Cloudflare, Inc. (NYSE:NET) Shares Purchased by Independent Solutions Wealth Management LLC

Independent Solutions Wealth Management LLC raised its position in Cloudflare, Inc. (NYSE:NET) by 4.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,829 shares of the company’s stock after acquiring an additional 147 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in Cloudflare were worth $431,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of NET. Groupama Asset Managment acquired a new stake in Cloudflare during the 4th quarter worth approximately $269,200,000. Norges Bank purchased a new stake in shares of Cloudflare during the fourth quarter worth $249,544,000. American Century Companies Inc. increased its position in shares of Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after acquiring an additional 1,017,399 shares during the period. Fred Alger Management LLC raised its stake in shares of Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock valued at $100,604,000 after acquiring an additional 836,591 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock valued at $116,178,000 after purchasing an additional 804,059 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NET has been the topic of several recent research reports. CICC Research upgraded Cloudflare from a “market perform” rating to an “outperform” rating and set a $154.00 price target on the stock in a report on Monday, May 12th. Oppenheimer reissued an “outperform” rating and set a $200.00 price objective (up from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. Bank of America raised shares of Cloudflare from an “underperform” rating to a “buy” rating and raised their target price for the company from $60.00 to $160.00 in a report on Tuesday, March 25th. Cowen reiterated a “buy” rating on shares of Cloudflare in a research note on Monday, June 16th. Finally, Mizuho raised shares of Cloudflare from a “neutral” rating to an “outperform” rating and set a $135.00 price objective on the stock in a research report on Wednesday, April 16th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $145.92.

Cloudflare Stock Up 1.5%

NET opened at $186.63 on Wednesday. Cloudflare, Inc. has a one year low of $69.26 and a one year high of $187.90. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The stock has a market capitalization of $64.69 billion, a P/E ratio of -811.45 and a beta of 1.84. The business’s 50-day simple moving average is $150.04 and its 200-day simple moving average is $133.74.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The firm had revenue of $479.09 million for the quarter, compared to analysts’ expectations of $469.49 million. During the same quarter in the prior year, the business earned $0.16 EPS. The company’s quarterly revenue was up 26.5% compared to the same quarter last year. Analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Transactions at Cloudflare

In related news, CFO Thomas J. Seifert sold 10,000 shares of the business’s stock in a transaction dated Friday, April 25th. The stock was sold at an average price of $120.14, for a total value of $1,201,400.00. Following the transaction, the chief financial officer now owns 293,582 shares in the company, valued at $35,270,941.48. The trade was a 3.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $100.88, for a total value of $5,284,497.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 541,627 shares of company stock worth $80,182,952. Insiders own 10.89% of the company’s stock.

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.