Meeder Advisory Services Inc. Buys 1,546 Shares of Cloudflare, Inc. (NYSE:NET)

Key Points

• Meeder Advisory Services Inc. increased its holdings in Cloudflare by 52.9%, owning a total of 4,466 shares worth approximately $503,000 after purchasing an additional 1,546 shares in the first quarter.
• In recent transactions, CFO Thomas J. Seifert sold a total of 93,400 shares, significantly reducing his ownership stake by nearly 19.67% due to sales at prices averaging around $200 per share.
• Research analysts have varied ratings on Cloudflare's stock, with three sell ratings, nine holds, and fifteen buys, leading to an average target price of $161.72.

Meeder Advisory Services Inc. increased its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 52.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,466 shares of the company's stock after buying an additional 1,546 shares during the period. Meeder Advisory Services Inc.'s holdings in Cloudflare were worth $503,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. LPL Financial LLC boosted its holdings in shares of Cloudflare by 3.4% in the fourth quarter. LPL Financial LLC now owns 122,171 shares of the company's stock valued at $13,155,000 after acquiring an additional 3,989 shares in the last quarter. Orion Portfolio Solutions LLC acquired a new stake in shares of Cloudflare in the fourth quarter valued at approximately $216,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Cloudflare by 339.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 232,136 shares of the company's stock valued at $24,996,000 after acquiring an additional 179,303 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in shares of Cloudflare by 3.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 5,032 shares of the company's stock valued at $582,000 after buying an additional 155 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its stake in Cloudflare by 16.6% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 23,992 shares of the company's stock valued at $2,583,000 after purchasing an additional 3,411 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NET. UBS Group upped their price objective on Cloudflare from $145.00 to $200.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Cowen reiterated a "buy" rating on shares of Cloudflare in a research note on Monday, June 16th. Mizuho raised their target price on Cloudflare from $220.00 to $240.00 and gave the company an "outperform" rating in a report on Friday. 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 report on Monday, May 12th. Finally, Morgan Stanley lifted their price objective on shares of Cloudflare from $225.00 to $235.00 and gave the company an "overweight" rating in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Cloudflare currently has an average rating of "Moderate Buy" and a consensus price target of $186.88.

Cloudflare Stock Performance

Shares of NET stock traded down $7.22 on Friday, hitting $200.46. 6,447,007 shares of the stock were exchanged, compared to its average volume of 3,077,286. Cloudflare, Inc. has a one year low of $69.26 and a one year high of $211.27. The firm has a market capitalization of $69.48 billion, a PE ratio of -589.59 and a beta of 1.84. The company has a current ratio of 3.20, a quick ratio of 3.20 and a debt-to-equity ratio of 0.90. The firm's 50 day moving average is $184.49 and its two-hundred day moving average is $149.29.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.03. Cloudflare had a negative return on equity of 8.59% and a negative net margin of 6.22%. The business had revenue of $512.32 million for the quarter, compared to analysts' expectations of $501.58 million. During the same quarter in the prior year, the firm posted $0.20 EPS. The firm's quarterly revenue was up 27.8% on a year-over-year basis. Sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Thomas J. Seifert sold 59,130 shares of the stock in a transaction dated Monday, July 28th. The shares were 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 directly owned 241,550 shares in the company, valued at approximately $48,382,465. This represents a 19.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Carl Ledbetter sold 15,000 shares of the firm's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $199.85, for a total value of $2,997,750.00. Following the transaction, the director directly owned 1,043,073 shares of the company's stock, valued at $208,458,139.05. This represents a 1.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 688,062 shares of company stock worth $121,498,887 in the last 90 days. 10.89% of the stock is currently owned by company insiders.

About Cloudflare

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.