MML Investors Services LLC Increases Stake in Cloudflare, Inc. (NYSE:NET)

MML Investors Services LLC raised its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 7.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,658 shares of the company's stock after purchasing an additional 2,186 shares during the quarter. MML Investors Services LLC's holdings in Cloudflare were worth $3,301,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. CreativeOne Wealth LLC lifted its holdings in shares of Cloudflare by 0.8% during the 4th quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock valued at $752,000 after purchasing an additional 58 shares in the last quarter. Stratos Wealth Partners LTD. raised its holdings in Cloudflare by 1.2% during the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company's stock worth $709,000 after buying an additional 77 shares during the period. Atomi Financial Group Inc. lifted its stake in Cloudflare by 3.3% in the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company's stock valued at $319,000 after buying an additional 94 shares in the last quarter. Baxter Bros Inc. boosted its holdings in shares of Cloudflare by 3.8% in the fourth quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock valued at $296,000 after buying an additional 100 shares during the period. Finally, Chicago Partners Investment Group LLC increased its position in shares of Cloudflare by 4.3% during the fourth quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company's stock worth $293,000 after acquiring an additional 105 shares in the last quarter. Institutional investors own 82.68% of the company's stock.

Cloudflare Stock Performance

Shares of NYSE NET traded down $1.36 during mid-day trading on Wednesday, reaching $120.87. 2,640,060 shares of the company's stock were exchanged, compared to its average volume of 3,180,522. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $177.37. The firm has a 50-day moving average price of $119.30 and a two-hundred day moving average price of $115.91. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The firm has a market capitalization of $41.71 billion, a price-to-earnings ratio of -549.41 and a beta of 1.59.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Activity

In other news, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction dated Friday, April 25th. The stock was sold at an average price of $120.14, for a total transaction of $1,201,400.00. Following the transaction, the chief financial officer now directly owns 293,582 shares in the company, valued at approximately $35,270,941.48. This represents a 3.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Douglas James Kramer sold 2,481 shares of Cloudflare stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the transaction, the insider now directly owns 175,688 shares in the company, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 506,973 shares of company stock worth $65,761,303. 12.83% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Citigroup raised shares of Cloudflare from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $95.00 to $145.00 in a research report on Friday, January 17th. Scotiabank lifted their target price on shares of Cloudflare from $87.00 to $110.00 and gave the stock a "sector perform" rating in a report on Tuesday, January 21st. Piper Sandler dropped their target price on Cloudflare from $131.00 to $112.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Bank of America upgraded Cloudflare from an "underperform" rating to a "buy" rating and boosted their price target for the company from $60.00 to $160.00 in a research note on Tuesday, March 25th. Finally, JMP Securities increased their price target on shares of Cloudflare from $135.00 to $180.00 and gave the stock a "market outperform" rating in a research report on Friday, February 7th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $134.84.

Cloudflare 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.