Wealth Enhancement Advisory Services LLC Acquires 1,616 Shares of Cloudflare, Inc. (NYSE:NET)

Wealth Enhancement Advisory Services LLC raised its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 5.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,268 shares of the company’s stock after acquiring an additional 1,616 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Cloudflare were worth $3,636,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Stock Yards Bank & Trust Co. grew its stake in shares of Cloudflare by 5.8% during the 1st quarter. Stock Yards Bank & Trust Co. now owns 3,934 shares of the company’s stock worth $443,000 after acquiring an additional 215 shares in the last quarter. Jackson Square Capital LLC grew its stake in shares of Cloudflare by 9.2% during the 1st quarter. Jackson Square Capital LLC now owns 12,285 shares of the company’s stock worth $1,384,000 after acquiring an additional 1,038 shares in the last quarter. Azzad Asset Management Inc. ADV grew its stake in shares of Cloudflare by 38.3% in the first quarter. Azzad Asset Management Inc. ADV now owns 14,923 shares of the company’s stock valued at $1,682,000 after buying an additional 4,130 shares in the last quarter. CVA Family Office LLC grew its stake in shares of Cloudflare by 37.1% in the first quarter. CVA Family Office LLC now owns 392 shares of the company’s stock valued at $44,000 after buying an additional 106 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of Cloudflare in the first quarter valued at $276,000. 82.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

NET has been the subject of several analyst reports. Oppenheimer reissued an “outperform” rating and issued a $200.00 target price (up from $165.00) on shares of Cloudflare in a research note on Thursday, June 5th. Guggenheim raised their target price on shares of Cloudflare from $68.00 to $70.00 and gave the company a “sell” rating in a research note on Friday, May 9th. Needham & Company LLC raised their target price on shares of Cloudflare from $145.00 to $160.00 and gave the company a “buy” rating in a research note on Friday, May 9th. Capital One Financial raised shares of Cloudflare from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 8th. Finally, Royal Bank Of Canada decreased their target price on shares of Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $145.92.

Cloudflare Stock Up 0.4%

NET opened at $190.91 on Friday. Cloudflare, Inc. has a fifty-two week low of $69.26 and a fifty-two week high of $192.46. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The company has a market capitalization of $66.17 billion, a P/E ratio of -830.06 and a beta of 1.84. The stock has a fifty day moving average of $153.32 and a 200-day moving average of $134.66.

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

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Tuesday, April 8th. The shares were sold at an average price of $100.88, for a total value of $5,284,497.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $180.76, for a total transaction of $1,807,600.00. Following the completion of the transaction, the chief financial officer now owns 241,550 shares of the company’s stock, valued at $43,662,578. The trade was a 3.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 515,987 shares of company stock valued at $77,174,354. 10.89% of the stock is currently owned by corporate insiders.

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.