Taylor Frigon Capital Management LLC Cuts Stock Position in Cloudflare, Inc. (NYSE:NET)

Taylor Frigon Capital Management LLC decreased its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 2.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 51,312 shares of the company’s stock after selling 1,183 shares during the period. Cloudflare accounts for 2.1% of Taylor Frigon Capital Management LLC’s portfolio, making the stock its 8th largest position. Taylor Frigon Capital Management LLC’s holdings in Cloudflare were worth $4,272,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in NET. Simplicity Solutions LLC purchased a new stake in Cloudflare during the fourth quarter valued at approximately $257,000. ORG Partners LLC bought a new position in Cloudflare in the 4th quarter worth $55,000. NewEdge Wealth LLC purchased a new position in Cloudflare during the fourth quarter valued at $232,000. Perigon Wealth Management LLC grew its holdings 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 purchasing an additional 6,861 shares during the period. Finally, Cerity Partners LLC purchased a new stake in Cloudflare in the fourth quarter worth about $649,000. 82.68% of the stock is owned by institutional investors.

Insider Buying and Selling at Cloudflare

In other news, Director Carl Ledbetter sold 30,214 shares of the firm’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $76.03, for a total transaction of $2,297,170.42. Following the transaction, the director now owns 1,539,316 shares in the company, valued at $117,034,195.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $79.60, for a total transaction of $238,800.00. Following the completion of the sale, the insider now directly owns 216,114 shares in the company, valued at approximately $17,202,674.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carl Ledbetter sold 30,214 shares of Cloudflare stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $76.03, for a total value of $2,297,170.42. Following the completion of the transaction, the director now owns 1,539,316 shares in the company, valued at approximately $117,034,195.48. The disclosure for this sale can be found here. Insiders sold a total of 1,113,937 shares of company stock valued at $106,926,869 in the last ninety days. Corporate insiders own 14.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Needham & Company LLC boosted their price objective on Cloudflare from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, February 9th. Truist Financial increased their price objective on shares of Cloudflare from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Susquehanna lifted their target price on shares of Cloudflare from $75.00 to $115.00 and gave the company a “neutral” rating in a research note on Friday, February 9th. KeyCorp upped their target price on shares of Cloudflare from $94.00 to $132.00 and gave the stock an “overweight” rating in a report on Friday, February 9th. Finally, Capital One Financial assumed coverage on Cloudflare in a report on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 price target on the stock. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $87.50.

Cloudflare Trading Down 2.4 %

NET stock traded down $2.32 during mid-day trading on Friday, reaching $93.76. 2,503,892 shares of the stock traded hands, compared to its average volume of 2,328,784. The business has a 50-day moving average price of $96.46 and a two-hundred day moving average price of $81.01. The stock has a market capitalization of $31.66 billion, a PE ratio of -170.47 and a beta of 1.12. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50. Cloudflare, Inc. has a one year low of $39.90 and a one year high of $116.00.

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

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.