Cannon Advisors Inc. Acquires New Shares in Cloudflare, Inc. $NET

Cannon Advisors Inc. bought a new position in Cloudflare, Inc. (NYSE:NET) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 16,471 shares of the company’s stock, valued at approximately $3,226,000. Cloudflare comprises about 2.6% of Cannon Advisors Inc.’s holdings, making the stock its 14th biggest position.

Several other hedge funds and other institutional investors have also bought and sold shares of NET. Y.D. More Investments Ltd grew its stake in shares of Cloudflare by 5.4% in the second quarter. Y.D. More Investments Ltd now owns 29,476 shares of the company’s stock worth $5,726,000 after acquiring an additional 1,516 shares during the period. Westpac Banking Corp boosted its holdings in Cloudflare by 18.2% in the second quarter. Westpac Banking Corp now owns 1,425 shares of the company’s stock worth $279,000 after purchasing an additional 219 shares during the last quarter. Western Wealth Management LLC grew its position in Cloudflare by 32.9% in the 2nd quarter. Western Wealth Management LLC now owns 9,003 shares of the company’s stock worth $1,763,000 after purchasing an additional 2,228 shares during the period. Rockefeller Capital Management L.P. raised its stake in Cloudflare by 43.7% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 81,074 shares of the company’s stock valued at $15,877,000 after buying an additional 24,649 shares during the last quarter. Finally, Kingsview Wealth Management LLC raised its stake in Cloudflare by 113.6% during the 2nd quarter. Kingsview Wealth Management LLC now owns 3,913 shares of the company’s stock valued at $766,000 after buying an additional 2,081 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

NET has been the topic of a number of research reports. DZ Bank upgraded Cloudflare from a “sell” rating to a “hold” rating and set a $237.00 price target on the stock in a research note on Wednesday, November 5th. Jefferies Financial Group initiated coverage on Cloudflare in a research report on Friday, October 31st. They issued a “hold” rating and a $250.00 target price on the stock. Argus upped their price target on shares of Cloudflare from $238.00 to $265.00 and gave the company a “buy” rating in a research report on Monday, November 10th. KeyCorp increased their price objective on shares of Cloudflare from $235.00 to $300.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Finally, Needham & Company LLC boosted their target price on shares of Cloudflare from $240.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $235.35.

Cloudflare Trading Down 1.3%

Cloudflare stock opened at $210.74 on Friday. Cloudflare, Inc. has a 12-month low of $87.77 and a 12-month high of $260.00. The firm has a market capitalization of $73.82 billion, a price-to-earnings ratio of -702.47 and a beta of 2.10. The firm has a 50 day moving average of $222.05 and a 200 day moving average of $195.52. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 1.46.

Insider Transactions at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $255.53, for a total transaction of $766,590.00. Following the sale, the insider directly owned 129,185 shares in the company, valued at $33,010,643.05. This trade represents a 2.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carl Ledbetter sold 15,000 shares of Cloudflare stock in a transaction on Monday, October 20th. The shares were sold at an average price of $210.65, for a total transaction of $3,159,750.00. Following the transaction, the director owned 998,073 shares in the company, valued at approximately $210,244,077.45. This trade represents a 1.48% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 638,060 shares of company stock valued at $133,217,328. Company insiders own 10.89% of the company’s stock.

Cloudflare 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.