Taylor Frigon Capital Management LLC grew its holdings in Cloudflare, Inc. (NYSE:NET – Get Rating) by 33.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 40,032 shares of the company's stock after buying an additional 10,138 shares during the period. Taylor Frigon Capital Management LLC's holdings in Cloudflare were worth $2,214,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Asahi Life Asset Management CO. LTD. purchased a new stake in shares of Cloudflare in the third quarter valued at about $122,000. V Wealth Advisors LLC raised its holdings in shares of Cloudflare by 34.4% in the third quarter. V Wealth Advisors LLC now owns 7,192 shares of the company's stock valued at $398,000 after buying an additional 1,842 shares during the last quarter. Knuff & Co LLC raised its holdings in shares of Cloudflare by 16.7% in the third quarter. Knuff & Co LLC now owns 1,900 shares of the company's stock valued at $105,000 after buying an additional 272 shares during the last quarter. Schechter Investment Advisors LLC purchased a new stake in shares of Cloudflare in the third quarter valued at about $261,000. Finally, Vontobel Holding Ltd. raised its holdings in shares of Cloudflare by 2.9% in the third quarter. Vontobel Holding Ltd. now owns 202,044 shares of the company's stock valued at $11,175,000 after buying an additional 5,627 shares during the last quarter. 69.97% of the stock is owned by hedge funds and other institutional investors.
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Cloudflare Price Performance
Shares of NET stock traded down $3.00 during trading hours on Wednesday, hitting $43.67. The company's stock had a trading volume of 2,344,508 shares, compared to its average volume of 4,397,560. The business has a fifty day moving average of $45.65 and a 200-day moving average of $53.21. The stock has a market cap of $14.35 billion, a price-to-earnings ratio of -62.53 and a beta of 1.03. Cloudflare, Inc. has a twelve month low of $37.37 and a twelve month high of $132.45. The company has a current ratio of 5.35, a quick ratio of 5.35 and a debt-to-equity ratio of 2.42.
Cloudflare (NYSE:NET – Get Rating) last released its quarterly earnings results on Thursday, November 3rd. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.02. The business had revenue of $253.86 million for the quarter, compared to analyst estimates of $250.20 million. Cloudflare had a negative net
margin of 25.16% and a negative return on equity of 27.82%. As a group, equities research analysts anticipate that Cloudflare, Inc. will post -0.4 EPS for the current year.
Analyst Ratings Changes
A number of brokerages have recently commented on NET. Cowen reduced their target price on shares of Cloudflare from $100.00 to $75.00 in a report on Friday, November 4th. Morgan Stanley dropped their price target on shares of Cloudflare from $52.00 to $47.00 and set an "equal weight" rating on the stock in a research note on Tuesday. Guggenheim lowered shares of Cloudflare from a "neutral" rating to a "sell" rating and set a $36.00 price target on the stock. in a research note on Tuesday, January 17th. Macquarie began coverage on shares of Cloudflare in a research note on Wednesday, November 2nd. They set a "neutral" rating and a $60.00 price target on the stock. Finally, Mizuho dropped their price target on shares of Cloudflare from $60.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, January 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Cloudflare currently has a consensus rating of "Hold" and an average target price of $75.13.
Insider Activity
In other news, CFO Thomas J. Seifert sold 20,000 shares of the stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $40.78, for a total value of $815,600.00. Following the sale, the chief financial officer now directly owns 86,433 shares in the company, valued at $3,524,737.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Thomas J. Seifert sold 20,000 shares of the company's stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $40.78, for a total transaction of $815,600.00. Following the transaction, the chief financial officer now owns 86,433 shares of the company's stock, valued at $3,524,737.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Douglas James Kramer sold 4,500 shares of the company's stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $50.00, for a total transaction of $225,000.00. Following the transaction, the general counsel now directly owns 55,644 shares in the company, valued at approximately $2,782,200. The disclosure for this sale can be found here. Insiders have sold 495,785 shares of company stock worth $22,885,776 over the last ninety days. 15.99% of the stock is currently owned by insiders.
About Cloudflare
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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.
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