Proficio Capital Partners LLC Acquires Shares of 100,358 Cloudflare, Inc. (NYSE:NET)

Proficio Capital Partners LLC bought a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 100,358 shares of the company's stock, valued at approximately $100,000.

Several other institutional investors also recently bought and sold shares of NET. Quarry LP grew its holdings in 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. Quest Partners LLC bought a new stake in shares of Cloudflare in the third quarter worth about $54,000. Versant Capital Management Inc increased its holdings in Cloudflare by 44.9% during 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 period. GAMMA Investing LLC raised its position in Cloudflare by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company's stock valued at $63,000 after purchasing an additional 217 shares during the last quarter. Finally, Financial Life Planners purchased a new stake in Cloudflare in the 4th quarter worth approximately $81,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NET has been the subject of a number of recent analyst reports. Jefferies Financial Group upped their target price on Cloudflare from $100.00 to $125.00 and gave the company a "hold" rating in a report on Thursday, December 19th. Wells Fargo & Company raised their target price on shares of Cloudflare from $135.00 to $150.00 and gave the stock an "overweight" rating in a research report on Monday, January 27th. Truist Financial increased their price target 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. Cantor Fitzgerald lifted their price objective on Cloudflare from $111.00 to $149.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Finally, UBS Group decreased their target price on Cloudflare from $165.00 to $135.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Cloudflare currently has a consensus rating of "Hold" and a consensus price target of $135.64.

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Cloudflare Stock Performance

Cloudflare stock traded up $4.19 during midday trading on Wednesday, reaching $119.85. 4,203,970 shares of the company traded hands, compared to its average volume of 3,097,320. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The business has a 50 day moving average of $137.24 and a two-hundred day moving average of $112.34. The firm has a market capitalization of $41.36 billion, a price-to-earnings ratio of -544.77 and a beta of 1.27.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (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, research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Transactions at Cloudflare

In other news, insider Douglas James Kramer sold 2,481 shares of the firm's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following the sale, the insider now directly owns 175,688 shares in the company, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the company's stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the completion of the transaction, the chief financial officer now directly owns 252,869 shares of the company's stock, valued at $28,779,020.89. This represents a 5.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 627,046 shares of company stock worth $81,158,262 in the last 90 days. 12.83% of the stock is currently owned by 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.