Cary Street Partners Financial LLC Buys Shares of 2,211 Cloudflare, Inc. (NYSE:NET)

Cary Street Partners Financial LLC purchased a new position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,211 shares of the company's stock, valued at approximately $238,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in NET. Groupama Asset Managment bought a new position in shares of Cloudflare during the 4th quarter worth $269,200,000. Norges Bank bought a new position in shares of Cloudflare during the 4th quarter worth $249,544,000. American Century Companies Inc. grew its position in shares of Cloudflare by 82.0% during the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after buying an additional 1,017,399 shares in the last quarter. Invesco Ltd. grew its position in shares of Cloudflare by 292.5% during the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after buying an additional 804,059 shares in the last quarter. Finally, Pictet Asset Management Holding SA lifted its stake in shares of Cloudflare by 454.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 879,088 shares of the company's stock worth $94,660,000 after purchasing an additional 720,568 shares during the last quarter. Institutional investors own 82.68% of the company's stock.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $143.39, for a total transaction of $7,511,341.76. Following the transaction, the chief executive officer now owns 413,413 shares in the company, valued at approximately $59,279,290.07. This trade represents a 11.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Janel Riley sold 4,327 shares of Cloudflare stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the transaction, the chief accounting officer now owns 74,698 shares in the company, valued at approximately $12,519,384.80. The trade was a 5.48% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 492,492 shares of company stock worth $63,757,685. Insiders own 12.83% of the company's stock.

Analysts Set New Price Targets

NET has been the subject of a number of analyst reports. Cantor Fitzgerald upped their price objective on Cloudflare from $111.00 to $149.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Susquehanna decreased their price target on Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a research note on Monday. Morgan Stanley increased their price target on Cloudflare from $144.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Citigroup upgraded Cloudflare from a "neutral" rating to a "buy" rating and increased their price target for the company from $95.00 to $145.00 in a research note on Friday, January 17th. Finally, Stifel Nicolaus raised their price objective on Cloudflare from $136.00 to $175.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Cloudflare presently has a consensus rating of "Hold" and a consensus price target of $141.79.

Cloudflare Price Performance

NET traded up $3.32 during trading on Wednesday, hitting $153.68. The company's stock had a trading volume of 4,486,106 shares, compared to its average volume of 3,135,567. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37. The business's fifty day simple moving average is $116.93 and its 200 day simple moving average is $118.80. The firm has a market capitalization of $53.03 billion, a price-to-earnings ratio of -698.55 and a beta of 1.78.

Cloudflare (NYSE:NET - Get Free Report) last released its 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). The firm had revenue of $479.09 million during the quarter, compared to analysts' expectations of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The business's revenue was up 26.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.16 EPS. On average, equities research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

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.