Cloudflare, Inc. (NYSE:NET) Stock Position Lifted by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC grew its position in shares of Cloudflare, Inc. (NYSE:NET) by 26.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,057 shares of the company’s stock after buying an additional 1,068 shares during the period. Miracle Mile Advisors LLC’s holdings in Cloudflare were worth $570,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. NBC Securities Inc. acquired a new stake in shares of Cloudflare during the 1st quarter worth approximately $27,000. MassMutual Private Wealth & Trust FSB raised its position in shares of Cloudflare by 115.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock worth $30,000 after purchasing an additional 142 shares during the period. Global Financial Private Client LLC raised its position in shares of Cloudflare by 38,100.0% during the 1st quarter. Global Financial Private Client LLC now owns 382 shares of the company’s stock worth $43,000 after purchasing an additional 381 shares during the period. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Cloudflare during the 4th quarter worth approximately $43,000. Finally, Park Square Financial Group LLC acquired a new stake in shares of Cloudflare during the 4th quarter worth approximately $56,000. Institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on NET. CICC Research upgraded Cloudflare from a “market perform” rating to an “outperform” rating and set a $154.00 target price on the stock in a research report on Monday, May 12th. Oppenheimer restated an “outperform” rating and issued a $200.00 target price (up from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. KeyCorp began coverage on Cloudflare in a research report on Friday, June 6th. They issued an “overweight” rating and a $210.00 target price on the stock. Guggenheim lifted their price target on Cloudflare from $68.00 to $70.00 and gave the company a “sell” rating in a research report on Friday, May 9th. Finally, Bank of America upgraded Cloudflare from an “underperform” rating to a “buy” rating and lifted their price target for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $145.92.

Insider Buying and Selling

In other Cloudflare news, insider Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $130.85, for a total value of $3,354,994.00. Following the transaction, the insider now directly owns 413,413 shares of the company’s stock, valued at approximately $54,095,091.05. The trade was a 5.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $117.32, for a total transaction of $6,145,690.88. Following the completion of the transaction, the chief executive officer now directly owns 413,413 shares in the company, valued at $48,501,613.16. This represents a 11.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 555,976 shares of company stock valued at $74,746,733 in the last ninety days. 12.83% of the stock is owned by company insiders.

Cloudflare Price Performance

Shares of NYSE NET opened at $179.49 on Wednesday. Cloudflare, Inc. has a twelve month low of $69.26 and a twelve month high of $181.81. The firm has a market cap of $62.21 billion, a P/E ratio of -815.85 and a beta of 1.84. The company has a 50 day moving average of $135.02 and a 200 day moving average of $128.56. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The company had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company’s revenue for the quarter was up 26.5% on a year-over-year basis. During the same period last year, the firm posted $0.16 EPS. As a group, research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Cloudflare 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.