Axxcess Wealth Management LLC Invests $234,000 in Cloudflare, Inc. (NYSE:NET)

Axxcess Wealth Management LLC bought a new position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 2,172 shares of the company's stock, valued at approximately $234,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NET. Empowered Funds LLC raised its holdings in Cloudflare by 7.7% in the third quarter. Empowered Funds LLC now owns 4,378 shares of the company's stock worth $354,000 after purchasing an additional 313 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Cloudflare in the 3rd quarter worth approximately $54,000. Pathstone Holdings LLC raised its stake in shares of Cloudflare by 5.2% during the 3rd quarter. Pathstone Holdings LLC now owns 24,101 shares of the company's stock worth $1,950,000 after acquiring an additional 1,200 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Cloudflare during the third quarter valued at approximately $591,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Cloudflare by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company's stock valued at $93,656,000 after acquiring an additional 29,960 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Trading Up 3.4 %

Shares of NYSE:NET traded up $4.21 during midday trading on Tuesday, reaching $128.14. 2,562,593 shares of the company's stock were exchanged, compared to its average volume of 3,026,295. The stock has a market cap of $44.22 billion, a price-to-earnings ratio of -584.84 and a beta of 1.27. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. The firm's 50 day simple moving average is $137.01 and its two-hundred day simple moving average is $110.56. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

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Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Thomas J. Seifert sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $120.00, for a total transaction of $1,200,000.00. Following the sale, the chief financial officer now directly owns 293,582 shares in the company, valued at approximately $35,229,840. This represents a 3.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing 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 Monday, January 6th. The shares were sold at an average price of $113.98, for a total transaction of $5,970,728.32. Following the completion of the sale, the chief executive officer now directly owns 10,762 shares in the company, valued at approximately $1,226,652.76. This represents a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 566,766 shares of company stock worth $73,779,200 over the last 90 days. Corporate insiders own 12.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NET. Royal Bank of Canada reduced their target price on Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Truist Financial raised their target price on shares of Cloudflare from $120.00 to $140.00 and gave the stock a "buy" rating in a report on Tuesday, January 28th. Needham & Company LLC decreased their price objective on Cloudflare from $185.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Mizuho lowered their price target on shares of Cloudflare from $160.00 to $140.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Finally, Wells Fargo & Company lifted their price target on Cloudflare from $135.00 to $150.00 and gave the company an "overweight" rating in a research note on Monday, January 27th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $135.64.

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.