Cloudflare, Inc. $NET Shares Bought by ICONIQ Capital LLC

ICONIQ Capital LLC raised its position in Cloudflare, Inc. (NYSE:NET) by 983.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,136 shares of the company’s stock after buying an additional 21,000 shares during the period. ICONIQ Capital LLC’s holdings in Cloudflare were worth $4,965,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of NET. Physician Wealth Advisors Inc. boosted its stake in shares of Cloudflare by 693.3% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock worth $26,000 after acquiring an additional 104 shares in the last quarter. Westside Investment Management Inc. increased its stake in shares of Cloudflare by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock valued at $28,000 after purchasing an additional 65 shares in the last quarter. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Cloudflare in the 2nd quarter valued at about $29,000. ORG Wealth Partners LLC raised its holdings in Cloudflare by 101.4% in the 3rd quarter. ORG Wealth Partners LLC now owns 139 shares of the company’s stock worth $30,000 after purchasing an additional 70 shares during the period. Finally, Cloud Capital Management LLC acquired a new position in Cloudflare in the 3rd quarter worth about $31,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Buying and Selling at Cloudflare

In other news, CFO Thomas J. Seifert sold 41,557 shares of the company’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $185.04, for a total transaction of $7,689,707.28. Following the completion of the sale, the chief financial officer owned 85,452 shares of the company’s stock, valued at $15,812,038.08. This represents a 32.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michelle Zatlyn sold 35,080 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $187.39, for a total transaction of $6,573,641.20. Following the completion of the sale, the insider owned 34,514 shares of the company’s stock, valued at $6,467,578.46. This trade represents a 50.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 523,690 shares of company stock worth $96,821,800. Corporate insiders own 10.89% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on NET shares. Truist Financial set a $225.00 price objective on Cloudflare in a report on Tuesday, January 20th. Barclays upped their target price on Cloudflare from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cloudflare in a research report on Wednesday, January 21st. Wolfe Research reissued a “peer perform” rating on shares of Cloudflare in a research note on Monday, January 26th. Finally, Piper Sandler boosted their price target on shares of Cloudflare from $220.00 to $222.00 and gave the stock a “neutral” rating in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $233.38.

Cloudflare Price Performance

Shares of Cloudflare stock opened at $212.46 on Monday. The business has a 50 day simple moving average of $185.42 and a two-hundred day simple moving average of $203.00. Cloudflare, Inc. has a 12 month low of $89.42 and a 12 month high of $260.00. The stock has a market capitalization of $74.42 billion, a P/E ratio of -732.59 and a beta of 1.98. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.98 and a quick ratio of 1.98.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $614.51 million for the quarter, compared to analyst estimates of $591.67 million. During the same period in the previous year, the company posted $0.19 earnings per share. The business’s revenue was up 33.6% on a year-over-year basis. As a group, analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Cloudflare Company 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.