Independence Bank of Kentucky Purchases 3,155 Shares of Cloudflare, Inc. (NYSE:NET)

Independence Bank of Kentucky increased its stake in shares of Cloudflare, Inc. (NYSE:NETFree Report) by 184.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 4,870 shares of the company’s stock after acquiring an additional 3,155 shares during the quarter. Independence Bank of Kentucky’s holdings in Cloudflare were worth $405,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of NET. PNC Financial Services Group Inc. grew its holdings in Cloudflare by 48.6% during the first quarter. PNC Financial Services Group Inc. now owns 8,903 shares of the company’s stock worth $1,066,000 after buying an additional 2,912 shares in the last quarter. MetLife Investment Management LLC purchased a new position in shares of Cloudflare during the 1st quarter valued at $1,950,000. Synovus Financial Corp purchased a new position in shares of Cloudflare during the 1st quarter valued at $439,000. Cibc World Market Inc. lifted its holdings in Cloudflare by 16.8% during the 1st quarter. Cibc World Market Inc. now owns 21,811 shares of the company’s stock worth $2,611,000 after purchasing an additional 3,140 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Cloudflare by 10.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 181,514 shares of the company’s stock worth $21,732,000 after purchasing an additional 17,681 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Down 0.7 %

Shares of NET stock opened at $94.98 on Wednesday. Cloudflare, Inc. has a 1 year low of $39.90 and a 1 year high of $116.00. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50. The stock’s 50 day simple moving average is $94.29 and its two-hundred day simple moving average is $79.12.

Cloudflare (NYSE:NETGet Free Report) last issued its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. The firm had revenue of $362.47 million for the quarter, compared to the consensus estimate of $352.70 million. Equities research analysts anticipate that Cloudflare, Inc. will post -0.2 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Capital One Financial assumed coverage on Cloudflare in a report on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 price objective on the stock. JMP Securities increased their price objective on Cloudflare from $75.00 to $90.00 and gave the company a “market outperform” rating in a research report on Wednesday, January 31st. Truist Financial increased their price objective on Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Wells Fargo & Company increased their price objective on Cloudflare from $95.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $100.00 price objective (up from $70.00) on shares of Cloudflare in a research report on Friday, February 9th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $87.50.

View Our Latest Research Report on Cloudflare

Insider Transactions at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 7,970 shares of the firm’s stock in a transaction on Wednesday, January 10th. The stock was sold at an average price of $82.35, for a total transaction of $656,329.50. Following the transaction, the director now directly owns 1,569,530 shares in the company, valued at approximately $129,250,795.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cloudflare news, Director Carl Ledbetter sold 7,970 shares of the firm’s stock in a transaction on Wednesday, January 10th. The stock was sold at an average price of $82.35, for a total transaction of $656,329.50. Following the transaction, the director now directly owns 1,569,530 shares in the company, valued at approximately $129,250,795.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $79.60, for a total value of $238,800.00. Following the transaction, the insider now owns 216,114 shares in the company, valued at $17,202,674.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,054,762 shares of company stock worth $99,368,454. 14.80% of the stock is currently owned by company insiders.

Cloudflare Profile

(Free Report)

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.

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Want to see what other hedge funds are holding NET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cloudflare, Inc. (NYSE:NETFree Report).

Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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