Cambridge Investment Research Advisors Inc. Has $10.40 Million Stake in Cloudflare, Inc. (NYSE:NET)

Cambridge Investment Research Advisors Inc. increased its stake in shares of Cloudflare, Inc. (NYSE:NET) by 0.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 92,280 shares of the company’s stock after purchasing an additional 611 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Cloudflare were worth $10,399,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of NET. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Cloudflare in the 1st quarter valued at $998,000. Kentucky Retirement Systems acquired a new position in shares of Cloudflare during the first quarter valued at $2,343,000. Praxis Investment Management Inc. boosted its holdings in Cloudflare by 25.7% in the first quarter. Praxis Investment Management Inc. now owns 9,380 shares of the company’s stock valued at $1,057,000 after acquiring an additional 1,920 shares during the last quarter. ORG Partners LLC increased its position in Cloudflare by 264.8% in the first quarter. ORG Partners LLC now owns 445 shares of the company’s stock worth $51,000 after purchasing an additional 323 shares during the period. Finally, Premier Path Wealth Partners LLC increased its position in Cloudflare by 15.2% in the first quarter. Premier Path Wealth Partners LLC now owns 2,323 shares of the company’s stock worth $262,000 after purchasing an additional 306 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insiders Place Their Bets

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Tuesday, April 8th. The shares were sold at an average price of $100.88, for a total transaction of $5,284,497.92. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Carl Ledbetter sold 749 shares of Cloudflare stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $181.46, for a total transaction of $135,913.54. Following the completion of the transaction, the director now directly owns 1,083,615 shares of the company’s stock, valued at approximately $196,632,777.90. This trade represents a 0.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 515,987 shares of company stock valued at $77,174,354 in the last three months. 10.89% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NET. Royal Bank Of Canada reduced their target price on shares of Cloudflare from $170.00 to $148.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Cowen reaffirmed a “buy” rating on shares of Cloudflare in a research note on Monday, June 16th. Piper Sandler reaffirmed a “neutral” rating and set a $151.00 target price (up previously from $112.00) on shares of Cloudflare in a report on Friday, May 9th. UBS Group increased their price target on Cloudflare from $135.00 to $145.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Finally, Guggenheim lifted their price objective on Cloudflare from $68.00 to $70.00 and gave the stock a “sell” rating in a research note on Friday, May 9th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Cloudflare currently has an average rating of “Hold” and a consensus price target of $145.92.

Cloudflare Stock Up 2.0%

Shares of Cloudflare stock opened at $190.16 on Thursday. The firm has a market cap of $65.91 billion, a PE ratio of -826.78 and a beta of 1.84. The business’s 50 day simple moving average is $151.66 and its 200 day simple moving average is $134.13. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. Cloudflare, Inc. has a 52-week low of $69.26 and a 52-week high of $192.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The business had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. During the same quarter last year, the business earned $0.16 earnings per share. Cloudflare’s revenue for the quarter was up 26.5% on a year-over-year basis. On average, analysts predict that Cloudflare, Inc. will post -0.11 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.