Pacific Point Advisors LLC Invests $591,000 in Cloudflare, Inc. $NET

Pacific Point Advisors LLC acquired a new position in Cloudflare, Inc. (NYSE:NET) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,000 shares of the company’s stock, valued at approximately $591,000.

A number of other institutional investors and hedge funds have also modified their holdings of NET. Empowered Funds LLC increased its position in Cloudflare by 34.2% during the first quarter. Empowered Funds LLC now owns 6,656 shares of the company’s stock worth $750,000 after acquiring an additional 1,696 shares during the period. Sivia Capital Partners LLC bought a new position in Cloudflare during the second quarter worth $424,000. Brown Advisory Inc. increased its position in Cloudflare by 437.2% during the second quarter. Brown Advisory Inc. now owns 35,155 shares of the company’s stock worth $6,884,000 after acquiring an additional 28,611 shares during the period. Flow Traders U.S. LLC bought a new position in Cloudflare during the second quarter worth $1,151,000. Finally, Cerity Partners LLC increased its position in Cloudflare by 30.1% during the second quarter. Cerity Partners LLC now owns 27,531 shares of the company’s stock worth $5,391,000 after acquiring an additional 6,363 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 10,341 shares of the business’s 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 $47,687,887.50. The trade was a 4.40% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Matthew Prince sold 13,618 shares of the business’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $227.80, for a total transaction of $3,102,180.40. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 571,863 shares of company stock worth $108,830,667. 10.89% of the stock is currently owned by company insiders.

Cloudflare Trading Up 2.0%

Shares of Cloudflare stock opened at $215.98 on Wednesday. The firm has a market capitalization of $76.02 billion, a PE ratio of -744.74 and a beta of 1.87. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.98 and a quick ratio of 1.98. The company’s fifty day moving average price is $194.03 and its two-hundred day moving average price is $202.43. Cloudflare, Inc. has a 52-week low of $95.79 and a 52-week high of $260.00.

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NET. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $224.00 target price on shares of Cloudflare in a research report on Wednesday, February 11th. Jefferies Financial Group boosted their target price on shares of Cloudflare from $185.00 to $225.00 and gave the stock a “hold” rating in a research report on Wednesday, February 11th. Truist Financial set a $225.00 target price on shares of Cloudflare in a research report on Tuesday, January 20th. BTIG Research boosted their target price on shares of Cloudflare from $199.00 to $243.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Finally, Mizuho dropped their target price on shares of Cloudflare from $280.00 to $255.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $233.38.

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.