CoreCap Advisors LLC Raises Stock Holdings in Cloudflare, Inc. (NYSE:NET)

CoreCap Advisors LLC boosted its stake in Cloudflare, Inc. (NYSE:NET) by 218.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 554 shares of the company’s stock after buying an additional 380 shares during the period. CoreCap Advisors LLC’s holdings in Cloudflare were worth $60,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Hartline Investment Corp raised its holdings in Cloudflare by 1.5% in the 4th quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock valued at $28,464,000 after buying an additional 3,957 shares during the period. Birchcreek Wealth Management LLC purchased a new stake in Cloudflare in the 4th quarter valued at about $215,000. Strategic Blueprint LLC purchased a new stake in Cloudflare in the 4th quarter valued at about $265,000. Clarendon Private LLC purchased a new stake in Cloudflare in the 4th quarter valued at about $293,000. Finally, Savant Capital LLC acquired a new position in Cloudflare in the 4th quarter valued at about $237,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cloudflare

In other news, CAO Janel Riley sold 4,327 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the sale, the chief accounting officer now owns 74,698 shares in the company, valued at $12,519,384.80. This represents a 5.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas J. Seifert sold 28,635 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $162.07, for a total value of $4,640,874.45. Following the sale, the chief financial officer now owns 293,582 shares of the company’s stock, valued at $47,580,834.74. This trade represents a 8.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 492,492 shares of company stock worth $63,757,685 over the last 90 days. 12.83% of the stock is currently owned by insiders.

Cloudflare Price Performance

NET stock opened at $153.68 on Thursday. The company has a market capitalization of $53.03 billion, a P/E ratio of -698.55 and a beta of 1.78. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37. The business has a 50 day simple moving average of $116.93 and a 200-day simple moving average of $118.80. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). The firm had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Cloudflare’s revenue was up 26.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.16 earnings per share. As a group, equities analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Wall Street Analyst Weigh In

NET has been the subject of several research reports. Royal Bank of Canada dropped their target price on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Wells Fargo & Company lifted their target price on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, January 27th. Truist Financial lifted their target price on Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Bank of America raised Cloudflare from an “underperform” rating to a “buy” rating and lifted their target price for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. Finally, Guggenheim lifted their target price on Cloudflare from $68.00 to $70.00 and gave the company a “sell” rating in a research report on Friday, May 9th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $141.79.

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.