Axxcess Wealth Management LLC Increases Stock Position in Cloudflare, Inc. $NET

Key Points

• Axxcess Wealth Management LLC increased its stake in Cloudflare, Inc. (NYSE:NET) by 145.7% during the 2nd quarter, now holding 5,203 shares valued at approximately $1,019,000.
• CEO Matthew Prince sold 52,277 shares of Cloudflare stock, representing a 99.80% decrease in his holdings, while insiders have collectively sold 729,540 shares worth $150.88 million over the past ninety days.
• Cloudflare's stock has seen analysts lifting price targets, with current estimates ranging from $196.54 to $250.00, indicating a generally favorable outlook despite a consensus rating of Moderate Buy.

Axxcess Wealth Management LLC raised its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 145.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,203 shares of the company's stock after buying an additional 3,085 shares during the quarter. Axxcess Wealth Management LLC's holdings in Cloudflare were worth $1,019,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NET. Mather Group LLC. raised its position in shares of Cloudflare by 1,188.2% in the 1st quarter. Mather Group LLC. now owns 219 shares of the company's stock worth $25,000 after purchasing an additional 202 shares during the last quarter. Hilltop National Bank purchased a new position in shares of Cloudflare in the 2nd quarter worth about $36,000. Ameritas Advisory Services LLC purchased a new position in shares of Cloudflare in the 2nd quarter worth about $39,000. Fifth Third Bancorp raised its position in shares of Cloudflare by 88.5% in the 1st quarter. Fifth Third Bancorp now owns 441 shares of the company's stock worth $50,000 after purchasing an additional 207 shares during the last quarter. Finally, ORG Partners LLC raised its position in shares of Cloudflare by 264.8% in the 1st quarter. ORG Partners LLC now owns 445 shares of the company's stock worth $51,000 after purchasing an additional 323 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

Insider Activity

In other news, CEO Matthew Prince sold 52,277 shares of the company's stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $213.94, for a total transaction of $11,184,141.38. Following the completion of the sale, the chief executive officer owned 107 shares of the company's stock, valued at $22,891.58. This represents a 99.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Douglas James Kramer sold 9,000 shares of the company's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $213.48, for a total transaction of $1,921,320.00. Following the sale, the insider directly owned 132,185 shares of the company's stock, valued at $28,218,853.80. The trade was a 6.37% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 729,540 shares of company stock worth $150,883,922. Company insiders own 10.89% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on NET shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cloudflare in a research report on Wednesday, October 8th. Stifel Nicolaus lifted their price target on Cloudflare from $175.00 to $230.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Mizuho lifted their price target on Cloudflare from $220.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Wells Fargo & Company lifted their price target on Cloudflare from $225.00 to $250.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, Morgan Stanley boosted their target price on Cloudflare from $225.00 to $235.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $196.54.

Cloudflare Price Performance

Shares of NYSE:NET opened at $210.97 on Friday. Cloudflare, Inc. has a fifty-two week low of $85.60 and a fifty-two week high of $230.10. The business has a 50-day simple moving average of $212.54 and a two-hundred day simple moving average of $177.57. The company has a debt-to-equity ratio of 2.63, a quick ratio of 5.14 and a current ratio of 5.14. The firm has a market cap of $73.52 billion, a price-to-earnings ratio of -620.50 and a beta of 1.99.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.03. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%.The business had revenue of $512.32 million during the quarter, compared to analyst estimates of $501.58 million. During the same quarter in the previous year, the firm earned $0.20 EPS. Cloudflare's revenue was up 27.8% on a year-over-year basis. Cloudflare has set its FY 2025 guidance at 0.850-0.860 EPS. Q3 2025 guidance at 0.230-0.23 EPS. On average, analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Cloudflare 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.

Want to see what other hedge funds are holding NET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cloudflare, Inc. (NYSE:NET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.