Ritholtz Wealth Management Purchases New Stake in Cloudflare, Inc. $NET

Key Points

• Ritholtz Wealth Management has acquired a new stake in Cloudflare, Inc., purchasing 1,185 shares valued at approximately $232,000 during the second quarter.
• Analysts have raised their target prices for Cloudflare stock, with Bank of America increasing it from $235 to $240, and Wells Fargo raising it from $225 to $250, reflecting a consensus rating of "Moderate Buy."
• Cloudflare reported a revenue of $512.32 million for the last quarter, exceeding expectations, and provided future earnings guidance of 0.850-0.860 EPS for FY 2025.

Ritholtz Wealth Management purchased a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 1,185 shares of the company's stock, valued at approximately $232,000.

Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Cloudflare by 1.8% in the first quarter. Vanguard Group Inc. now owns 30,836,909 shares of the company's stock valued at $3,475,011,000 after acquiring an additional 538,850 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Cloudflare by 33.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,129,030 shares of the company's stock valued at $352,610,000 after acquiring an additional 786,063 shares during the last quarter. American Century Companies Inc. boosted its holdings in Cloudflare by 34.5% in the first quarter. American Century Companies Inc. now owns 3,037,420 shares of the company's stock valued at $342,287,000 after acquiring an additional 779,819 shares during the last quarter. Northern Trust Corp boosted its holdings in Cloudflare by 1.7% in the first quarter. Northern Trust Corp now owns 1,880,888 shares of the company's stock valued at $211,957,000 after acquiring an additional 31,745 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Cloudflare by 8.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,321,208 shares of the company's stock worth $148,887,000 after buying an additional 99,448 shares during the last quarter. Institutional investors own 82.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Bank of America raised their target price on Cloudflare from $235.00 to $240.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Needham & Company LLC raised their target price on Cloudflare from $200.00 to $240.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Piper Sandler raised their target price on Cloudflare from $151.00 to $224.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Wells Fargo & Company raised their target price on Cloudflare from $225.00 to $250.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Robert W. Baird raised their target price on Cloudflare from $148.00 to $175.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Cloudflare has a consensus rating of "Moderate Buy" and an average target price of $198.21.

Cloudflare Trading Down 0.1%

NYSE:NET opened at $212.77 on Wednesday. Cloudflare, Inc. has a fifty-two week low of $85.60 and a fifty-two week high of $230.10. The company has a debt-to-equity ratio of 2.63, a current ratio of 5.14 and a quick ratio of 5.14. The stock has a market capitalization of $74.14 billion, a PE ratio of -625.78 and a beta of 1.99. The business's 50-day simple moving average is $213.10 and its 200-day simple moving average is $180.16.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, beating 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 business had revenue of $512.32 million for the quarter, compared to analysts' expectations of $501.58 million. During the same quarter in the previous year, the business posted $0.20 EPS. Cloudflare's revenue for the quarter 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 Transactions at Cloudflare

In other Cloudflare news, insider Michelle Zatlyn sold 25,641 shares of the business's stock in a transaction that occurred on Thursday, October 9th. The stock was sold at an average price of $215.38, for a total value of $5,522,558.58. Following the sale, the insider owned 14,575 shares in the company, valued at approximately $3,139,163.50. The trade was a 63.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John Graham-Cumming sold 2,520 shares of the business's stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $221.36, for a total value of $557,827.20. Following the completion of the sale, the director owned 495,191 shares in the company, valued at $109,615,479.76. The trade was a 0.51% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 710,270 shares of company stock worth $147,320,646. Corporate insiders own 10.89% of the company's stock.

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.

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