Fiduciary Trust Co. Invests $239,000 in Cloudflare, Inc. (NYSE:NET)

Fiduciary Trust Co. acquired a new position in Cloudflare, Inc. (NYSE:NETGet Rating) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,000 shares of the company’s stock, valued at approximately $239,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of NET. Maryland State Retirement & Pension System grew its position in Cloudflare by 2.9% during the 1st quarter. Maryland State Retirement & Pension System now owns 20,259 shares of the company’s stock worth $2,425,000 after purchasing an additional 571 shares during the last quarter. Spire Wealth Management grew its position in Cloudflare by 208.8% during the 1st quarter. Spire Wealth Management now owns 2,257 shares of the company’s stock worth $270,000 after purchasing an additional 1,526 shares during the last quarter. CIBC World Markets Inc. grew its position in Cloudflare by 293.4% during the 4th quarter. CIBC World Markets Inc. now owns 18,671 shares of the company’s stock worth $2,455,000 after purchasing an additional 13,925 shares during the last quarter. CWM LLC grew its position in Cloudflare by 28.6% during the 1st quarter. CWM LLC now owns 2,946 shares of the company’s stock worth $353,000 after purchasing an additional 656 shares during the last quarter. Finally, GSA Capital Partners LLP grew its position in Cloudflare by 23.2% during the 1st quarter. GSA Capital Partners LLP now owns 2,202 shares of the company’s stock worth $264,000 after purchasing an additional 414 shares during the last quarter. Hedge funds and other institutional investors own 71.69% of the company’s stock.

Cloudflare Stock Performance

Cloudflare stock opened at $63.78 on Wednesday. Cloudflare, Inc. has a 52-week low of $38.96 and a 52-week high of $221.64. The company has a fifty day simple moving average of $56.91 and a 200-day simple moving average of $76.64. The company has a quick ratio of 5.45, a current ratio of 5.45 and a debt-to-equity ratio of 2.47.

Cloudflare (NYSE:NETGet Rating) last released its earnings results on Thursday, August 4th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.07). Cloudflare had a negative return on equity of 23.62% and a negative net margin of 35.66%. The business had revenue of $234.52 million for the quarter, compared to analysts’ expectations of $227.52 million. As a group, sell-side analysts predict that Cloudflare, Inc. will post -0.51 EPS for the current year.

Insider Activity at Cloudflare

In related news, Director Scott D. Sandell sold 2,441 shares of the company’s stock in a transaction dated Tuesday, June 14th. The shares were sold at an average price of $40.91, for a total value of $99,861.31. Following the completion of the sale, the director now owns 3,454 shares of the company’s stock, valued at $141,303.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Paul D. Underwood sold 6,000 shares of the stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $420,000.00. Following the sale, the chief accounting officer now owns 30,030 shares of the company’s stock, valued at $2,102,100. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott D. Sandell sold 2,441 shares of the stock in a transaction dated Tuesday, June 14th. The stock was sold at an average price of $40.91, for a total transaction of $99,861.31. Following the sale, the director now directly owns 3,454 shares in the company, valued at approximately $141,303.14. The disclosure for this sale can be found here. Over the last quarter, insiders sold 322,745 shares of company stock valued at $19,901,941. 15.99% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on NET. Jefferies Financial Group dropped their price objective on shares of Cloudflare from $75.00 to $55.00 in a report on Monday, May 23rd. Royal Bank of Canada upped their price objective on shares of Cloudflare from $62.00 to $74.00 in a report on Friday, August 5th. Mizuho upped their price objective on shares of Cloudflare from $76.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, August 5th. Guggenheim began coverage on shares of Cloudflare in a report on Friday, August 12th. They issued a “neutral” rating and a $82.00 price objective on the stock. Finally, Piper Sandler upped their price objective on shares of Cloudflare from $57.00 to $73.00 and gave the company a “neutral” rating in a report on Friday, August 5th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Cloudflare presently has an average rating of “Hold” and an average price target of $114.76.

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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Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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