Gladstone Institutional Advisory LLC Takes Position in Cloudflare, Inc. (NYSE:NET)

Gladstone Institutional Advisory LLC bought a new stake in Cloudflare, Inc. (NYSE:NET) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,153 shares of the company’s stock, valued at approximately $263,000.

A number of other institutional investors have also modified their holdings of NET. Truist Financial Corp boosted its stake in shares of Cloudflare by 1.2% in the fourth quarter. Truist Financial Corp now owns 28,388 shares of the company’s stock valued at $2,364,000 after buying an additional 331 shares in the last quarter. Deutsche Bank AG boosted its position in Cloudflare by 5.1% during the third quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock worth $85,243,000 after purchasing an additional 65,596 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in Cloudflare during the third quarter worth $569,000. International Assets Investment Management LLC purchased a new stake in Cloudflare during the fourth quarter worth $11,639,000. Finally, Blueshift Asset Management LLC boosted its position in Cloudflare by 100.2% during the third quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock worth $1,634,000 after purchasing an additional 12,974 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NET. Cantor Fitzgerald reduced their price objective on Cloudflare from $100.00 to $80.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. JMP Securities restated a “market outperform” rating and issued a $120.00 price objective on shares of Cloudflare in a research report on Tuesday, May 14th. Morgan Stanley upped their target price on Cloudflare from $66.00 to $92.00 and gave the company an “equal weight” rating in a research note on Monday, February 12th. Royal Bank of Canada upped their target price on Cloudflare from $95.00 to $108.00 and gave the company an “outperform” rating in a research note on Friday, February 9th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $135.00 target price on shares of Cloudflare in a research note on Friday, May 3rd. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $91.87.

Cloudflare Price Performance

NYSE:NET traded up $0.57 during trading hours on Friday, reaching $74.19. 1,745,322 shares of the stock were exchanged, compared to its average volume of 3,927,981. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. The firm has a 50 day simple moving average of $86.64 and a 200-day simple moving average of $85.02. Cloudflare, Inc. has a 52 week low of $53.88 and a 52 week high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $378.60 million for the quarter, compared to analysts’ expectations of $372.93 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. On average, research analysts predict that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In other news, Director Carl Ledbetter sold 8,022 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $98.35, for a total transaction of $788,963.70. Following the sale, the director now directly owns 1,337,064 shares in the company, valued at approximately $131,500,244.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Carl Ledbetter sold 8,022 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $98.35, for a total value of $788,963.70. Following the sale, the director now directly owns 1,337,064 shares in the company, valued at approximately $131,500,244.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Michelle Zatlyn sold 60,863 shares of Cloudflare stock in a transaction on Monday, May 20th. The shares were sold at an average price of $74.94, for a total value of $4,561,073.22. Following the transaction, the chief operating officer now owns 211,394 shares in the company, valued at $15,841,866.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 737,710 shares of company stock worth $64,674,930. 12.83% of the stock is currently owned by company insiders.

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.