Wealth Enhancement Advisory Services LLC Boosts Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Wealth Enhancement Advisory Services LLC boosted its position in shares of Cloudflare, Inc. (NYSE:NET) by 5.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,126 shares of the company’s stock after buying an additional 1,163 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Cloudflare were worth $2,046,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of NET. Norges Bank purchased a new stake in Cloudflare during the 4th quarter worth approximately $221,858,000. 1832 Asset Management L.P. increased its stake in Cloudflare by 121.2% during the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after buying an additional 1,597,900 shares in the last quarter. Vanguard Group Inc. increased its stake in Cloudflare by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after buying an additional 740,914 shares in the last quarter. Capital World Investors boosted its holdings in shares of Cloudflare by 1.8% during the 4th quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after purchasing an additional 487,308 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new position in shares of Cloudflare during the 4th quarter worth approximately $27,288,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $88.12, for a total value of $264,360.00. Following the completion of the transaction, the insider now owns 205,238 shares in the company, valued at $18,085,572.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $96.04, for a total value of $5,030,959.36. Following the completion of the transaction, the chief executive officer now owns 230,612 shares in the company, valued at $22,147,976.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $88.12, for a total transaction of $264,360.00. Following the sale, the insider now owns 205,238 shares of the company’s stock, valued at approximately $18,085,572.56. The disclosure for this sale can be found here. Insiders sold 821,025 shares of company stock worth $66,626,900 over the last 90 days. Corporate insiders own 12.83% of the company’s stock.

Wall Street Analyst Weigh In

NET has been the topic of several recent research reports. TD Cowen lowered their target price on Cloudflare from $117.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Royal Bank of Canada lowered their target price on Cloudflare from $108.00 to $90.00 and set an “outperform” rating on the stock in a report on Friday, May 31st. Oppenheimer lowered their target price on Cloudflare from $122.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Citigroup lowered their target price on Cloudflare from $95.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, May 9th. Finally, JMP Securities restated a “market outperform” rating and set a $120.00 target price on shares of Cloudflare in a report on Tuesday, May 14th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $90.96.

Cloudflare Stock Performance

NYSE:NET opened at $84.53 on Friday. The firm has a market capitalization of $28.72 billion, a PE ratio of -159.49 and a beta of 1.10. The business’s fifty day moving average price is $76.71 and its 200 day moving average price is $85.43. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. Cloudflare, Inc. has a 12 month low of $53.88 and a 12 month high of $116.00.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, May 2nd. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. The firm had revenue of $378.60 million for the quarter, compared to analyst estimates of $372.93 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. On average, sell-side analysts anticipate that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal 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.