Orion Porfolio Solutions LLC Boosts Stake in Cloudflare, Inc. $NET

Orion Porfolio Solutions LLC raised its stake in shares of Cloudflare, Inc. (NYSE:NET) by 51.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,202 shares of the company’s stock after acquiring an additional 7,245 shares during the quarter. Orion Porfolio Solutions LLC’s holdings in Cloudflare were worth $4,550,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in NET. Vanguard Group Inc. lifted its stake in shares of Cloudflare by 2.6% during the 3rd quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock worth $6,934,958,000 after purchasing an additional 821,684 shares during the last quarter. Geode Capital Management LLC boosted its position in Cloudflare by 5.1% during the second quarter. Geode Capital Management LLC now owns 5,536,679 shares of the company’s stock valued at $1,081,533,000 after purchasing an additional 270,227 shares in the last quarter. Norges Bank purchased a new position in Cloudflare in the second quarter valued at about $541,462,000. Charles Schwab Investment Management Inc. raised its holdings in Cloudflare by 3.6% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,368,906 shares of the company’s stock worth $268,073,000 after purchasing an additional 47,698 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in Cloudflare by 96.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,302,893 shares of the company’s stock worth $279,588,000 after purchasing an additional 639,245 shares in the last quarter. 82.68% of the stock is owned by institutional investors.

Cloudflare Stock Performance

Shares of NET opened at $194.79 on Monday. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.98 and a current ratio of 1.98. The stock has a 50-day moving average of $184.30 and a two-hundred day moving average of $202.59. The stock has a market cap of $68.23 billion, a P/E ratio of -671.67 and a beta of 1.98. Cloudflare, Inc. has a one year low of $89.42 and a one year high of $260.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The business had revenue of $614.51 million for the quarter, compared to analyst estimates of $591.67 million. During the same period in the prior year, the company earned $0.19 earnings per share. The company’s revenue was up 33.6% on a year-over-year basis. As a group, research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Transactions at Cloudflare

In related news, Director John Graham-Cumming sold 2,520 shares of the stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $173.35, for a total value of $436,842.00. Following the transaction, the director owned 495,191 shares in the company, valued at approximately $85,841,359.85. This represents a 0.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $173.78, for a total transaction of $9,103,291.52. Following the transaction, the chief executive officer directly owned 22,911 shares of the company’s stock, valued at $3,981,473.58. This represents a 69.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 577,492 shares of company stock valued at $107,933,433 over the last quarter. Company insiders own 10.89% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on NET shares. UBS Group reissued a “neutral” rating and set a $220.00 price target on shares of Cloudflare in a research report on Wednesday, February 11th. DZ Bank upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and set a $215.00 price objective for the company in a research note on Friday, February 13th. Royal Bank Of Canada increased their target price on shares of Cloudflare from $230.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, February 11th. Mizuho lowered their target price on shares of Cloudflare from $280.00 to $255.00 and set an “outperform” rating for the company in a research note on Wednesday, January 21st. Finally, Argus lifted their price target on shares of Cloudflare from $238.00 to $265.00 and gave the stock a “buy” rating in a report on Monday, November 10th. One equities 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 issued a Sell rating to the stock. According to data from MarketBeat.com, Cloudflare presently has an average rating of “Moderate Buy” and an average price target of $230.70.

Cloudflare 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.