NewEdge Wealth LLC Invests $232,000 in Cloudflare, Inc. (NYSE:NET)

NewEdge Wealth LLC acquired a new position in Cloudflare, Inc. (NYSE:NET) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 2,782 shares of the company’s stock, valued at approximately $232,000.

A number of other hedge funds have also recently made changes to their positions in NET. Perigon Wealth Management LLC boosted its stake in Cloudflare by 72.7% during the fourth quarter. Perigon Wealth Management LLC now owns 16,299 shares of the company’s stock valued at $1,357,000 after buying an additional 6,861 shares during the last quarter. Cerity Partners LLC bought a new position in Cloudflare during the fourth quarter valued at approximately $649,000. Aspiriant LLC boosted its stake in Cloudflare by 24.7% during the fourth quarter. Aspiriant LLC now owns 15,772 shares of the company’s stock valued at $1,313,000 after buying an additional 3,119 shares during the last quarter. Executive Wealth Management LLC boosted its stake in Cloudflare by 2.0% during the fourth quarter. Executive Wealth Management LLC now owns 23,904 shares of the company’s stock valued at $1,990,000 after buying an additional 463 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in Cloudflare by 3.4% during the fourth quarter. Geneos Wealth Management Inc. now owns 11,874 shares of the company’s stock valued at $989,000 after buying an additional 391 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

Insider Transactions at Cloudflare

In other news, COO Michelle Zatlyn sold 277,376 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $101.17, for a total value of $28,062,129.92. Following the completion of the sale, the chief operating officer now owns 38,545 shares of the company’s stock, valued at approximately $3,899,597.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Carl Ledbetter sold 66,384 shares of the firm’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $86.88, for a total value of $5,767,441.92. Following the completion of the sale, the director now owns 1,472,932 shares of the company’s stock, valued at approximately $127,968,332.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michelle Zatlyn sold 277,376 shares of Cloudflare stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $101.17, for a total value of $28,062,129.92. Following the sale, the chief operating officer now directly owns 38,545 shares of the company’s stock, valued at approximately $3,899,597.65. The disclosure for this sale can be found here. Insiders sold 1,095,707 shares of company stock valued at $106,154,633 in the last quarter. 14.80% of the stock is currently owned by corporate insiders.

Cloudflare Stock Down 1.5 %

Shares of NYSE NET opened at $86.71 on Friday. The company has a current ratio of 3.50, a quick ratio of 3.50 and a debt-to-equity ratio of 1.68. The stock has a market capitalization of $29.28 billion, a PE ratio of -157.65 and a beta of 1.12. The stock’s fifty day simple moving average is $96.86 and its two-hundred day simple moving average is $81.63. Cloudflare, Inc. has a 12-month low of $39.90 and a 12-month high of $116.00.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $362.47 million for the quarter, compared to analysts’ expectations of $352.70 million. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. As a group, analysts expect that Cloudflare, Inc. will post -0.2 EPS for the current fiscal year.

Analyst Ratings Changes

NET has been the subject of a number of research reports. Royal Bank of Canada increased their price target on Cloudflare from $95.00 to $108.00 and gave the company an “outperform” rating in a research note on Friday, February 9th. Sanford C. Bernstein began coverage on Cloudflare in a research report on Thursday, January 18th. They set a “market perform” rating and a $85.00 price objective on the stock. JPMorgan Chase & Co. upped their price objective on Cloudflare from $53.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, February 9th. Morgan Stanley upped their price objective on Cloudflare from $66.00 to $92.00 and gave the company an “equal weight” rating in a research report on Monday, February 12th. Finally, Truist Financial upped their price objective on Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $87.08.

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.