Western Wealth Management LLC Acquires New Stake in Cloudflare, Inc. (NYSE:NET)

Western Wealth Management LLC purchased a new position in Cloudflare, Inc. (NYSE:NET - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,775 shares of the company's stock, valued at approximately $763,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of NET. Capital World Investors increased its holdings in Cloudflare by 0.7% in the 4th quarter. Capital World Investors now owns 35,409,307 shares of the company's stock valued at $3,812,942,000 after buying an additional 260,415 shares during the period. Geode Capital Management LLC boosted its position in shares of Cloudflare by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock worth $526,986,000 after acquiring an additional 68,661 shares in the last quarter. Groupama Asset Managment bought a new position in Cloudflare in the fourth quarter valued at approximately $269,200,000. Norges Bank acquired a new position in Cloudflare during the fourth quarter valued at approximately $249,544,000. Finally, American Century Companies Inc. lifted its stake in Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after purchasing an additional 1,017,399 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Insider Activity

In related news, CEO Matthew Prince sold 2,311 shares of the business's stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $107.75, for a total value of $249,010.25. Following the sale, the chief executive officer now directly owns 413,413 shares in the company, valued at approximately $44,545,250.75. The trade was a 0.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Douglas James Kramer sold 9,000 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $112.83, for a total transaction of $1,015,470.00. Following the sale, the insider now owns 188,406 shares in the company, valued at $21,257,848.98. The trade was a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 515,987 shares of company stock worth $77,174,354 over the last quarter. Insiders own 10.89% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on NET. Cowen reiterated a "buy" rating on shares of Cloudflare in a research note on Monday, June 16th. Oppenheimer reissued an "outperform" rating and set a $200.00 target price (up previously from $165.00) on shares of Cloudflare in a research note on Thursday, June 5th. KeyCorp started coverage on shares of Cloudflare in a report on Friday, June 6th. They set an "overweight" rating and a $210.00 price target on the stock. Needham & Company LLC boosted their target price on shares of Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Susquehanna cut their price objective on Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a report on Monday, May 12th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $145.92.

Cloudflare Stock Up 1.9%

Shares of NET stock traded up $3.72 on Friday, reaching $194.68. 4,902,443 shares of the company were exchanged, compared to its average volume of 3,139,758. The company has a 50-day moving average of $155.06 and a 200-day moving average of $135.38. Cloudflare, Inc. has a one year low of $69.26 and a one year high of $194.71. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. The company has a market cap of $67.48 billion, a price-to-earnings ratio of -846.41 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The business had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The firm's quarterly revenue was up 26.5% on a year-over-year basis. During the same period last year, the business posted $0.16 earnings per share. Analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

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.