Comerica Bank Buys 764 Shares of Cloudflare, Inc. (NYSE:NET)

Comerica Bank grew its stake in Cloudflare, Inc. (NYSE:NET) by 9.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,856 shares of the company’s stock after acquiring an additional 764 shares during the quarter. Comerica Bank’s holdings in Cloudflare were worth $954,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Hartline Investment Corp increased its stake in Cloudflare by 1.5% in the fourth quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock valued at $28,464,000 after purchasing an additional 3,957 shares in the last quarter. Birchcreek Wealth Management LLC acquired a new position in shares of Cloudflare in the 4th quarter valued at $215,000. Strategic Blueprint LLC bought a new stake in shares of Cloudflare in the 4th quarter valued at $265,000. Clarendon Private LLC bought a new position in Cloudflare during the fourth quarter worth about $293,000. Finally, Savant Capital LLC acquired a new position in Cloudflare in the fourth quarter valued at about $237,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CAO Janel Riley sold 4,327 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the sale, the chief accounting officer now owns 74,698 shares in the company, valued at approximately $12,519,384.80. This trade represents a 5.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $124.16, for a total transaction of $372,480.00. Following the sale, the insider now directly owns 185,406 shares of the company’s stock, valued at $23,020,008.96. The trade was a 1.59% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 492,492 shares of company stock worth $63,757,685. Company insiders own 12.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on NET shares. Wells Fargo & Company lifted their price objective on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, January 27th. Guggenheim raised their target price on shares of Cloudflare from $68.00 to $70.00 and gave the stock a “sell” rating in a report on Friday. UBS Group upped their price target on shares of Cloudflare from $135.00 to $145.00 and gave the company a “neutral” rating in a report on Friday. Piper Sandler reissued a “neutral” rating and set a $151.00 price objective (up previously from $112.00) on shares of Cloudflare in a research report on Friday. Finally, Susquehanna reduced their target price on shares of Cloudflare from $170.00 to $140.00 and set a “neutral” rating for the company in a research note on Monday. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $141.79.

Cloudflare Price Performance

NYSE:NET opened at $142.35 on Tuesday. The stock has a market capitalization of $49.12 billion, a PE ratio of -647.03 and a beta of 1.78. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. The firm has a fifty day simple moving average of $115.99 and a 200 day simple moving average of $118.33. 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 (NYSE:NET) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The firm had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The business’s revenue was up 26.5% on a year-over-year basis. During the same period last year, the business earned $0.16 EPS. On average, research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Cloudflare Company Profile

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.