Rakuten Securities Inc. Purchases 1,298 Shares of Cloudflare, Inc. (NYSE:NET)

Rakuten Securities Inc. lifted its stake in Cloudflare, Inc. (NYSE:NET) by 151.3% during the first quarter, HoldingsChannel.com reports. The firm owned 2,156 shares of the company’s stock after purchasing an additional 1,298 shares during the quarter. Rakuten Securities Inc.’s holdings in Cloudflare were worth $243,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. NBC Securities Inc. purchased a new stake in shares of Cloudflare during the first quarter valued at $27,000. GPS Wealth Strategies Group LLC lifted its stake in Cloudflare by 213.4% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company’s stock valued at $29,000 after acquiring an additional 175 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Cloudflare by 115.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock valued at $30,000 after acquiring an additional 142 shares during the last quarter. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Cloudflare in the fourth quarter worth approximately $43,000. Finally, Global Financial Private Client LLC raised its holdings in shares of Cloudflare by 38,100.0% during the first quarter. Global Financial Private Client LLC now owns 382 shares of the company’s stock valued at $43,000 after purchasing an additional 381 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $117.32, for a total value of $6,145,690.88. Following the transaction, the chief executive officer now directly owns 413,413 shares in the company, valued at $48,501,613.16. This trade represents a 11.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 10,000 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $120.00, for a total transaction of $1,200,000.00. Following the transaction, the chief financial officer now owns 293,582 shares in the company, valued at approximately $35,229,840. This trade represents a 3.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 609,601 shares of company stock worth $87,251,258 in the last quarter. Company insiders own 10.89% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on NET shares. Morgan Stanley increased their price target on Cloudflare from $144.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, May 9th. Royal Bank of Canada lowered their target price on Cloudflare from $170.00 to $148.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Piper Sandler restated a “neutral” rating and set a $151.00 price target (up from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. KeyCorp assumed coverage on shares of Cloudflare in a research report on Friday, June 6th. They set an “overweight” rating and a $210.00 price target for the company. Finally, Capital One Financial upgraded shares of Cloudflare from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 8th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $145.92.

Cloudflare Stock Performance

NYSE:NET opened at $179.15 on Tuesday. Cloudflare, Inc. has a 12 month low of $69.26 and a 12 month high of $181.81. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The firm has a market capitalization of $62.10 billion, a PE ratio of -814.33 and a beta of 1.84. The business’s fifty day moving average price is $141.25 and its 200 day moving average price is $130.84.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The company had revenue of $479.09 million during the quarter, compared to analysts’ expectations of $469.49 million. During the same period last year, the firm earned $0.16 earnings per share. Cloudflare’s revenue was up 26.5% on a year-over-year basis. On average, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Cloudflare Company Profile

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.