Company 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.