Evoke Wealth LLC Invests $240,000 in Cloudflare, Inc. (NYSE:NET)

Evoke Wealth LLC acquired a new position in Cloudflare, Inc. (NYSE:NET - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,229 shares of the company's stock, valued at approximately $240,000.

A number of other institutional investors and hedge funds have also made changes to their positions in NET. Stratos Wealth Partners LTD. boosted its holdings in Cloudflare by 1.2% in the fourth quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company's stock worth $709,000 after acquiring an additional 77 shares in the last quarter. Atomi Financial Group Inc. raised its holdings in Cloudflare by 3.3% in the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company's stock worth $319,000 after buying an additional 94 shares during the last quarter. Chicago Partners Investment Group LLC grew its holdings 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 valued at $293,000 after buying an additional 105 shares during the last quarter. D.A. Davidson & CO. increased its position in shares of Cloudflare by 0.5% during the fourth quarter. D.A. Davidson & CO. now owns 21,075 shares of the company's stock valued at $2,269,000 after acquiring an additional 106 shares in the last quarter. Finally, Amalgamated Bank raised its stake in shares of Cloudflare by 0.5% in the fourth quarter. Amalgamated Bank now owns 20,002 shares of the company's stock worth $2,154,000 after purchasing an additional 107 shares during the last quarter. Institutional investors own 82.68% of the company's stock.

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Cloudflare Price Performance

NET traded up $5.00 during trading hours on Monday, hitting $124.22. The company's stock had a trading volume of 3,110,313 shares, compared to its average volume of 3,026,381. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The business's 50-day moving average price is $136.73 and its 200-day moving average price is $110.24. The stock has a market cap of $42.86 billion, a price-to-earnings ratio of -564.61 and a beta of 1.27.

Cloudflare (NYSE:NET - Get Free Report) last announced 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%. Sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $113.98, for a total value of $5,970,728.32. Following the sale, the chief executive officer now owns 10,762 shares of the company's stock, valued at approximately $1,226,652.76. This represents a 82.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Douglas James Kramer sold 2,481 shares of the firm's stock in a transaction dated Monday, February 3rd. The stock was 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 of the company's stock, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 566,766 shares of company stock valued at $73,779,200 in the last ninety days. Insiders own 12.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NET. Scotiabank boosted their target price on shares of Cloudflare from $87.00 to $110.00 and gave the company a "sector perform" rating in a research note on Tuesday, January 21st. Truist Financial increased their price target on shares of Cloudflare from $120.00 to $140.00 and gave the stock a "buy" rating in a research report on Tuesday, January 28th. JPMorgan Chase & Co. raised their target price on Cloudflare from $110.00 to $115.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. JMP Securities boosted their price target on Cloudflare from $135.00 to $180.00 and gave the company a "market outperform" rating in a report on Friday, February 7th. Finally, DZ Bank cut Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 price target for the company. in a research report on Tuesday, February 11th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $131.64.

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.