Orion Porfolio Solutions LLC Buys 7,245 Shares of Cloudflare, Inc. $NET

Orion Porfolio Solutions LLC boosted its stake in shares of Cloudflare, Inc. (NYSE:NET) by 51.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,202 shares of the company’s stock after acquiring an additional 7,245 shares during the period. Orion Porfolio Solutions LLC’s holdings in Cloudflare were worth $4,550,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Rakuten Investment Management Inc. purchased a new stake in shares of Cloudflare in the third quarter worth about $138,660,000. Allianz Asset Management GmbH grew its holdings in Cloudflare by 322.4% during the 3rd quarter. Allianz Asset Management GmbH now owns 65,182 shares of the company’s stock valued at $13,987,000 after buying an additional 49,749 shares in the last quarter. National Pension Service grew its holdings in Cloudflare by 1.0% during the 3rd quarter. National Pension Service now owns 618,662 shares of the company’s stock valued at $132,759,000 after buying an additional 5,939 shares in the last quarter. Westfield Capital Management Co. LP bought a new stake in Cloudflare in the 2nd quarter worth approximately $87,868,000. Finally, Swedbank AB increased its stake in Cloudflare by 27.7% in the 3rd quarter. Swedbank AB now owns 43,878 shares of the company’s stock worth $9,416,000 after acquiring an additional 9,527 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on NET. Citigroup increased their target price on Cloudflare from $260.00 to $265.00 and gave the company a “buy” rating in a research report on Thursday, February 12th. Susquehanna set a $190.00 price target on shares of Cloudflare in a research report on Thursday, February 12th. DZ Bank raised shares of Cloudflare from a “hold” rating to a “buy” rating and set a $215.00 price target on the stock in a research note on Friday, February 13th. Zacks Research cut shares of Cloudflare from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 12th. Finally, Wells Fargo & Company boosted their target price on shares of Cloudflare from $265.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Cloudflare has a consensus rating of “Moderate Buy” and a consensus target price of $230.70.

Cloudflare Trading Up 1.3%

NET opened at $194.79 on Monday. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35. The stock’s fifty day moving average is $184.30 and its two-hundred day moving average is $202.59. The company has a market capitalization of $68.23 billion, a P/E ratio of -671.67 and a beta of 1.98. Cloudflare, Inc. has a 52 week low of $89.42 and a 52 week high of $260.00.

Cloudflare (NYSE:NET) last issued its earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.01. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The business had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $591.67 million. During the same period in the prior year, the business earned $0.19 EPS. The business’s revenue for the quarter was up 33.6% compared to the same quarter last year. Analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Transactions at Cloudflare

In related news, Director John Graham-Cumming sold 2,520 shares of the company’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $173.35, for a total value of $436,842.00. Following the completion of the sale, the director directly owned 495,191 shares of the company’s stock, valued at $85,841,359.85. This represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Janel Riley sold 23,332 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $190.00, for a total transaction of $4,433,080.00. Following the transaction, the chief accounting officer owned 56,791 shares in the company, valued at approximately $10,790,290. The trade was a 29.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 577,492 shares of company stock valued at $107,933,433 over the last three months. 10.89% of the stock is currently owned by corporate insiders.

Cloudflare Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.