Whetstone Capital Advisors LLC lowered its holdings in shares of Cloudflare, Inc. (NYSE:NET – Free Report) by 5.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 293,031 shares of the company’s stock after selling 18,154 shares during the quarter. Cloudflare accounts for about 18.0% of Whetstone Capital Advisors LLC’s portfolio, making the stock its 2nd largest position. Whetstone Capital Advisors LLC’s holdings in Cloudflare were worth $57,771,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. IMA Advisory Services Inc. raised its stake in shares of Cloudflare by 4.5% in the fourth quarter. IMA Advisory Services Inc. now owns 1,290 shares of the company’s stock valued at $254,000 after acquiring an additional 55 shares during the period. Brown Brothers Harriman & Co. raised its stake in shares of Cloudflare by 55.4% in the third quarter. Brown Brothers Harriman & Co. now owns 157 shares of the company’s stock valued at $34,000 after acquiring an additional 56 shares during the period. Silver Oak Securities Incorporated raised its stake in shares of Cloudflare by 5.5% in the fourth quarter. Silver Oak Securities Incorporated now owns 1,090 shares of the company’s stock valued at $218,000 after acquiring an additional 57 shares during the period. Certuity LLC raised its stake in shares of Cloudflare by 1.8% in the fourth quarter. Certuity LLC now owns 3,156 shares of the company’s stock valued at $622,000 after acquiring an additional 57 shares during the period. Finally, Rothschild Investment LLC raised its stake in shares of Cloudflare by 37.4% in the third quarter. Rothschild Investment LLC now owns 224 shares of the company’s stock valued at $48,000 after acquiring an additional 61 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.
Cloudflare Trading Down 0.3%
NET stock opened at $227.91 on Monday. The company has a market capitalization of $80.56 billion, a PE ratio of -911.62, a P/E/G ratio of 481.14 and a beta of 1.70. Cloudflare, Inc. has a 12 month low of $158.83 and a 12 month high of $276.82. The firm’s 50-day moving average is $216.10 and its 200 day moving average is $201.73. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.96 and a quick ratio of 1.96.
Analyst Upgrades and Downgrades
NET has been the topic of several recent analyst reports. Mizuho increased their target price on shares of Cloudflare from $235.00 to $260.00 and gave the company an “outperform” rating in a research note on Wednesday. Morgan Stanley reissued an “overweight” rating and issued a $305.00 target price on shares of Cloudflare in a research note on Thursday, June 4th. Barclays reissued an “overweight” rating and issued a $250.00 target price on shares of Cloudflare in a research note on Monday, June 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Cloudflare in a research note on Monday, April 20th. Finally, KeyCorp reissued an “overweight” rating on shares of Cloudflare in a research note on Wednesday. Twenty-one analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Cloudflare currently has a consensus rating of “Moderate Buy” and a consensus target price of $241.35.
Get Our Latest Stock Report on Cloudflare
Key Headlines Impacting Cloudflare
Here are the key news stories impacting Cloudflare this week:
- Positive Sentiment: Truist Financial raised its price target on Cloudflare to $250 from $225 and reiterated a buy rating, implying further upside from current levels. Truist raises Cloudflare price target
- Positive Sentiment: Morgan Stanley also sharply increased its Cloudflare price target, adding to the bullish analyst backdrop and reinforcing the view that expectations for the company are improving. Morgan Stanley raises Cloudflare price target
- Positive Sentiment: Barclays kept a buy rating on Cloudflare, while other reports noted Wall Street’s overall average recommendation remains equivalent to a Buy, supporting investor confidence in the stock. Barclays keeps buy rating on Cloudflare
- Positive Sentiment: Zacks said Cloudflare may be well poised for a surge because of solid earnings estimate revisions, which often signals improving fundamentals and stronger near-term sentiment. Zacks says Cloudflare may surge
- Neutral Sentiment: Jim Cramer commented that Cloudflare’s long-term direction looks “pretty fabulous,” but also noted the stock has been volatile, making the takeaway more of a commentary on long-term prospects than a direct catalyst. Jim Cramer comments on Cloudflare
- Negative Sentiment: One report flagged a new sell recommendation for Cloudflare, suggesting some analysts remain cautious despite the broader bullish tone. Cloudflare new sell recommendation
Insider Buying and Selling
In other Cloudflare news, insider Alissa Michelle Starzak sold 16,243 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $216.15, for a total transaction of $3,510,924.45. Following the transaction, the insider owned 118,395 shares of the company’s stock, valued at approximately $25,591,079.25. This trade represents a 12.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $210.02, for a total transaction of $11,001,687.68. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 475,400 shares of company stock valued at $100,851,370 in the last 90 days. Company insiders own 10.66% of the company’s stock.
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.
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