Brookstone Capital Management Makes New $304,000 Investment in Cloudflare, Inc. (NYSE:NET)

Brookstone Capital Management bought a new position in shares of Cloudflare, Inc. (NYSE:NET) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 2,826 shares of the company’s stock, valued at approximately $304,000.

A number of other large investors have also recently added to or reduced their stakes in the company. CVA Family Office LLC grew its holdings in shares of Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after acquiring an additional 171 shares in the last quarter. Quarry LP grew its holdings in shares of Cloudflare by 73.4% in the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after acquiring an additional 146 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of Cloudflare in the 3rd quarter valued at about $38,000. Quest Partners LLC bought a new position in shares of Cloudflare in the 3rd quarter valued at about $54,000. Finally, Versant Capital Management Inc grew its holdings in shares of Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after acquiring an additional 170 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on NET. The Goldman Sachs Group upgraded shares of Cloudflare from a “sell” rating to a “buy” rating and raised their target price for the company from $77.00 to $140.00 in a research note on Thursday, January 2nd. BNP Paribas began coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 target price for the company. Cantor Fitzgerald began coverage on shares of Cloudflare in a research note on Friday. They issued a “neutral” rating and a $111.00 target price for the company. Stifel Nicolaus upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and raised their target price for the company from $95.00 to $136.00 in a research note on Tuesday, December 17th. Finally, Piper Sandler raised their target price on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $107.00.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $95.59, for a total value of $5,007,386.56. Following the transaction, the chief executive officer now directly owns 192,177 shares of the company’s stock, valued at $18,370,199.43. This trade represents a 21.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the sale, the chief financial officer now directly owns 252,869 shares in the company, valued at approximately $28,779,020.89. The trade was a 5.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 524,852 shares of company stock valued at $55,386,256 over the last three months. 12.83% of the stock is owned by insiders.

Cloudflare Stock Up 2.0 %

NYSE NET opened at $117.13 on Friday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $121.02. The company has a 50 day moving average of $107.72 and a 200-day moving average of $91.49. The company has a market cap of $40.20 billion, a price-to-earnings ratio of -450.49 and a beta of 1.10.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.03). The company had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, equities research analysts expect that Cloudflare, Inc. will post -0.1 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.