Meridian Wealth Management LLC Acquires 323 Shares of Cloudflare, Inc. $NET

Meridian Wealth Management LLC increased its stake in Cloudflare, Inc. (NYSE:NET) by 5.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,831 shares of the company’s stock after acquiring an additional 323 shares during the quarter. Meridian Wealth Management LLC’s holdings in Cloudflare were worth $1,338,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Cerity Partners LLC grew its holdings in Cloudflare by 13.3% in the first quarter. Cerity Partners LLC now owns 21,168 shares of the company’s stock worth $2,385,000 after purchasing an additional 2,489 shares during the period. CWM LLC boosted its position in shares of Cloudflare by 2.5% during the 1st quarter. CWM LLC now owns 11,692 shares of the company’s stock worth $1,318,000 after purchasing an additional 283 shares in the last quarter. Larson Financial Group LLC boosted its position in shares of Cloudflare by 243.5% during the 1st quarter. Larson Financial Group LLC now owns 1,865 shares of the company’s stock worth $210,000 after purchasing an additional 1,322 shares in the last quarter. Graypoint LLC acquired a new stake in shares of Cloudflare in the 1st quarter valued at about $217,000. Finally, Kingsview Wealth Management LLC bought a new stake in Cloudflare in the 1st quarter valued at about $206,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Transactions at Cloudflare

In other news, Director Carl Ledbetter sold 15,000 shares of the stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $210.65, for a total value of $3,159,750.00. Following the completion of the sale, the director owned 998,073 shares in the company, valued at $210,244,077.45. This represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John Graham-Cumming sold 2,520 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $250.83, for a total transaction of $632,091.60. Following the transaction, the director directly owned 495,191 shares in the company, valued at $124,208,758.53. The trade was a 0.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 585,676 shares of company stock worth $122,718,003. 10.89% of the stock is owned by insiders.

Cloudflare Trading Down 1.3%

Shares of Cloudflare stock opened at $210.74 on Monday. The stock has a fifty day simple moving average of $222.05 and a 200 day simple moving average of $196.05. Cloudflare, Inc. has a 12-month low of $87.77 and a 12-month high of $260.00. The company has a market capitalization of $73.82 billion, a P/E ratio of -702.47 and a beta of 2.10. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 1.46.

Analysts Set New Price Targets

Several brokerages have issued reports on NET. Citizens Jmp increased their price target on Cloudflare from $250.00 to $270.00 and gave the stock a “market outperform” rating in a report on Friday, October 31st. Cantor Fitzgerald boosted their price objective on Cloudflare from $199.00 to $224.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Robert W. Baird set a $220.00 target price on Cloudflare in a report on Friday, October 31st. Needham & Company LLC lifted their price target 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. Finally, Argus boosted their price target on shares of Cloudflare from $238.00 to $265.00 and gave the company a “buy” rating in a research note on Monday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Cloudflare presently has an average rating of “Moderate Buy” and a consensus price target of $235.35.

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.