MGO One Seven LLC Acquires Shares of 1,933 Cloudflare, Inc. $NET

Key Points

• MGO One Seven LLC acquired 1,933 shares of Cloudflare, Inc., valued at approximately $379,000, during the 2nd quarter of 2023.
• Wall Street analysts have recently raised their price targets for Cloudflare, with estimates ranging up to $250.00, indicating a generally optimistic outlook with an average rating of "Moderate Buy".
• Cloudflare reported a quarterly revenue of $512.32 million, exceeding estimates, and showed a year-over-year revenue growth of 27.8%.

MGO One Seven LLC bought a new position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,933 shares of the company's stock, valued at approximately $379,000.

A number of other hedge funds have also recently made changes to their positions in NET. Mather Group LLC. increased its position in Cloudflare by 1,188.2% during the 1st quarter. Mather Group LLC. now owns 219 shares of the company's stock valued at $25,000 after purchasing an additional 202 shares during the period. Hilltop National Bank purchased a new position in Cloudflare in the 2nd quarter worth $36,000. Ameritas Advisory Services LLC acquired a new stake in Cloudflare during the 2nd quarter worth about $39,000. Fifth Third Bancorp increased its holdings in shares of Cloudflare by 88.5% in the first quarter. Fifth Third Bancorp now owns 441 shares of the company's stock valued at $50,000 after purchasing an additional 207 shares during the period. Finally, ORG Partners LLC boosted its position in Cloudflare by 264.8% in the first quarter. ORG Partners LLC now owns 445 shares of the company's stock valued at $51,000 after buying an additional 323 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on NET shares. Stifel Nicolaus raised their price target on shares of Cloudflare from $175.00 to $230.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Bank of America raised their target price on shares of Cloudflare from $235.00 to $240.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Wells Fargo & Company upped their price target on shares of Cloudflare from $225.00 to $250.00 and gave the company an "overweight" rating in a report on Friday, August 1st. JMP Securities increased their price target on Cloudflare from $180.00 to $225.00 and gave the stock a "market outperform" rating in a research report on Monday, July 28th. Finally, Cantor Fitzgerald lifted their price target on Cloudflare from $162.00 to $199.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $196.54.

Cloudflare Stock Down 0.7%

NET opened at $209.94 on Friday. The company has a market cap of $73.16 billion, a PE ratio of -617.47 and a beta of 1.99. Cloudflare, Inc. has a twelve month low of $85.60 and a twelve month high of $230.10. The company has a 50-day moving average price of $212.65 and a 200 day moving average price of $178.63. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.18 by $0.03. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%.The company had revenue of $512.32 million during the quarter, compared to analyst estimates of $501.58 million. During the same period in the previous year, the business earned $0.20 EPS. Cloudflare's quarterly revenue was up 27.8% on a year-over-year basis. Cloudflare has set its FY 2025 guidance at 0.850-0.860 EPS. Q3 2025 guidance at 0.230-0.23 EPS. Sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Matthew Prince sold 52,277 shares of the company's stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $213.94, for a total transaction of $11,184,141.38. Following the completion of the sale, the chief executive officer owned 107 shares of the company's stock, valued at $22,891.58. This represents a 99.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Graham-Cumming sold 2,520 shares of the stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $221.36, for a total transaction of $557,827.20. Following the completion of the sale, the director owned 495,191 shares of the company's stock, valued at $109,615,479.76. This trade represents a 0.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 729,540 shares of company stock valued at $150,883,922 in the last three months. Company insiders own 10.89% of the company's stock.

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.

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