Meridian Wealth Management LLC Has $756,000 Position in Cloudflare, Inc. (NYSE:NET)

Meridian Wealth Management LLC lowered its position in Cloudflare, Inc. (NYSE:NET) by 2.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,017 shares of the company’s stock after selling 181 shares during the quarter. Meridian Wealth Management LLC’s holdings in Cloudflare were worth $756,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Hartline Investment Corp raised its position in shares of Cloudflare by 7.6% in 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 bought a new position in shares of Cloudflare in the third quarter valued at about $25,588,000. Charles Schwab Investment Management Inc. raised its position 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 purchasing an additional 29,960 shares during the period. National Pension Service raised its position in shares of Cloudflare by 0.9% in the third quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after purchasing an additional 4,062 shares during the period. Finally, Birchcreek Wealth Management LLC bought a new position in shares of Cloudflare in the fourth quarter valued at about $215,000. 82.68% of the stock is owned by institutional investors.

Cloudflare Trading Down 1.3 %

NET opened at $141.00 on Wednesday. The company’s 50 day moving average is $133.93 and its 200-day moving average is $106.20. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. 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 company has a market cap of $48.39 billion, a P/E ratio of -640.89 and a beta of 1.12.

Cloudflare (NYSE:NET) 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%. Equities research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare 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 sale, the chief executive officer now directly owns 413,413 shares in the company, valued at $59,961,421.52. This trade represents a 11.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $112.68, for a total transaction of $2,889,115.20. Following the sale, the chief operating officer now owns 172,959 shares in the company, valued at approximately $19,489,020.12. This represents a 12.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 623,046 shares of company stock worth $79,594,844 in the last ninety days. Company insiders own 12.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NET. Cantor Fitzgerald increased their price objective on shares of Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Morgan Stanley raised their price target on shares of Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. The Goldman Sachs Group raised their price target on shares of Cloudflare from $140.00 to $183.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Guggenheim raised their price target on shares of Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a research report on Friday, February 7th. Finally, Scotiabank raised their price target on shares of Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research report on Tuesday, January 21st. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $136.28.

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.