Prospect Financial Services LLC Purchases Shares of 1,134 Cloudflare, Inc. $NET

Prospect Financial Services LLC purchased a new position in shares of Cloudflare, Inc. (NYSE:NET) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,134 shares of the company’s stock, valued at approximately $222,000.

Several other hedge funds and other institutional investors have also modified their holdings of NET. Vanguard Group Inc. increased its position in Cloudflare by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 30,836,909 shares of the company’s stock worth $3,475,011,000 after purchasing an additional 538,850 shares in the last quarter. Geode Capital Management LLC grew its stake in Cloudflare by 5.1% during the second quarter. Geode Capital Management LLC now owns 5,536,679 shares of the company’s stock worth $1,081,533,000 after buying an additional 270,227 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Cloudflare by 33.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,129,030 shares of the company’s stock worth $352,610,000 after purchasing an additional 786,063 shares during the period. American Century Companies Inc. boosted its position in Cloudflare by 34.5% during the 1st quarter. American Century Companies Inc. now owns 3,037,420 shares of the company’s stock worth $342,287,000 after purchasing an additional 779,819 shares during the period. Finally, Northern Trust Corp increased its holdings in Cloudflare by 1.7% in the 1st quarter. Northern Trust Corp now owns 1,880,888 shares of the company’s stock valued at $211,957,000 after purchasing an additional 31,745 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NET. Needham & Company LLC boosted their price objective on Cloudflare from $240.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Piper Sandler boosted their price target on Cloudflare from $224.00 to $249.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. Jefferies Financial Group started coverage on shares of Cloudflare in a research report on Friday, October 31st. They issued a “hold” rating and a $250.00 price objective for the company. DZ Bank upgraded shares of Cloudflare from a “sell” rating to a “hold” rating and set a $237.00 price objective on the stock in a research note on Wednesday, November 5th. Finally, Morgan Stanley boosted their target price on shares of Cloudflare from $225.00 to $235.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Cloudflare presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.35.

Cloudflare Trading Down 5.4%

NET opened at $213.58 on Friday. The stock has a market capitalization of $74.81 billion, a PE ratio of -711.93 and a beta of 2.10. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.04 and a quick ratio of 2.04. Cloudflare, Inc. has a 12-month low of $87.77 and a 12-month high of $260.00. The firm’s fifty day moving average price is $222.12 and its 200 day moving average price is $194.39.

Insider Transactions at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $226.46, for a total transaction of $11,862,880.64. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 41,555 shares of Cloudflare stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $190.64, for a total value of $7,922,045.20. Following the completion of the transaction, the chief financial officer owned 189,517 shares of the company’s stock, valued at approximately $36,129,520.88. The trade was a 17.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 638,060 shares of company stock valued at $133,217,328. Insiders own 10.89% of the company’s stock.

Cloudflare 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.