LPL Financial LLC Grows Stock Holdings in Cloudflare, Inc. (NYSE:NET)

LPL Financial LLC grew its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 3.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 122,171 shares of the company's stock after buying an additional 3,989 shares during the period. LPL Financial LLC's holdings in Cloudflare were worth $13,155,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Quarry LP increased its stake in shares of Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company's stock worth $39,000 after acquiring an additional 133 shares during the last quarter. Larson Financial Group LLC raised its stake in Cloudflare by 1,988.5% during the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company's stock worth $58,000 after purchasing an additional 517 shares during the period. Versant Capital Management Inc boosted its holdings in Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company's stock valued at $59,000 after purchasing an additional 170 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company's stock valued at $63,000 after buying an additional 217 shares during the period. Finally, Whittier Trust Co. increased its holdings in shares of Cloudflare by 120.5% during the 4th quarter. Whittier Trust Co. now owns 602 shares of the company's stock worth $65,000 after buying an additional 329 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

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Insiders Place Their Bets

In other Cloudflare news, CAO Janel Riley sold 4,327 shares of the stock in a transaction 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 sale, the chief accounting officer now owns 74,698 shares in the company, valued at approximately $12,519,384.80. This represents a 5.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Douglas James Kramer sold 9,000 shares of the company's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $112.83, for a total value of $1,015,470.00. Following the completion of the sale, the insider now owns 188,406 shares in the company, valued at $21,257,848.98. This represents a 4.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 559,662 shares of company stock worth $73,480,384. 12.83% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

NET has been the topic of a number of recent analyst reports. Scotiabank upped their price objective on Cloudflare from $87.00 to $110.00 and gave the company a "sector perform" rating in a report on Tuesday, January 21st. Citigroup raised Cloudflare from a "neutral" rating to a "buy" rating and upped their price target for the company from $95.00 to $145.00 in a research note on Friday, January 17th. Piper Sandler cut their price objective on Cloudflare from $153.00 to $131.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. Wells Fargo & Company upped their target price on shares of Cloudflare from $135.00 to $150.00 and gave the company an "overweight" rating in a research report on Monday, January 27th. Finally, Truist Financial increased their target price on shares of Cloudflare from $120.00 to $140.00 and gave the stock a "buy" rating in a research note on Tuesday, January 28th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Cloudflare presently has a consensus rating of "Hold" and a consensus price target of $135.64.

Cloudflare Price Performance

Shares of NYSE:NET traded up $1.23 on Monday, reaching $98.31. 6,542,220 shares of the company were exchanged, compared to its average volume of 3,140,170. The company has a 50-day moving average of $135.79 and a 200-day moving average of $113.01. 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 firm has a market cap of $33.93 billion, a price-to-earnings ratio of -446.88 and a beta of 1.59. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37.

Cloudflare (NYSE:NET - Get Free Report) last issued 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 return on equity of 5.52% and a negative net margin of 4.72%. Equities analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

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.