Vanguard Group Inc. Acquires 821,684 Shares of Cloudflare, Inc. $NET

Vanguard Group Inc. grew its stake in Cloudflare, Inc. (NYSE:NET) by 2.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 32,317,249 shares of the company’s stock after purchasing an additional 821,684 shares during the quarter. Vanguard Group Inc. owned about 0.09% of Cloudflare worth $6,934,958,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Physician Wealth Advisors Inc. lifted its stake in Cloudflare by 693.3% in the third quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock valued at $26,000 after buying an additional 104 shares during the period. Westside Investment Management Inc. boosted its stake in Cloudflare by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock worth $28,000 after acquiring an additional 65 shares during the last quarter. Twin Peaks Wealth Advisors LLC acquired a new position in Cloudflare during the second quarter valued at approximately $29,000. ORG Wealth Partners LLC increased its stake in Cloudflare by 101.4% in the third quarter. ORG Wealth Partners LLC now owns 139 shares of the company’s stock valued at $30,000 after purchasing an additional 70 shares in the last quarter. Finally, Cloud Capital Management LLC bought a new stake in Cloudflare in the third quarter valued at approximately $31,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

NET has been the subject of a number of recent analyst reports. Stifel Nicolaus upped their price objective on shares of Cloudflare from $230.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, October 31st. JMP Securities set a $270.00 target price on Cloudflare in a research note on Friday, October 31st. DZ Bank raised Cloudflare from a “hold” rating to a “buy” rating and set a $215.00 price target on the stock in a research report on Friday. Scotiabank decreased their price objective on Cloudflare from $255.00 to $225.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 11th. Finally, Piper Sandler increased their target price on Cloudflare from $220.00 to $222.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Cloudflare presently has a consensus rating of “Moderate Buy” and a consensus price target of $232.11.

Cloudflare Price Performance

Shares of NET opened at $196.00 on Tuesday. The company has a 50 day moving average of $190.07 and a 200-day moving average of $204.75. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $68.66 billion, a P/E ratio of -675.84 and a beta of 1.97. Cloudflare, Inc. has a twelve month low of $89.42 and a twelve month high of $260.00.

Cloudflare (NYSE:NET) last announced its earnings results on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.27 by $0.01. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.40%. The business had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $591.67 million. During the same quarter in the prior year, the company posted $0.19 earnings per share. The firm’s revenue was up 33.6% on a year-over-year basis. As a group, equities research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $178.37, for a total transaction of $1,783,700.00. Following the completion of the transaction, the chief financial officer directly owned 137,486 shares of the company’s stock, valued at approximately $24,523,377.82. This represents a 6.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $176.19, for a total value of $528,570.00. Following the completion of the transaction, the insider owned 101,101 shares of the company’s stock, valued at approximately $17,812,985.19. This represents a 2.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 562,475 shares of company stock valued at $110,342,859 in the last quarter. 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.