Cloudflare, Inc. (NYSE:NET) Shares Bought by Peterson Wealth Services

Peterson Wealth Services lifted its stake in shares of Cloudflare, Inc. (NYSE:NET) by 148.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 7,228 shares of the company’s stock after purchasing an additional 4,315 shares during the quarter. Peterson Wealth Services’ holdings in Cloudflare were worth $700,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in NET. Norges Bank acquired a new stake in shares of Cloudflare during the fourth quarter worth $221,858,000. 1832 Asset Management L.P. lifted its stake in shares of Cloudflare by 121.2% during the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after buying an additional 1,597,900 shares during the period. Vanguard Group Inc. lifted its stake in shares of Cloudflare by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after buying an additional 740,914 shares during the period. Capital World Investors lifted its stake in shares of Cloudflare by 1.8% during the fourth quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after buying an additional 487,308 shares during the period. Finally, SpiderRock Advisors LLC acquired a new stake in shares of Cloudflare during the first quarter worth $37,740,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Price Performance

Shares of NET stock traded up $2.43 on Friday, reaching $86.96. 2,077,069 shares of the company were exchanged, compared to its average volume of 2,892,556. The company has a market cap of $29.55 billion, a price-to-earnings ratio of -164.04 and a beta of 1.10. The business has a 50-day moving average price of $76.69 and a 200 day moving average price of $85.44. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare, Inc. has a 1 year low of $53.88 and a 1 year high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $378.60 million for the quarter, compared to analyst estimates of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. Equities research analysts forecast that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on NET. Cantor Fitzgerald reissued a “neutral” rating and set a $80.00 target price on shares of Cloudflare in a report on Friday, June 21st. Morgan Stanley reissued an “equal weight” rating and set a $92.00 target price on shares of Cloudflare in a report on Monday, June 17th. TD Cowen reduced their target price on shares of Cloudflare from $117.00 to $110.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Susquehanna reduced their target price on shares of Cloudflare from $115.00 to $80.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Finally, Mizuho reduced their target price on shares of Cloudflare from $95.00 to $88.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $90.96.

Insider Buying and Selling

In related news, COO Michelle Zatlyn sold 25,640 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $85.28, for a total transaction of $2,186,579.20. Following the transaction, the chief operating officer now directly owns 211,394 shares in the company, valued at $18,027,680.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $85.28, for a total value of $2,186,579.20. Following the transaction, the chief operating officer now directly owns 211,394 shares in the company, valued at approximately $18,027,680.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $88.12, for a total transaction of $264,360.00. Following the completion of the transaction, the insider now owns 205,238 shares in the company, valued at $18,085,572.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 821,025 shares of company stock worth $66,626,900. 12.83% of the stock is owned by insiders.

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.