Independent Advisor Alliance Boosts Position in Cloudflare, Inc. (NYSE:NET)

Independent Advisor Alliance boosted its holdings in Cloudflare, Inc. (NYSE:NET) by 0.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 28,292 shares of the company’s stock after purchasing an additional 130 shares during the quarter. Independent Advisor Alliance’s holdings in Cloudflare were worth $3,046,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Daiwa Securities Group Inc. raised its holdings in Cloudflare by 3.5% in the fourth quarter. Daiwa Securities Group Inc. now owns 23,552 shares of the company’s stock valued at $2,536,000 after buying an additional 800 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cloudflare by 1.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,689 shares of the company’s stock valued at $9,012,000 after purchasing an additional 1,360 shares during the period. OFI Invest Asset Management purchased a new stake in shares of Cloudflare during the fourth quarter valued at approximately $525,000. Personal CFO Solutions LLC purchased a new stake in shares of Cloudflare during the fourth quarter valued at approximately $266,000. Finally, Larson Financial Group LLC raised its stake in shares of Cloudflare by 1,988.5% during the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock valued at $58,000 after purchasing an additional 517 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Insider Activity

In related news, insider Douglas James Kramer sold 2,481 shares of Cloudflare stock in a transaction dated 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. The trade was a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $113.00, for a total transaction of $5,919,392.00. Following the sale, the chief executive officer now owns 10,762 shares in the company, valued at approximately $1,216,106. This represents a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 571,766 shares of company stock valued at $73,804,307. 12.83% of the stock is currently owned by company insiders.

Cloudflare Stock Performance

Shares of NET opened at $119.18 on Thursday. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $177.37. The company has a market cap of $41.13 billion, a price-to-earnings ratio of -541.73 and a beta of 1.27. 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 firm has a fifty day moving average of $136.21 and a 200-day moving average of $108.20.

Cloudflare (NYSE:NET) last announced its quarterly 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 net margin of 4.72% and a negative return on equity of 5.52%. As a group, equities analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on NET shares. Royal Bank of Canada lifted their price objective on shares of Cloudflare from $123.00 to $170.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. Truist Financial lifted their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. JMP Securities lifted their price objective on shares of Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a research note on Friday, February 7th. Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $95.00 to $145.00 in a research note on Friday, January 17th. Finally, Needham & Company LLC reissued a “buy” rating and set a $185.00 price target on shares of Cloudflare in a research report on Tuesday, February 18th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Cloudflare presently has an average rating of “Hold” and an average price target 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.