Focus Partners Wealth Buys 9,367 Shares of Cloudflare, Inc. (NYSE:NET)

Focus Partners Wealth lifted its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 272.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,802 shares of the company's stock after purchasing an additional 9,367 shares during the quarter. Focus Partners Wealth's holdings in Cloudflare were worth $1,470,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Capital World Investors lifted its holdings in shares of Cloudflare by 0.7% during the 4th quarter. Capital World Investors now owns 35,409,307 shares of the company's stock valued at $3,812,942,000 after purchasing an additional 260,415 shares in the last quarter. Geode Capital Management LLC lifted its stake in Cloudflare by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock valued at $526,986,000 after buying an additional 68,661 shares in the last quarter. Groupama Asset Managment bought a new stake in shares of Cloudflare during the fourth quarter worth $269,200,000. Norges Bank acquired a new stake in shares of Cloudflare during the fourth quarter worth $249,544,000. Finally, American Century Companies Inc. lifted its stake in 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 in the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Cloudflare Price Performance

Shares of NYSE:NET traded down $0.26 during trading on Tuesday, reaching $157.26. 2,705,000 shares of the company traded hands, compared to its average volume of 3,152,581. 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, Inc. has a 52 week low of $66.24 and a 52 week high of $177.37. The firm has a market capitalization of $54.27 billion, a PE ratio of -714.82 and a beta of 1.78. The company's 50 day moving average is $120.03 and its two-hundred day moving average is $120.89.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). The company had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. During the same period in the previous year, the company earned $0.16 EPS. Cloudflare's revenue for the quarter was up 26.5% on a year-over-year basis. As a group, sell-side analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Activity

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $152.68, for a total transaction of $7,997,989.12. Following the completion of the sale, the chief executive officer now directly owns 10,426 shares in the company, valued at approximately $1,591,841.68. This trade represents a 83.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Douglas James Kramer sold 9,000 shares of the business's stock in a transaction dated 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 completion of the transaction, the insider now directly owns 188,406 shares in the company, valued at $21,257,848.98. This represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 592,933 shares of company stock valued at $78,827,827. Insiders own 12.83% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Truist Financial boosted their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the stock a "buy" rating in a research report on Tuesday, January 28th. CICC Research upgraded Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 target price on the stock in a report on Monday, May 12th. Robert W. Baird restated a "neutral" rating and issued a $140.00 price target (up from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. Needham & Company LLC boosted their price target on Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, Scotiabank boosted their target price on shares of Cloudflare from $87.00 to $110.00 and gave the stock a "sector perform" rating in a report on Tuesday, January 21st. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $141.79.

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.