Wilmington Savings Fund Society FSB Makes New Investment in Cloudflare, Inc. (NYSE:NET)

Wilmington Savings Fund Society FSB purchased a new position in Cloudflare, Inc. (NYSE:NET) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,516 shares of the company’s stock, valued at approximately $204,000.

Several other large investors also recently made changes to their positions in NET. Allspring Global Investments Holdings LLC lifted its holdings in Cloudflare by 13.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after purchasing an additional 119 shares during the last quarter. Quarry LP lifted its stake in shares of Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after buying an additional 133 shares during the last quarter. Elo Mutual Pension Insurance Co boosted its holdings in shares of Cloudflare by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company’s stock worth $2,253,000 after buying an additional 136 shares during the period. OneDigital Investment Advisors LLC grew its stake in Cloudflare by 3.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $327,000 after buying an additional 137 shares during the last quarter. Finally, Forum Financial Management LP raised its holdings in Cloudflare by 6.1% in the 2nd quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock worth $234,000 after acquiring an additional 162 shares during the period. Institutional investors own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on NET. BNP Paribas began coverage on shares of Cloudflare in a report on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price target for the company. Mizuho raised their target price on Cloudflare from $102.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, December 13th. Scotiabank lifted their price target on Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Friday, November 8th. Morgan Stanley raised Cloudflare from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $92.00 to $130.00 in a research report on Monday, December 2nd. Finally, UBS Group boosted their target price on shares of Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $96.77.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $93.95, for a total transaction of $4,921,476.80. Following the sale, the chief executive officer now directly owns 10,761 shares in the company, valued at approximately $1,010,995.95. This trade represents a 82.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $113.16, for a total transaction of $2,901,422.40. Following the completion of the transaction, the chief operating officer now owns 172,959 shares of the company’s stock, valued at $19,572,040.44. This trade represents a 12.91 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 509,824 shares of company stock worth $47,862,488. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Stock Down 7.2 %

Shares of NET stock opened at $109.10 on Thursday. The stock has a 50-day moving average of $97.50 and a 200-day moving average of $85.78. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $119.42. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). The company had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. Analysts anticipate that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal year.

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.