Taylor Frigon Capital Management LLC Raises Position in Cloudflare, Inc. (NYSE:NET)

Taylor Frigon Capital Management LLC boosted its stake in Cloudflare, Inc. (NYSE:NET – Get Rating) by 33.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,032 shares of the company’s stock after buying an additional 10,138 shares during the quarter. Taylor Frigon Capital Management LLC’s holdings in Cloudflare were worth $2,214,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Antonetti Capital Management LLC purchased a new position in Cloudflare in the 2nd quarter worth approximately $35,000. Patriot Financial Group Insurance Agency LLC lifted its stake in Cloudflare by 82.6% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,176 shares of the company’s stock worth $51,000 after purchasing an additional 532 shares in the last quarter. SeaCrest Wealth Management LLC purchased a new position in Cloudflare in the 2nd quarter worth approximately $52,000. Benjamin F. Edwards & Company Inc. lifted its stake in Cloudflare by 92.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 1,456 shares of the company’s stock worth $81,000 after purchasing an additional 700 shares in the last quarter. Finally, Sawtooth Solutions LLC purchased a new position in Cloudflare in the 1st quarter worth approximately $215,000. 69.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on NET shares. Credit Suisse Group decreased their target price on shares of Cloudflare from $125.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, November 4th. KeyCorp decreased their target price on shares of Cloudflare from $98.00 to $59.00 and set an “overweight” rating on the stock in a research note on Friday, November 4th. Jefferies Financial Group reduced their price target on shares of Cloudflare from $70.00 to $60.00 and set a “hold” rating on the stock in a research report on Tuesday, October 25th. Guggenheim lowered shares of Cloudflare from a “neutral” rating to a “sell” rating and set a $36.00 price target on the stock. in a research report on Tuesday, January 17th. Finally, Piper Sandler reduced their price target on shares of Cloudflare from $58.00 to $46.00 in a research report on Tuesday, January 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Cloudflare currently has an average rating of “Hold” and an average price target of $75.13.

Insiders Place Their Bets

In other Cloudflare news, CFO Thomas J. Seifert sold 20,000 shares of the business’s stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $45.07, for a total value of $901,400.00. Following the completion of the transaction, the chief financial officer now owns 86,433 shares in the company, valued at $3,895,535.31. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Cloudflare news, General Counsel Douglas James Kramer sold 4,500 shares of the business’s stock in a transaction on Friday, November 11th. The shares were sold at an average price of $50.00, for a total value of $225,000.00. Following the completion of the transaction, the general counsel now owns 55,644 shares in the company, valued at $2,782,200. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 20,000 shares of the business’s stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $45.07, for a total transaction of $901,400.00. Following the completion of the transaction, the chief financial officer now owns 86,433 shares of the company’s stock, valued at approximately $3,895,535.31. The disclosure for this sale can be found here. Insiders sold a total of 495,785 shares of company stock worth $22,885,776 over the last 90 days. Corporate insiders own 15.99% of the company’s stock.

Cloudflare Trading Down 6.4 %

Cloudflare stock traded down $3.00 during trading on Wednesday, hitting $43.67. The company had a trading volume of 2,344,508 shares, compared to its average volume of 4,397,560. Cloudflare, Inc. has a 1-year low of $37.37 and a 1-year high of $132.45. The company has a current ratio of 5.35, a quick ratio of 5.35 and a debt-to-equity ratio of 2.42. The company’s 50 day simple moving average is $45.65 and its 200-day simple moving average is $53.21. The stock has a market cap of $14.35 billion, a price-to-earnings ratio of -62.53 and a beta of 1.03.

Cloudflare (NYSE:NET – Get Rating) last posted its earnings results on Thursday, November 3rd. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. Cloudflare had a negative net margin of 25.16% and a negative return on equity of 27.82%. The firm had revenue of $253.86 million during the quarter, compared to the consensus estimate of $250.20 million. As a group, analysts expect that Cloudflare, Inc. will post -0.4 EPS for the current fiscal year.

Cloudflare Company Profile

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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.