J.W. Cole Advisors Inc. Invests $273,000 in Cloudflare, Inc. (NYSE:NET)

J.W. Cole Advisors Inc. purchased a new position in shares of Cloudflare, Inc. (NYSE:NET) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,290 shares of the company’s stock, valued at approximately $273,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in NET. Norges Bank bought a new stake in shares of Cloudflare during the fourth quarter worth about $221,858,000. Baillie Gifford & Co. lifted its stake in shares of Cloudflare by 8.5% in the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after acquiring an additional 2,575,396 shares during the period. 1832 Asset Management L.P. lifted its stake in shares of Cloudflare by 121.2% in the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after acquiring an additional 1,597,900 shares during the period. Vanguard Group Inc. lifted its stake in shares of Cloudflare by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after acquiring an additional 740,914 shares during the period. Finally, Capital World Investors lifted its stake in shares of Cloudflare by 2.1% in the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock worth $2,723,685,000 after acquiring an additional 584,566 shares during the period. 82.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Wolfe Research assumed coverage on Cloudflare in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. 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. Guggenheim lifted their price objective on Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research note on Friday, August 2nd. Susquehanna boosted their price target on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, UBS Group raised Cloudflare from a “sell” rating to a “neutral” rating and boosted their price target for the company from $76.00 to $82.00 in a research note on Tuesday, June 25th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $92.29.

Cloudflare Price Performance

Shares of NYSE:NET opened at $78.09 on Thursday. The stock’s 50 day moving average is $79.44 and its 200-day moving average is $82.64. Cloudflare, Inc. has a twelve month low of $53.88 and a twelve month high of $116.00. The firm has a market capitalization of $26.53 billion, a price-to-earnings ratio of -147.34 and a beta of 1.10. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46.

Cloudflare (NYSE:NET) last announced its quarterly earnings results 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. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The business had revenue of $401.00 million during the quarter, compared to the consensus estimate of $394.11 million. During the same quarter in the prior year, the company posted ($0.12) earnings per share. Cloudflare’s revenue was up 30.0% compared to the same quarter last year. Sell-side analysts forecast that Cloudflare, Inc. will post -0.12 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Carl Ledbetter sold 8,030 shares of the company’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $79.89, for a total transaction of $641,516.70. Following the completion of the sale, the director now owns 1,084,364 shares in the company, valued at $86,629,839.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Carl Ledbetter sold 8,030 shares of the company’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $79.89, for a total transaction of $641,516.70. Following the completion of the sale, the director now owns 1,084,364 shares in the company, valued at $86,629,839.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Michelle Zatlyn sold 102,580 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $82.52, for a total value of $8,464,901.60. Following the sale, the chief operating officer now owns 211,394 shares of the company’s stock, valued at approximately $17,444,232.88. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 557,062 shares of company stock worth $44,910,811. 12.83% of the stock is owned by corporate insiders.

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.