CIBC Private Wealth Group LLC Increases Position in Cloudflare, Inc. $NET

CIBC Private Wealth Group LLC lifted its position in Cloudflare, Inc. (NYSE:NET) by 7.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 579,137 shares of the company’s stock after acquiring an additional 41,095 shares during the period. CIBC Private Wealth Group LLC owned 0.17% of Cloudflare worth $124,277,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NET. CIBC Bancorp USA Inc. purchased a new stake in Cloudflare during the 3rd quarter valued at about $2,389,000. Oarsman Capital Inc. purchased a new position in shares of Cloudflare in the third quarter worth about $261,000. Centaurus Financial Inc. raised its stake in shares of Cloudflare by 60.7% in the third quarter. Centaurus Financial Inc. now owns 2,083 shares of the company’s stock worth $447,000 after purchasing an additional 787 shares during the last quarter. Caerus Investment Advisors LLC acquired a new stake in shares of Cloudflare during the third quarter worth about $226,000. Finally, Captrust Financial Advisors boosted its position in Cloudflare by 18.5% in the third quarter. Captrust Financial Advisors now owns 75,420 shares of the company’s stock valued at $16,184,000 after buying an additional 11,795 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Up 2.2%

NET stock opened at $211.83 on Wednesday. The company’s 50-day simple moving average is $185.89 and its 200-day simple moving average is $202.98. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35. Cloudflare, Inc. has a 52-week low of $89.42 and a 52-week high of $260.00. The firm has a market cap of $74.20 billion, a P/E ratio of -730.44 and a beta of 1.98.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. The firm had revenue of $614.51 million during the quarter, compared to analyst estimates of $591.67 million. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.Cloudflare’s revenue for the quarter was up 33.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.19 EPS. As a group, equities analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NET has been the topic of several research reports. Morgan Stanley set a $245.00 price target on shares of Cloudflare in a report on Wednesday, February 11th. Susquehanna set a $190.00 price objective on shares of Cloudflare in a research note on Thursday, February 12th. TD Cowen reaffirmed a “buy” rating on shares of Cloudflare in a report on Tuesday, January 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cloudflare in a research note on Wednesday, January 21st. Finally, Wolfe Research reissued a “peer perform” rating on shares of Cloudflare in a report on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Cloudflare currently has an average rating of “Moderate Buy” and an average target price of $233.38.

Insiders Place Their Bets

In related news, CFO Thomas J. Seifert sold 10,341 shares of Cloudflare stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $212.30, for a total value of $2,195,394.30. Following the sale, the chief financial officer owned 224,625 shares of the company’s stock, valued at approximately $47,687,887.50. This trade represents a 4.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $173.78, for a total transaction of $9,103,291.52. Following the completion of the sale, the chief executive officer directly owned 22,911 shares of the company’s stock, valued at approximately $3,981,473.58. The trade was a 69.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 534,031 shares of company stock valued at $99,017,195 over the last ninety days. 10.89% of the stock is owned by corporate insiders.

Cloudflare Company Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.