Grandview Asset Management LLC Raises Stake in Cloudflare, Inc. (NYSE:NET)

Grandview Asset Management LLC boosted its position in shares of Cloudflare, Inc. (NYSE:NET) by 10.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,206 shares of the company’s stock after acquiring an additional 1,234 shares during the period. Grandview Asset Management LLC’s holdings in Cloudflare were worth $1,488,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Empowered Funds LLC boosted its stake in Cloudflare by 13.3% during the 4th quarter. Empowered Funds LLC now owns 4,960 shares of the company’s stock worth $534,000 after purchasing an additional 582 shares during the period. Savant Capital LLC acquired a new stake in shares of Cloudflare during the fourth quarter worth about $237,000. Allworth Financial LP grew its holdings in shares of Cloudflare by 8.4% during the fourth quarter. Allworth Financial LP now owns 2,854 shares of the company’s stock worth $307,000 after buying an additional 220 shares during the last quarter. J.W. Cole Advisors Inc. increased its position in Cloudflare by 14.4% in the 4th quarter. J.W. Cole Advisors Inc. now owns 3,721 shares of the company’s stock valued at $401,000 after acquiring an additional 468 shares during the period. Finally, NTV Asset Management LLC acquired a new position in Cloudflare in the 4th quarter valued at about $215,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cloudflare

In related news, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $120.00, for a total transaction of $1,200,000.00. Following the completion of the transaction, the chief financial officer now owns 293,582 shares in the company, valued at approximately $35,229,840. This represents a 3.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carl Ledbetter sold 749 shares of the firm’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $181.46, for a total value of $135,913.54. Following the completion of the sale, the director now directly owns 1,083,615 shares of the company’s stock, valued at $196,632,777.90. This represents a 0.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 557,217 shares of company stock worth $81,105,568 over the last quarter. Company insiders own 10.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Bank of America upgraded shares of Cloudflare from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $60.00 to $160.00 in a research note on Tuesday, March 25th. UBS Group raised their price target on Cloudflare from $135.00 to $145.00 and gave the company a “neutral” rating in a report on Friday, May 9th. Morgan Stanley upped their price objective on Cloudflare from $144.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Susquehanna reduced their target price on Cloudflare from $170.00 to $140.00 and set a “neutral” rating for the company in a report on Monday, May 12th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $151.00 price target (up from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $145.92.

Cloudflare Trading Up 0.8%

Shares of NYSE:NET opened at $180.78 on Wednesday. Cloudflare, Inc. has a 52-week low of $69.26 and a 52-week high of $182.59. 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 company has a market capitalization of $62.66 billion, a P/E ratio of -786.00 and a beta of 1.84. The company has a 50-day simple moving average of $142.60 and a 200 day simple moving average of $131.18.

Cloudflare (NYSE:NET) last posted its 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 company had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. During the same quarter in the prior year, the business posted $0.16 EPS. The business’s quarterly revenue was up 26.5% compared to the same quarter last year. Sell-side analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

About Cloudflare

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.