Fifth Third Wealth Advisors LLC Invests $2.68 Million in Cloudflare, Inc. (NYSE:NET)

Fifth Third Wealth Advisors LLC acquired a new stake in Cloudflare, Inc. (NYSE:NET) during the third quarter, Holdings Channel reports. The fund acquired 33,091 shares of the company’s stock, valued at approximately $2,677,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC lifted its stake in shares of Cloudflare by 13.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock valued at $80,000 after purchasing an additional 119 shares during the last quarter. Elo Mutual Pension Insurance Co lifted its position in Cloudflare by 0.5% in the second quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock valued at $2,253,000 after buying an additional 136 shares during the last quarter. OneDigital Investment Advisors LLC boosted its stake in Cloudflare by 3.5% during the third quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $327,000 after buying an additional 137 shares during the period. Quarry LP increased its position in shares of Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after acquiring an additional 146 shares during the last quarter. Finally, Forum Financial Management LP raised its stake in shares of Cloudflare by 6.1% in the 2nd quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock valued at $234,000 after acquiring an additional 162 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Price Performance

Shares of NET opened at $92.32 on Tuesday. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $116.00. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a 50 day moving average price of $86.12 and a 200 day moving average price of $80.78.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The business had revenue of $430.08 million during the quarter, compared to analysts’ expectations of $423.65 million. Equities analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $78.06, for a total value of $4,089,095.04. Following the completion of the sale, the chief executive officer now directly owns 10,761 shares of the company’s stock, valued at approximately $840,003.66. This represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the completion of the transaction, the insider now directly owns 185,386 shares in the company, valued at $15,114,520.58. The trade was a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 543,199 shares of company stock valued at $46,183,984. 12.83% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on NET. Needham & Company LLC reaffirmed a “buy” rating and set a $135.00 price objective on shares of Cloudflare in a research report on Friday, August 2nd. Susquehanna lifted their price objective on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Scotiabank increased their target price on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research note on Friday, November 8th. Cantor Fitzgerald lifted their target price on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, Guggenheim increased their price target on shares of Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $92.88.

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.