Miller Financial Services LLC Buys Shares of 4,133 Cloudflare, Inc. (NYSE:NET)

Miller Financial Services LLC acquired a new stake in shares of Cloudflare, Inc. (NYSE:NET) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,133 shares of the company’s stock, valued at approximately $445,000.

Other hedge funds also recently modified their holdings of the company. Janney Montgomery Scott LLC raised its stake in Cloudflare by 29.5% during the third quarter. Janney Montgomery Scott LLC now owns 27,023 shares of the company’s stock worth $2,186,000 after acquiring an additional 6,156 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Cloudflare during the third quarter worth $38,000. State of New Jersey Common Pension Fund D boosted its stake in shares of Cloudflare by 0.7% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 110,832 shares of the company’s stock valued at $8,965,000 after purchasing an additional 786 shares during the last quarter. Los Angeles Capital Management LLC raised its position in shares of Cloudflare by 70.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 280,826 shares of the company’s stock valued at $22,716,000 after acquiring an additional 116,130 shares during the last quarter. Finally, Lountzis Asset Management LLC increased its stake in shares of Cloudflare by 4.0% in the 3rd quarter. Lountzis Asset Management LLC now owns 29,663 shares of the company’s stock valued at $2,399,000 after acquiring an additional 1,140 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Down 8.1 %

Shares of NYSE:NET opened at $116.48 on Tuesday. The company has a 50-day simple moving average of $135.81 and a 200 day simple moving average of $107.68. The company has a market capitalization of $40.19 billion, a P/E ratio of -529.45 and a beta of 1.27. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Sell-side analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the transaction, the insider now owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Janel Riley sold 4,327 shares of Cloudflare stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the sale, the chief accounting officer now directly owns 74,698 shares of the company’s stock, valued at approximately $12,519,384.80. The trade was a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 597,406 shares of company stock valued at $76,705,729 over the last ninety days. 12.83% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on NET. Baird R W downgraded Cloudflare from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Scotiabank boosted their price objective on Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a research report on Tuesday, January 21st. DZ Bank downgraded shares of Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 target price on the stock. in a report on Tuesday, February 11th. Royal Bank of Canada upped their price target on shares of Cloudflare from $123.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, Robert W. Baird restated a “neutral” rating and set a $140.00 price objective (up from $125.00) on shares of Cloudflare in a report on Monday, February 3rd. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $136.28.

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.