Kingsview Wealth Management LLC Makes New $206,000 Investment in Cloudflare, Inc. (NYSE:NET)

Kingsview Wealth Management LLC acquired a new position in Cloudflare, Inc. (NYSE:NET - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,832 shares of the company's stock, valued at approximately $206,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. CreativeOne Wealth LLC lifted its position in shares of Cloudflare by 0.8% in the fourth quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock valued at $752,000 after acquiring an additional 58 shares in the last quarter. Spire Wealth Management lifted its position in shares of Cloudflare by 11.0% in the first quarter. Spire Wealth Management now owns 962 shares of the company's stock valued at $108,000 after acquiring an additional 95 shares in the last quarter. Yousif Capital Management LLC lifted its position in Cloudflare by 2.5% during the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock worth $447,000 after buying an additional 98 shares during the period. Ellevest Inc. lifted its position in Cloudflare by 2.3% during the fourth quarter. Ellevest Inc. now owns 4,538 shares of the company's stock worth $489,000 after buying an additional 102 shares during the period. Finally, Versant Capital Management Inc lifted its position in Cloudflare by 19.3% during the first quarter. Versant Capital Management Inc now owns 655 shares of the company's stock worth $74,000 after buying an additional 106 shares during the period. Institutional investors own 82.68% of the company's stock.

Analyst Ratings Changes

NET has been the subject of several research reports. Mizuho boosted their price objective on shares of Cloudflare from $155.00 to $220.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Guggenheim increased their target price on Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a research note on Friday, May 9th. Morgan Stanley reiterated an "overweight" rating and issued a $225.00 target price (up previously from $150.00) on shares of Cloudflare in a research note on Friday, July 11th. CICC Research upgraded Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 target price for the company in a research note on Monday, May 12th. Finally, Robert W. Baird increased their target price on Cloudflare from $148.00 to $175.00 and gave the company a "neutral" rating in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $159.92.

Insiders Place Their Bets

In other news, CFO Thomas J. Seifert sold 34,270 shares of the stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $200.17, for a total value of $6,859,825.90. Following the completion of the transaction, the chief financial officer owned 241,550 shares of the company's stock, valued at approximately $48,351,063.50. This represents a 12.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michelle Zatlyn sold 35,098 shares of Cloudflare stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $156.83, for a total transaction of $5,504,419.34. Following the completion of the transaction, the insider directly owned 6,390 shares of the company's stock, valued at $1,002,143.70. This trade represents a 84.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 615,332 shares of company stock worth $106,709,878. 10.89% of the stock is currently owned by company insiders.

Cloudflare Trading Up 3.6%

Shares of NYSE NET traded up $6.91 during midday trading on Friday, reaching $198.49. The company had a trading volume of 2,697,354 shares, compared to its average volume of 3,709,952. Cloudflare, Inc. has a one year low of $69.26 and a one year high of $200.76. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90. The firm's fifty day moving average price is $179.27 and its 200-day moving average price is $145.43. The stock has a market cap of $68.80 billion, a PE ratio of -863.00 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly 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). The business 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 company's revenue for the quarter was up 26.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.16 EPS. On average, equities research analysts anticipate 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.