Axxcess Wealth Management LLC Invests $234,000 in Cloudflare, Inc. (NYSE:NET)

Axxcess Wealth Management LLC purchased a new position in Cloudflare, Inc. (NYSE:NET) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,172 shares of the company’s stock, valued at approximately $234,000.

Other hedge funds have also made changes to their positions in the company. Geode Capital Management LLC raised its position in Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after acquiring an additional 121,810 shares in the last quarter. Generate Investment Management Ltd bought a new position in Cloudflare during the fourth quarter valued at approximately $12,946,000. Worldquant Millennium Advisors LLC bought a new position in Cloudflare during the third quarter valued at approximately $8,535,000. Proficio Capital Partners LLC bought a new position in Cloudflare during the fourth quarter valued at approximately $100,000. Finally, Erste Asset Management GmbH bought a new position in Cloudflare during the third quarter valued at approximately $6,548,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Stock Up 0.9 %

NET opened at $118.95 on Friday. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. 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’s fifty day moving average price is $136.73 and its two-hundred day moving average price is $110.01. The company has a market capitalization of $41.05 billion, a P/E ratio of -540.70 and a beta of 1.27.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. On average, analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the completion of the transaction, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at approximately $28,779,020.89. This trade represents a 5.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Janel Riley sold 4,327 shares of Cloudflare stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total value of $725,205.20. Following the transaction, the chief accounting officer now directly owns 74,698 shares of the company’s stock, valued at approximately $12,519,384.80. The trade was a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 566,766 shares of company stock valued at $73,779,200. 12.83% of the stock is currently owned by company insiders.

Analyst Ratings Changes

NET has been the topic of several recent research reports. Truist Financial raised their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Robert W. Baird reaffirmed a “neutral” rating and set a $140.00 price objective (up previously from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Stifel Nicolaus increased their price target on Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a report on Friday, February 7th. Scotiabank increased their price target on Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a report on Tuesday, January 21st. Finally, Oppenheimer began coverage on Cloudflare in a report on Thursday. They set an “outperform” rating and a $150.00 price target on the stock. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $131.64.

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.