Cerity Partners LLC Acquires 13,885 Shares of Cloudflare, Inc. (NYSE:NET)

Cerity Partners LLC grew its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 306.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,416 shares of the company's stock after purchasing an additional 13,885 shares during the period. Cerity Partners LLC's holdings in Cloudflare were worth $1,490,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Comerica Bank increased its holdings in Cloudflare by 19.9% in the first quarter. Comerica Bank now owns 28,556 shares of the company's stock worth $2,765,000 after buying an additional 4,733 shares during the last quarter. Cetera Investment Advisers boosted its position in Cloudflare by 93.8% during the first quarter. Cetera Investment Advisers now owns 86,487 shares of the company's stock worth $8,374,000 after purchasing an additional 41,871 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Cloudflare during the second quarter worth approximately $29,000. Wealth Management Partners LLC boosted its position in Cloudflare by 5.4% during the second quarter. Wealth Management Partners LLC now owns 3,637 shares of the company's stock worth $301,000 after purchasing an additional 185 shares during the period. Finally, RFG Advisory LLC boosted its position in Cloudflare by 18.7% during the second quarter. RFG Advisory LLC now owns 8,672 shares of the company's stock worth $718,000 after purchasing an additional 1,366 shares during the period. Institutional investors and hedge funds own 82.68% of the company's stock.

Wall Street Analysts Forecast Growth

NET has been the subject of several research reports. BNP Paribas initiated coverage on Cloudflare in a research report on Tuesday, October 8th. They issued an "underperform" rating and a $65.00 price objective for the company. Wells Fargo & Company increased their price objective on Cloudflare from $105.00 to $110.00 and gave the company an "overweight" rating in a research report on Friday, November 8th. Scotiabank increased their price objective on Cloudflare from $85.00 to $87.00 and gave the company a "sector perform" rating in a research report on Friday, November 8th. Morgan Stanley upgraded Cloudflare from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $92.00 to $130.00 in a research note on Monday. Finally, Mizuho upped their target price on Cloudflare from $92.00 to $105.00 and gave the company a "neutral" rating in a research note on Thursday, October 17th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Cloudflare presently has a consensus rating of "Hold" and a consensus price target of $94.40.

Cloudflare Stock Performance

Shares of NYSE NET traded up $5.81 during midday trading on Wednesday, hitting $110.72. 4,424,192 shares of the company's stock were exchanged, compared to its average volume of 3,174,419. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $116.00. The company's 50 day moving average price is $91.03 and its 200 day moving average price is $82.94. The firm has a market capitalization of $38.00 billion, a PE ratio of -403.42 and a beta of 1.10.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting the consensus estimate of ($0.03). The company had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. As a group, analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity at Cloudflare

In other news, CFO Thomas J. Seifert sold 15,000 shares of the business's stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $78.36, for a total transaction of $1,175,400.00. Following the completion of the transaction, the chief financial officer now owns 281,403 shares of the company's stock, valued at approximately $22,050,739.08. The trade was a 5.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $76.55, for a total value of $4,009,995.20. Following the completion of the transaction, the chief executive officer now directly owns 10,761 shares of the company's stock, valued at approximately $823,754.55. The trade was a 82.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 536,568 shares of company stock worth $47,573,767 in the last ninety days. 12.83% of the stock is owned by company 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.