Perigon Wealth Management LLC Buys 15,487 Shares of Cloudflare, Inc. (NYSE:NET)

Perigon Wealth Management LLC lifted its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 127.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,600 shares of the company's stock after buying an additional 15,487 shares during the period. Perigon Wealth Management LLC's holdings in Cloudflare were worth $3,110,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of NET. NBC Securities Inc. purchased a new position in Cloudflare during the 1st quarter worth $27,000. GPS Wealth Strategies Group LLC raised its holdings in shares of Cloudflare by 213.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock valued at $29,000 after purchasing an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in shares of Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after purchasing an additional 142 shares in the last quarter. Global Financial Private Client LLC boosted its holdings in Cloudflare by 38,100.0% during 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 during the last quarter. Finally, CVA Family Office LLC boosted its holdings in Cloudflare by 37.1% during the first quarter. CVA Family Office LLC now owns 392 shares of the company's stock worth $44,000 after purchasing an additional 106 shares during the last quarter. Institutional investors own 82.68% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on NET. Piper Sandler reissued a "neutral" rating and set a $151.00 target price (up previously from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Oppenheimer reiterated an "outperform" rating and set a $200.00 price target (up from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. Guggenheim boosted their price objective on Cloudflare from $68.00 to $70.00 and gave the stock a "sell" rating in a research report on Friday, May 9th. KeyCorp began coverage on Cloudflare in a research report on Friday, June 6th. They set an "overweight" rating and a $210.00 target price for the company. Finally, Susquehanna cut their price target on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a report on Monday, May 12th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $145.92.

Cloudflare Stock Performance

NET stock traded up $3.72 during midday trading on Friday, reaching $194.68. 4,902,443 shares of the company's stock traded hands, compared to its average volume of 3,139,758. The firm has a market capitalization of $67.48 billion, a PE ratio of -846.41 and a beta of 1.84. The company has a 50-day moving average price of $155.06 and a two-hundred day moving average price of $135.38. Cloudflare, Inc. has a 52 week low of $69.26 and a 52 week high of $194.71. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The company had revenue of $479.09 million for the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The business's revenue for the quarter was up 26.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.16 earnings per share. As a group, equities analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Activity

In related news, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $180.76, for a total value of $1,807,600.00. Following the sale, the chief financial officer now owns 241,550 shares in the company, valued at approximately $43,662,578. This trade represents a 3.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 9,000 shares of Cloudflare stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $112.83, for a total value of $1,015,470.00. Following the sale, the insider now directly owns 188,406 shares of the company's stock, valued at $21,257,848.98. This represents a 4.56% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 515,987 shares of company stock worth $77,174,354. 10.89% of the stock is owned by company 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.