Kovack Advisors Inc. Purchases Shares of 2,400 Cloudflare, Inc. (NYSE:NET)

Kovack Advisors Inc. purchased a new stake in Cloudflare, Inc. (NYSE:NET) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,400 shares of the company’s stock, valued at approximately $258,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NET. Allspring Global Investments Holdings LLC raised its stake in Cloudflare by 13.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after buying an additional 119 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Cloudflare by 21.1% in the third quarter. Assenagon Asset Management S.A. now owns 3,455 shares of the company’s stock valued at $279,000 after purchasing an additional 602 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Cloudflare by 20.7% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 25,014 shares of the company’s stock valued at $2,023,000 after purchasing an additional 4,298 shares during the period. Pallas Capital Advisors LLC acquired a new position in shares of Cloudflare in the third quarter valued at about $248,000. Finally, abrdn plc increased its holdings in shares of Cloudflare by 30.9% in the third quarter. abrdn plc now owns 76,770 shares of the company’s stock valued at $6,210,000 after purchasing an additional 18,132 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on NET. Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and increased their price objective for the company from $95.00 to $145.00 in a report on Friday, January 17th. Guggenheim increased their price objective on Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a report on Friday, February 7th. Royal Bank of Canada increased their price objective on Cloudflare from $123.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Needham & Company LLC reissued a “buy” rating and issued a $185.00 price objective on shares of Cloudflare in a report on Tuesday, February 18th. Finally, Mizuho increased their price objective on Cloudflare from $130.00 to $160.00 and gave the company a “neutral” rating in a report on Monday, February 10th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $136.28.

Insider Buying and Selling

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $111.90, for a total transaction of $5,861,769.60. Following the sale, the chief executive officer now directly owns 10,762 shares of the company’s stock, valued at $1,204,267.80. The trade was a 82.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $109.90, for a total transaction of $1,648,500.00. Following the transaction, the chief financial officer now owns 252,869 shares in the company, valued at approximately $27,790,303.10. This represents a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 638,046 shares of company stock valued at $81,243,344 over the last quarter. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Stock Up 3.4 %

Shares of NYSE NET opened at $145.48 on Friday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The firm has a market cap of $49.93 billion, a price-to-earnings ratio of -661.26 and a beta of 1.12. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $177.37. The stock’s 50-day simple moving average is $133.31 and its 200-day simple moving average is $105.43.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, equities 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.