Commonwealth Equity Services LLC raised its position in Cloudflare, Inc. (NYSE:NET – Get Rating) by 2.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 38,857 shares of the company’s stock after buying an additional 901 shares during the period. Commonwealth Equity Services LLC’s holdings in Cloudflare were worth $4,651,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NET. Riverview Trust Co purchased a new stake in shares of Cloudflare during the first quarter worth about $29,000. Private Capital Group LLC increased its stake in shares of Cloudflare by 109.2% during the first quarter. Private Capital Group LLC now owns 251 shares of the company’s stock worth $30,000 after purchasing an additional 131 shares in the last quarter. EverSource Wealth Advisors LLC purchased a new stake in shares of Cloudflare during the fourth quarter worth about $34,000. Rise Advisors LLC purchased a new stake in shares of Cloudflare during the fourth quarter worth about $42,000. Finally, Lindbrook Capital LLC increased its stake in shares of Cloudflare by 139.3% during the first quarter. Lindbrook Capital LLC now owns 359 shares of the company’s stock worth $43,000 after purchasing an additional 209 shares in the last quarter. Hedge funds and other institutional investors own 69.96% of the company’s stock.
Insider Transactions at Cloudflare
In related news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Thursday, May 12th. The shares were sold at an average price of $56.88, for a total transaction of $2,979,601.92. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Cloudflare news, Director Maria S. Eitel bought 15,000 shares of the business’s stock in a transaction that occurred on Monday, May 9th. The shares were purchased at an average cost of $62.77 per share, with a total value of $941,550.00. Following the purchase, the director now directly owns 21,622 shares in the company, valued at $1,357,212.94. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Thursday, May 12th. The shares were sold at an average price of $56.88, for a total transaction of $2,979,601.92. The disclosure for this sale can be found here. In the last three months, insiders have sold 264,361 shares of company stock worth $14,350,405. 15.99% of the stock is currently owned by insiders.
Cloudflare Stock Performance
Cloudflare (NYSE:NET – Get Rating) last issued its quarterly earnings data on Thursday, May 5th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.03). Cloudflare had a negative return on equity of 17.74% and a negative net margin of 35.83%. The company had revenue of $212.20 million during the quarter, compared to analyst estimates of $205.66 million. During the same quarter in the prior year, the company posted ($0.11) earnings per share. The business’s revenue was up 53.7% compared to the same quarter last year. As a group, equities research analysts predict that Cloudflare, Inc. will post -0.41 EPS for the current year.
Analysts Set New Price Targets
A number of research firms have recently commented on NET. Citigroup cut their target price on shares of Cloudflare from $120.00 to $95.00 in a research note on Friday, May 6th. Needham & Company LLC cut their target price on shares of Cloudflare from $245.00 to $100.00 and set a “na” rating for the company in a research note on Monday, May 16th. Cowen lowered their price target on shares of Cloudflare from $250.00 to $200.00 in a research report on Monday, May 2nd. Jefferies Financial Group lowered their price target on shares of Cloudflare from $75.00 to $55.00 in a research report on Monday, May 23rd. Finally, Piper Sandler lowered their price target on shares of Cloudflare from $83.00 to $57.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 6th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Cloudflare presently has an average rating of “Hold” and an average target price of $120.81.
CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.
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