NewEdge Advisors LLC Buys 5,352 Shares of Cloudflare, Inc. (NYSE:NET)

NewEdge Advisors LLC increased its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 121.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,770 shares of the company's stock after purchasing an additional 5,352 shares during the quarter. NewEdge Advisors LLC's holdings in Cloudflare were worth $1,052,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. United Capital Financial Advisors LLC increased its holdings in shares of Cloudflare by 3.6% in the 4th quarter. United Capital Financial Advisors LLC now owns 3,456 shares of the company's stock worth $372,000 after purchasing an additional 121 shares in the last quarter. CreativeOne Wealth LLC boosted its holdings in Cloudflare by 0.8% in the 4th quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock worth $752,000 after buying an additional 58 shares during the period. Mariner LLC grew its position in shares of Cloudflare by 1.5% during the fourth quarter. Mariner LLC now owns 105,522 shares of the company's stock worth $11,363,000 after purchasing an additional 1,509 shares in the last quarter. Reynders McVeigh Capital Management LLC raised its position in shares of Cloudflare by 4.6% during the fourth quarter. Reynders McVeigh Capital Management LLC now owns 158,627 shares of the company's stock valued at $17,081,000 after buying an additional 6,981 shares during the last quarter. Finally, Qtron Investments LLC bought a new stake in shares of Cloudflare in the fourth quarter worth about $620,000. Institutional investors own 82.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Scotiabank increased their price objective on shares of Cloudflare from $87.00 to $110.00 and gave the company a "sector perform" rating in a research report on Tuesday, January 21st. Morgan Stanley dropped their target price on shares of Cloudflare from $154.00 to $144.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Truist Financial lifted their price target on Cloudflare from $120.00 to $140.00 and gave the company a "buy" rating in a report on Tuesday, January 28th. Oppenheimer started coverage on Cloudflare in a research report on Thursday, March 20th. They set an "outperform" rating and a $150.00 target price on the stock. Finally, DZ Bank lowered Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 target price on the stock. in a research report on Tuesday, February 11th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Cloudflare has an average rating of "Hold" and an average target price of $134.84.

Cloudflare Stock Performance

NYSE NET traded down $3.74 on Wednesday, hitting $118.49. 593,114 shares of the stock were exchanged, compared to its average volume of 3,172,577. 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 business's fifty day moving average is $119.30 and its 200 day moving average is $115.91. The company has a market capitalization of $40.89 billion, a PE ratio of -540.71 and a beta of 1.59. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $177.37.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share 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%. Research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other news, insider Douglas James Kramer sold 2,481 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now owns 175,688 shares in the company, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Janel Riley sold 4,327 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the sale, the chief accounting officer now owns 74,698 shares in the company, valued at approximately $12,519,384.80. This represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 506,973 shares of company stock worth $65,761,303 over the last quarter. Company insiders own 12.83% of the company's stock.

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.