NewEdge Wealth LLC Raises Stake in Cloudflare, Inc. $NET

NewEdge Wealth LLC increased its stake in shares of Cloudflare, Inc. (NYSE:NET) by 168.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,053 shares of the company’s stock after buying an additional 5,049 shares during the period. NewEdge Wealth LLC’s holdings in Cloudflare were worth $1,840,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in NET. Rakuten Investment Management Inc. bought a new stake in Cloudflare during the third quarter valued at approximately $138,660,000. Allianz Asset Management GmbH lifted its holdings in shares of Cloudflare by 322.4% during the 3rd quarter. Allianz Asset Management GmbH now owns 65,182 shares of the company’s stock worth $13,987,000 after acquiring an additional 49,749 shares during the last quarter. National Pension Service lifted its holdings in shares of Cloudflare by 1.0% during the 3rd quarter. National Pension Service now owns 618,662 shares of the company’s stock worth $132,759,000 after acquiring an additional 5,939 shares during the last quarter. Westfield Capital Management Co. LP purchased a new position in Cloudflare in the second quarter worth $87,868,000. Finally, Swedbank AB increased its stake in Cloudflare by 27.7% in the third quarter. Swedbank AB now owns 43,878 shares of the company’s stock valued at $9,416,000 after acquiring an additional 9,527 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Wolfe Research reaffirmed a “peer perform” rating on shares of Cloudflare in a research note on Monday, January 26th. Scotiabank dropped their target price on Cloudflare from $255.00 to $225.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 11th. Zacks Research cut shares of Cloudflare from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 12th. Argus lifted their price target on shares of Cloudflare from $238.00 to $265.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. Finally, Piper Sandler upped their price objective on shares of Cloudflare from $220.00 to $222.00 and gave the company a “neutral” rating in a research note on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $230.70.

Insider Activity

In other news, Director Carl Ledbetter sold 15,000 shares of the stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $211.16, for a total transaction of $3,167,400.00. Following the completion of the sale, the director directly owned 953,073 shares in the company, valued at approximately $201,250,894.68. This represents a 1.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michelle Zatlyn sold 25,641 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $208.61, for a total value of $5,348,969.01. Following the completion of the sale, the insider directly owned 24,555 shares in the company, valued at $5,122,418.55. The trade was a 51.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 403,734 shares of company stock valued at $79,426,703. Insiders own 10.89% of the company’s stock.

Cloudflare Stock Performance

Shares of NET stock opened at $176.99 on Friday. The company has a market capitalization of $62.00 billion, a P/E ratio of -610.29 and a beta of 1.97. Cloudflare, Inc. has a fifty-two week low of $89.42 and a fifty-two week high of $260.00. The company has a debt-to-equity ratio of 1.46, a quick ratio of 2.04 and a current ratio of 2.04. The stock has a 50 day moving average price of $188.52 and a two-hundred day moving average price of $204.28.

Cloudflare (NYSE:NET) last issued its earnings results on Tuesday, February 10th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.27 by $0.01. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.40%. The company had revenue of $614.51 million for the quarter, compared to the consensus estimate of $591.67 million. During the same period in the previous year, the firm earned $0.19 earnings per share. The firm’s revenue for the quarter was up 33.6% on a year-over-year basis. Analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Cloudflare Company Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.