Perigon Wealth Management LLC Has $4.71 Million Position in Cloudflare, Inc. $NET

Key Points

• Perigon Wealth Management trimmed its Cloudflare stake by 16.7%, selling 4,792 shares and leaving 23,889 shares valued at $4.71 million, while institutional investors own 82.68% of the company.
• Cloudflare beat the latest quarter's estimates with $0.28 EPS vs. $0.27 expected and revenue of $614.5M (up 33.6% YoY), though the company still reported negative net margin and return on equity.
• Analysts are mixed but largely positive: MarketBeat shows a consensus rating of Moderate Buy with an average price target of $233.38, amid a mix of recent upgrades and price-target cuts.

Perigon Wealth Management LLC cut its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 16.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 23,889 shares of the company's stock after selling 4,792 shares during the period. Perigon Wealth Management LLC's holdings in Cloudflare were worth $4,710,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. LeConte Wealth Management LLC boosted its stake in shares of Cloudflare by 15.8% during the 4th quarter. LeConte Wealth Management LLC now owns 3,794 shares of the company's stock valued at $748,000 after buying an additional 519 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Cloudflare by 16.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 25,933 shares of the company's stock worth $5,113,000 after acquiring an additional 3,658 shares during the last quarter. Jamison Private Wealth Management Inc. raised its holdings in shares of Cloudflare by 8.7% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 2,012 shares of the company's stock worth $397,000 after acquiring an additional 161 shares in the last quarter. Affinity Wealth Management LLC raised its holdings in shares of Cloudflare by 4.2% during the fourth quarter. Affinity Wealth Management LLC now owns 20,753 shares of the company's stock worth $4,091,000 after acquiring an additional 832 shares in the last quarter. Finally, Silver Oak Securities Incorporated boosted its position in Cloudflare by 5.5% during the fourth quarter. Silver Oak Securities Incorporated now owns 1,090 shares of the company's stock valued at $218,000 after purchasing an additional 57 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. DZ Bank upgraded Cloudflare from a "hold" rating to a "buy" rating and set a $215.00 target price on the stock in a research note on Friday, February 13th. Wolfe Research reaffirmed a "peer perform" rating on shares of Cloudflare in a research note on Monday, January 26th. Mizuho reduced their price target on Cloudflare from $280.00 to $255.00 and set an "outperform" rating for the company in a report on Wednesday, January 21st. Weiss Ratings reissued a "sell (d-)" rating on shares of Cloudflare in a research note on Wednesday, January 21st. Finally, Scotiabank dropped their price objective on Cloudflare from $255.00 to $225.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $233.38.

Cloudflare Trading Down 0.2%

Cloudflare stock opened at $211.30 on Friday. Cloudflare, Inc. has a one year low of $89.42 and a one year high of $260.00. The company's fifty day moving average price is $193.39 and its two-hundred day moving average price is $202.79. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.98 and a quick ratio of 1.98. The company has a market capitalization of $74.37 billion, a price-to-earnings ratio of -728.58 and a beta of 1.87.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.01. The company had revenue of $614.51 million during the quarter, compared to the consensus estimate of $591.67 million. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The firm's revenue was up 33.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.19 EPS. On average, analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In other Cloudflare news, insider Michelle Zatlyn sold 25,641 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $189.50, for a total transaction of $4,858,969.50. Following the transaction, the insider owned 34,514 shares in the company, valued at $6,540,403. This trade represents a 42.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 10,341 shares of the stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $212.30, for a total value of $2,195,394.30. Following the transaction, the chief financial officer owned 224,625 shares in the company, valued at approximately $47,687,887.50. This trade represents a 4.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 632,901 shares of company stock valued at $120,754,306. Insiders own 10.89% of the company's stock.

Cloudflare Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.

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