Wealth Enhancement Advisory Services LLC Increases Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Wealth Enhancement Advisory Services LLC lifted its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 22.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,652 shares of the company's stock after purchasing an additional 5,638 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Cloudflare were worth $3,301,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Groupama Asset Managment bought a new position in Cloudflare during the fourth quarter valued at $269,200,000. Norges Bank purchased a new stake in shares of Cloudflare during the 4th quarter valued at about $249,544,000. American Century Companies Inc. lifted its holdings in shares of Cloudflare by 82.0% in the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock valued at $243,098,000 after acquiring an additional 1,017,399 shares during the last quarter. Fred Alger Management LLC grew its position in Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after acquiring an additional 836,591 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Cloudflare by 292.5% during the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after acquiring an additional 804,059 shares during the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Needham & Company LLC raised their price objective on Cloudflare from $145.00 to $160.00 and gave the company a "buy" rating in a research note on Friday, May 9th. CICC Research upgraded Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price target for the company in a research report on Monday, May 12th. Piper Sandler reaffirmed a "neutral" rating and set a $151.00 price objective (up from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. Capital One Financial raised shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. Finally, Mizuho raised shares of Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 price target for the company in a research note on Wednesday, April 16th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $145.92.

Insider Buying and Selling

In related news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $117.32, for a total transaction of $6,145,690.88. Following the sale, the chief executive officer now owns 413,413 shares of the company's stock, valued at $48,501,613.16. This trade represents a 11.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michelle Zatlyn sold 25,642 shares of the business's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $173.00, for a total transaction of $4,436,066.00. Following the completion of the transaction, the insider now owns 6,390 shares of the company's stock, valued at $1,105,470. This represents a 80.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 555,368 shares of company stock valued at $74,642,157 over the last 90 days. Corporate insiders own 12.83% of the company's stock.

Cloudflare Stock Up 1.9%

Shares of NET stock traded up $3.37 on Friday, hitting $179.70. The stock had a trading volume of 2,771,374 shares, compared to its average volume of 3,135,500. Cloudflare, Inc. has a one year low of $69.26 and a one year high of $181.81. The business has a 50 day moving average price of $132.42 and a 200 day moving average price of $127.69. The company has a market cap of $62.29 billion, a PE ratio of -816.82 and a beta of 1.84. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The business had revenue of $479.09 million for the quarter, compared to analysts' expectations of $469.49 million. During the same period last year, the business posted $0.16 EPS. The company's revenue for the quarter was up 26.5% on a year-over-year basis. Research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share 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.