Frank Rimerman Advisors LLC Acquires New Holdings in Cloudflare, Inc. (NYSE:NET)

Key Points

• Frank Rimerman Advisors LLC has purchased a new position in Cloudflare, Inc., acquiring 2,243 shares valued at approximately $253,000 in the first quarter.
• Analysts have raised their price targets for Cloudflare, with JMP Securities increasing their target from $180 to $225, reflecting a generally positive outlook on the stock.
• Cloudflare reported a 27.8% year-over-year increase in revenue during the last quarter, demonstrating robust growth despite a negative net margin of -6.22%.

Frank Rimerman Advisors LLC purchased a new position in Cloudflare, Inc. (NYSE:NET - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,243 shares of the company's stock, valued at approximately $253,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its holdings in shares of Cloudflare by 47.0% in the 4th quarter. Wellington Management Group LLP now owns 5,930 shares of the company's stock valued at $639,000 after buying an additional 1,896 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Cloudflare by 21.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 200,514 shares of the company's stock worth $21,591,000 after acquiring an additional 34,765 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Cloudflare by 1.4% in the 4th quarter. Cerity Partners LLC now owns 18,679 shares of the company's stock valued at $1,896,000 after purchasing an additional 263 shares during the period. Advisory Services Network LLC acquired a new stake in Cloudflare during the 4th quarter worth approximately $425,000. Finally, Mariner LLC lifted its position in Cloudflare by 1.5% during the 4th quarter. Mariner LLC now owns 105,522 shares of the company's stock worth $11,363,000 after acquiring an additional 1,509 shares during the period. Institutional investors and hedge funds own 82.68% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on NET shares. Guggenheim increased their target price on Cloudflare from $70.00 to $111.00 and gave the stock a "sell" rating in a research note on Friday, August 1st. KeyCorp upped their price objective on Cloudflare from $210.00 to $235.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Jefferies Financial Group cut their price target on Cloudflare from $170.00 to $150.00 and set a "hold" rating for the company in a report on Friday, May 9th. Bank of America raised their price objective on Cloudflare from $235.00 to $240.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, 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. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $186.88.

Cloudflare Stock Performance

Shares of NET stock traded down $4.16 during midday trading on Thursday, hitting $195.18. 2,534,555 shares of the company were exchanged, compared to its average volume of 3,667,604. 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 capitalization of $68.02 billion, a P/E ratio of -574.07 and a beta of 1.84. Cloudflare, Inc. has a 52 week low of $74.88 and a 52 week high of $219.00. The firm's 50 day moving average price is $190.94 and its two-hundred day moving average price is $153.83.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.21 EPS for the quarter, beating 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 business had revenue of $512.32 million during the quarter, compared to the consensus estimate of $501.58 million. During the same quarter in the prior year, the firm earned $0.20 EPS. The firm's revenue was up 27.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $198.22, for a total value of $594,660.00. Following the completion of the sale, the insider directly owned 157,377 shares in the company, valued at approximately $31,195,268.94. This trade represents a 1.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 59,130 shares of the firm's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $200.30, for a total transaction of $11,843,739.00. Following the completion of the sale, the chief financial officer owned 241,550 shares of the company's stock, valued at $48,382,465. The trade was a 19.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 586,294 shares of company stock valued at $106,298,200 over the last 90 days. 10.89% of the stock is owned by company insiders.

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.