Mission Wealth Management LP Invests $349,000 in Cloudflare, Inc. (NYSE:NET)

Mission Wealth Management LP purchased a new position in shares of Cloudflare, Inc. (NYSE:NET) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,186 shares of the company’s stock, valued at approximately $349,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Cloudflare by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 27,418,275 shares of the company’s stock worth $1,728,448,000 after acquiring an additional 395,363 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in Cloudflare during the fourth quarter worth approximately $27,288,000. QRG Capital Management Inc. purchased a new stake in shares of Cloudflare during the 3rd quarter worth approximately $9,165,000. International Assets Investment Management LLC purchased a new stake in Cloudflare in the fourth quarter valued at $11,639,000. Finally, California Public Employees Retirement System grew its stake in Cloudflare by 24.9% during the 3rd quarter. California Public Employees Retirement System now owns 523,856 shares of the company’s stock worth $33,024,000 after buying an additional 104,517 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Stock Down 16.2 %

NYSE NET opened at $74.52 on Friday. The business’s 50-day moving average price is $93.67 and its 200 day moving average price is $83.47. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68. Cloudflare, Inc. has a twelve month low of $39.90 and a twelve month high of $116.00.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 13.22%. The business had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. Research analysts expect that Cloudflare, Inc. will post -0.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, COO Michelle Zatlyn sold 277,376 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $101.17, for a total value of $28,062,129.92. Following the transaction, the chief operating officer now directly owns 38,545 shares of the company’s stock, valued at $3,899,597.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cloudflare news, COO Michelle Zatlyn sold 277,376 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $101.17, for a total value of $28,062,129.92. Following the completion of the sale, the chief operating officer now owns 38,545 shares of the company’s stock, valued at $3,899,597.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Carl Ledbetter sold 7,962 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $81.42, for a total transaction of $648,266.04. Following the transaction, the director now directly owns 1,446,957 shares in the company, valued at $117,811,238.94. The disclosure for this sale can be found here. Insiders sold a total of 1,029,347 shares of company stock worth $100,594,226 over the last ninety days. 12.83% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Capital One Financial assumed coverage on shares of Cloudflare in a report on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 target price for the company. Mizuho decreased their price objective on Cloudflare from $95.00 to $88.00 and set a “neutral” rating for the company in a research report on Friday. Wells Fargo & Company dropped their target price on Cloudflare from $125.00 to $105.00 and set an “overweight” rating on the stock in a report on Friday. Robert W. Baird decreased their price target on Cloudflare from $100.00 to $94.00 and set an “outperform” rating for the company in a report on Friday. Finally, Bank of America upped their price objective on shares of Cloudflare from $52.00 to $60.00 and gave the stock an “underperform” rating in a research report on Friday. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Cloudflare has a consensus rating of “Hold” and an average price target of $90.17.

About Cloudflare

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.