Meeder Advisory Services Inc. Acquires New Position in Cloudflare, Inc. (NYSE:NET)

Meeder Advisory Services Inc. bought a new stake in Cloudflare, Inc. (NYSE:NET) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,189 shares of the company’s stock, valued at approximately $212,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Reynders McVeigh Capital Management LLC raised its holdings in Cloudflare by 33.3% during the first quarter. Reynders McVeigh Capital Management LLC now owns 128,754 shares of the company’s stock worth $12,468,000 after purchasing an additional 32,199 shares in the last quarter. Swiss National Bank raised its holdings in Cloudflare by 2.0% during the first quarter. Swiss National Bank now owns 886,900 shares of the company’s stock worth $85,879,000 after purchasing an additional 17,700 shares in the last quarter. Forsta AP Fonden raised its holdings in Cloudflare by 20.2% during the first quarter. Forsta AP Fonden now owns 63,000 shares of the company’s stock worth $6,100,000 after purchasing an additional 10,600 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in Cloudflare by 60.4% during the first quarter. Oppenheimer & Co. Inc. now owns 11,442 shares of the company’s stock worth $1,108,000 after purchasing an additional 4,307 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in Cloudflare by 302.5% during the first quarter. SG Americas Securities LLC now owns 25,174 shares of the company’s stock worth $2,438,000 after purchasing an additional 18,919 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Stock Performance

Shares of NET traded up $0.14 during trading hours on Tuesday, reaching $83.57. 509,410 shares of the company traded hands, compared to its average volume of 3,609,980. The stock’s fifty day moving average is $76.58 and its 200 day moving average is $85.38. The stock has a market cap of $28.40 billion, a P/E ratio of -158.51 and a beta of 1.10. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare, Inc. has a 1-year low of $53.88 and a 1-year high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $378.60 million during the quarter, compared to analyst estimates of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. Equities research analysts anticipate that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on NET shares. Cantor Fitzgerald reissued a “neutral” rating and set a $80.00 target price on shares of Cloudflare in a report on Friday, June 21st. KeyCorp dropped their target price on Cloudflare from $132.00 to $94.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. Wolfe Research began coverage on Cloudflare in a report on Tuesday. They issued a “peer perform” rating on the stock. Susquehanna dropped their price target on Cloudflare from $115.00 to $80.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. Finally, JPMorgan Chase & Co. dropped their price target on Cloudflare from $90.00 to $80.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Cloudflare presently has an average rating of “Hold” and a consensus target price of $90.92.

Insider Activity

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $74.67, for a total value of $3,911,513.28. Following the completion of the transaction, the chief executive officer now owns 230,612 shares of the company’s stock, valued at $17,219,798.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $84.97, for a total transaction of $1,274,550.00. Following the sale, the chief financial officer now directly owns 309,937 shares of the company’s stock, valued at $26,335,346.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $74.67, for a total transaction of $3,911,513.28. Following the completion of the transaction, the chief executive officer now directly owns 230,612 shares in the company, valued at $17,219,798.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 751,231 shares of company stock valued at $58,814,167. Insiders own 12.83% of the company’s stock.

Cloudflare Company 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.