9,095 Shares in Cloudflare, Inc. (NYSE:NET) Purchased by AXS Investments LLC

Key Points

• AXS Investments LLC has acquired 9,095 shares of Cloudflare, Inc. (NYSE:NET), valued at approximately $1,025,000, indicating growing institutional interest in the company.
• Cloudflare's stock received multiple upgrades from analysts, with target prices raised significantly by firms such as Morgan Stanley and Bank of America, reflecting a generally positive outlook for the company.
• In recent insider trading, CFO Thomas J. Seifert sold 59,130 shares of Cloudflare stock worth about $11.84 million, highlighting activity among corporate insiders.

AXS Investments LLC acquired a new position in Cloudflare, Inc. (NYSE:NET - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 9,095 shares of the company's stock, valued at approximately $1,025,000.

Other hedge funds also recently added to or reduced their stakes in the company. Mather Group LLC. lifted its stake in Cloudflare by 1,188.2% in the first quarter. Mather Group LLC. now owns 219 shares of the company's stock worth $25,000 after acquiring an additional 202 shares during the period. NBC Securities Inc. bought a new position in Cloudflare in the first quarter worth about $27,000. GPS Wealth Strategies Group LLC raised its holdings in Cloudflare by 213.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after purchasing an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after purchasing an additional 142 shares in the last quarter. Finally, Global Financial Private Client LLC raised its holdings in Cloudflare by 38,100.0% in the first quarter. Global Financial Private Client LLC now owns 382 shares of the company's stock worth $43,000 after purchasing an additional 381 shares in the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cloudflare news, insider Michelle Zatlyn sold 25,641 shares of the company's stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $190.68, for a total value of $4,889,225.88. Following the sale, the insider owned 6,390 shares in the company, valued at approximately $1,218,445.20. This represents a 80.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Thomas J. Seifert sold 59,130 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $200.30, for a total value of $11,843,739.00. Following the completion of the sale, the chief financial officer owned 241,550 shares in the company, valued at approximately $48,382,465. This represents a 19.67% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 691,062 shares of company stock worth $122,093,547. Corporate insiders own 10.89% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on NET shares. Morgan Stanley boosted their target price on shares of Cloudflare from $225.00 to $235.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Guggenheim boosted their target price on shares of Cloudflare from $70.00 to $111.00 and gave the stock a "sell" rating in a report on Friday, August 1st. Stifel Nicolaus boosted their target price on shares of Cloudflare from $175.00 to $230.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Bank of America boosted their target price on shares of Cloudflare from $235.00 to $240.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, Citigroup reiterated an "outperform" rating on shares of Cloudflare in a report on Monday, July 28th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $186.88.

Cloudflare Price Performance

Shares of NYSE:NET opened at $215.19 on Thursday. Cloudflare, Inc. has a twelve month low of $74.88 and a twelve month high of $215.58. The company's 50 day moving average is $187.48 and its 200 day moving average is $151.01. The company has a current ratio of 5.14, a quick ratio of 5.14 and a debt-to-equity ratio of 2.63. The company has a market cap of $74.59 billion, a PE ratio of -632.91 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.03. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.42%. The company had revenue of $512.32 million for the quarter, compared to the consensus estimate of $501.58 million. During the same quarter in the prior year, the company earned $0.20 EPS. Cloudflare's quarterly revenue was up 27.8% on a year-over-year basis. On average, sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS 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.

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