State of Alaska Department of Revenue Makes New Investment in Cloudflare, Inc. $NET

Key Points

• State of Alaska Department of Revenue opened a new position in Cloudflare (NYSE:NET) in Q4, purchasing 7,298 shares valued at approximately $1.438 million.
• Significant insider selling has occurred recently: the CEO sold 659 shares and the CFO sold 10,000 shares under Rule 10b5‑1 plans, while insiders sold 572,965 shares worth $111.6 million in the last 90 days (insiders still own 10.89%).
• Earnings and analyst backdrop: Cloudflare beat Q results with $0.28 EPS and revenue up 33.6% YoY to $614.5 million; the company has a ~$72 billion market cap and a consensus "Moderate Buy" target price of about $232.62.

State of Alaska Department of Revenue purchased a new position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 7,298 shares of the company's stock, valued at approximately $1,438,000.

A number of other institutional investors also recently bought and sold shares of NET. Physician Wealth Advisors Inc. raised its position in Cloudflare by 693.3% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company's stock worth $26,000 after buying an additional 104 shares during the last quarter. Wiser Advisor Group LLC purchased a new position in shares of Cloudflare during the 3rd quarter valued at approximately $26,000. Westside Investment Management Inc. increased its holdings in shares of Cloudflare by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 130 shares of the company's stock valued at $28,000 after purchasing an additional 65 shares in the last quarter. ORG Wealth Partners LLC increased its holdings in shares of Cloudflare by 101.4% during the 3rd quarter. ORG Wealth Partners LLC now owns 139 shares of the company's stock valued at $30,000 after purchasing an additional 70 shares in the last quarter. Finally, Wexford Capital LP purchased a new position in shares of Cloudflare during the 3rd quarter valued at approximately $30,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 659 shares of Cloudflare stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $223.62, for a total transaction of $147,365.58. Following the sale, the chief executive officer owned 406,315 shares of the company's stock, valued at $90,860,160.30. The trade was a 0.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction on Friday, April 17th. The stock was sold at an average price of $197.98, for a total transaction of $1,979,800.00. Following the sale, the chief financial officer directly owned 221,681 shares in the company, valued at approximately $43,888,404.38. This trade represents a 4.32% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 572,965 shares of company stock worth $111,606,012. Company insiders own 10.89% of the company's stock.

Cloudflare Price Performance

Shares of NYSE NET opened at $204.64 on Tuesday. The firm has a market cap of $72.03 billion, a PE ratio of -705.61 and a beta of 1.87. The firm has a fifty day moving average of $197.11 and a 200 day moving average of $200.65. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.98 and a current ratio of 1.98. Cloudflare, Inc. has a one year low of $100.25 and a one year high of $260.00.

Cloudflare (NYSE:NET - Get Free Report) last announced its 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. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. The company had revenue of $614.51 million for the quarter, compared to analysts' expectations of $591.67 million. During the same quarter in the previous year, the company posted $0.19 EPS. The firm's quarterly revenue was up 33.6% on a year-over-year basis. As a group, research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Morgan Stanley set a $245.00 target price on shares of Cloudflare in a report on Wednesday, February 11th. UBS Group reaffirmed a "neutral" rating and set a $220.00 target price on shares of Cloudflare in a report on Wednesday, February 11th. Needham & Company LLC cut their target price on shares of Cloudflare from $285.00 to $250.00 and set a "buy" rating for the company in a report on Wednesday, February 11th. Piper Sandler raised shares of Cloudflare from a "neutral" rating to an "overweight" rating and set a $222.00 target price for the company in a report on Tuesday, April 14th. Finally, Truist Financial set a $225.00 target price on shares of Cloudflare in a report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $232.62.

Cloudflare Company 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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