Advisory Services Network LLC Purchases New Shares in Cloudflare, Inc. (NYSE:NET)

Advisory Services Network LLC purchased a new position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,946 shares of the company's stock, valued at approximately $425,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its stake in Cloudflare by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock worth $526,986,000 after purchasing an additional 68,661 shares during the period. Groupama Asset Managment purchased a new position in shares of Cloudflare during the 4th quarter worth approximately $269,200,000. Norges Bank purchased a new stake in shares of Cloudflare in the fourth quarter valued at approximately $249,544,000. American Century Companies Inc. grew its holdings in Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after acquiring an additional 1,017,399 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Cloudflare by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company's stock valued at $138,516,000 after acquiring an additional 23,641 shares during the period. Hedge funds and other institutional investors own 82.68% of the company's stock.

Insider Buying and Selling at Cloudflare

In related news, CAO Janel Riley sold 4,327 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the transaction, the chief accounting officer now owns 74,698 shares in the company, valued at $12,519,384.80. The trade was a 5.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Douglas James Kramer sold 2,481 shares of Cloudflare stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the sale, the insider now directly owns 175,688 shares in the company, valued at approximately $23,131,082.08. This trade represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 548,253 shares of company stock worth $70,819,909 in the last ninety days. 12.83% of the stock is owned by insiders.

Analysts Set New Price Targets

NET has been the subject of several recent analyst reports. Bank of America upgraded shares of Cloudflare from an "underperform" rating to a "buy" rating and raised their price objective for the company from $60.00 to $160.00 in a research note on Tuesday, March 25th. Baird R W cut Cloudflare from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. Truist Financial boosted their target price on 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. lifted their price target on Cloudflare from $110.00 to $115.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Finally, Cantor Fitzgerald raised their target price on shares of Cloudflare from $111.00 to $149.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $134.84.

Cloudflare Trading Up 2.3 %

NET traded up $2.32 during trading on Tuesday, hitting $104.43. 274,271 shares of the company's stock were exchanged, compared to its average volume of 3,167,766. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $177.37. The firm has a market cap of $36.04 billion, a P/E ratio of -474.07 and a beta of 1.59. 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 stock has a 50 day moving average price of $125.32 and a 200 day moving average price of $114.83.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results 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%. As a group, analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Cloudflare Company 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.