Kestra Private Wealth Services LLC Sells 346 Shares of Cloudflare, Inc. (NYSE:NET)

Kestra Private Wealth Services LLC reduced its holdings in Cloudflare, Inc. (NYSE:NET) by 9.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,278 shares of the company’s stock after selling 346 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Cloudflare were worth $273,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in 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 purchasing an additional 395,363 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc bought a new position in shares of Cloudflare during the fourth quarter worth about $27,288,000. QRG Capital Management Inc. acquired a new stake in Cloudflare in the 3rd quarter valued at approximately $9,165,000. International Assets Investment Management LLC bought a new stake in Cloudflare in the 4th quarter valued at approximately $11,639,000. Finally, California Public Employees Retirement System boosted its position 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 acquiring an additional 104,517 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Royal Bank of Canada lifted their price target on shares of Cloudflare from $95.00 to $108.00 and gave the company an “outperform” rating in a research note on Friday, February 9th. Truist Financial lifted their target price on Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Piper Sandler reissued a “neutral” rating and set a $81.00 price target (down from $110.00) on shares of Cloudflare in a research report on Friday, May 3rd. Susquehanna lowered their price target on Cloudflare from $115.00 to $80.00 and set a “neutral” rating on the stock in a research report on Monday. Finally, Oppenheimer cut their price objective on Cloudflare from $122.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Cloudflare currently has an average rating of “Hold” and an average price target of $89.48.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $72.45 on Thursday. The company’s 50 day moving average price is $92.19 and its two-hundred day moving average price is $83.85. The firm has a market capitalization of $24.46 billion, a P/E ratio of -136.70 and a beta of 1.15. Cloudflare, Inc. has a fifty-two week low of $45.47 and a fifty-two week high of $116.00. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $362.47 million for the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. On average, equities analysts forecast that Cloudflare, Inc. will post -0.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $99.64, for a total transaction of $298,920.00. Following the completion of the transaction, the insider now directly owns 205,238 shares of the company’s stock, valued at approximately $20,449,914.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $99.64, for a total value of $298,920.00. Following the transaction, the insider now owns 205,238 shares in the company, valued at $20,449,914.32. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Maria S. Eitel sold 6,875 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $98.51, for a total value of $677,256.25. Following the completion of the transaction, the director now directly owns 23,513 shares in the company, valued at $2,316,265.63. The disclosure for this sale can be found here. Insiders have sold a total of 1,141,153 shares of company stock valued at $108,765,387 over the last 90 days. 12.83% of the stock is owned by insiders.

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.