Miller Financial Services LLC Buys New Shares in Cloudflare, Inc. (NYSE:NET)

Miller Financial Services LLC acquired a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 4,133 shares of the company's stock, valued at approximately $445,000.

Other institutional investors have also recently bought and sold shares of the company. Hartline Investment Corp grew its holdings in Cloudflare by 7.6% during the third quarter. Hartline Investment Corp now owns 260,379 shares of the company's stock valued at $21,062,000 after purchasing an additional 18,426 shares during the period. WIM INVESTMENT MANAGEMENT Ltd acquired a new position in shares of Cloudflare in the third quarter valued at approximately $25,588,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cloudflare by 2.7% in 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 buying an additional 29,960 shares during the period. Birchcreek Wealth Management LLC acquired a new position in shares of Cloudflare in the fourth quarter valued at approximately $215,000. Finally, Strategic Blueprint LLC acquired a new position in shares of Cloudflare in the fourth quarter valued at approximately $265,000. Institutional investors and hedge funds own 82.68% of the company's stock.

Cloudflare Price Performance

Shares of NET traded up $3.68 during mid-day trading on Tuesday, reaching $120.29. The company had a trading volume of 5,898,164 shares, compared to its average volume of 2,998,614. The company's 50 day simple moving average is $135.96 and its 200 day simple moving average is $107.94. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The company has a market capitalization of $41.51 billion, a price-to-earnings ratio of -546.78 and a beta of 1.27.

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Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $145.04, for a total transaction of $7,597,775.36. Following the completion of the transaction, the chief executive officer now owns 413,413 shares in the company, valued at approximately $59,961,421.52. This trade represents a 11.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Janel Riley sold 4,327 shares of the firm'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 transaction, the chief accounting officer now owns 74,698 shares of the company's stock, valued at approximately $12,519,384.80. The trade was a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 597,406 shares of company stock worth $76,705,729 in the last quarter. 12.83% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

NET has been the subject of several research analyst reports. Jefferies Financial Group upped their price target on shares of Cloudflare from $100.00 to $125.00 and gave the company a "hold" rating in a report on Thursday, December 19th. Stifel Nicolaus boosted their price objective on shares of Cloudflare from $136.00 to $175.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Oppenheimer lowered shares of Cloudflare from an "outperform" rating to a "market perform" rating in a research report on Friday, February 7th. Royal Bank of Canada upped their price target on shares of Cloudflare from $123.00 to $170.00 and gave the stock an "outperform" rating in a research report on Friday, February 7th. Finally, Mizuho upped their price target on shares of Cloudflare from $130.00 to $160.00 and gave the stock a "neutral" rating in a research report on Monday, February 10th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Cloudflare currently has a consensus rating of "Hold" and a consensus target price of $136.28.

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.