CIBC Private Wealth Group LLC Acquires 155 Shares of Cloudflare, Inc. (NYSE:NET)

CIBC Private Wealth Group LLC grew its stake in shares of Cloudflare, Inc. (NYSE:NET) by 3.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,032 shares of the company’s stock after buying an additional 155 shares during the period. CIBC Private Wealth Group LLC’s holdings in Cloudflare were worth $582,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Stratos Wealth Partners LTD. increased its holdings in Cloudflare by 1.2% in the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock valued at $709,000 after acquiring an additional 77 shares during the last quarter. Atomi Financial Group Inc. grew its position in shares of Cloudflare by 3.3% during the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock valued at $319,000 after purchasing an additional 94 shares in the last quarter. Baxter Bros Inc. increased its holdings in shares of Cloudflare by 3.8% in the fourth quarter. Baxter Bros Inc. now owns 2,750 shares of the company’s stock worth $296,000 after purchasing an additional 100 shares during the last quarter. Chicago Partners Investment Group LLC lifted its position in shares of Cloudflare by 4.3% in the fourth quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company’s stock worth $293,000 after buying an additional 105 shares in the last quarter. Finally, D.A. Davidson & CO. boosted its stake in Cloudflare by 0.5% during the fourth quarter. D.A. Davidson & CO. now owns 21,075 shares of the company’s stock valued at $2,269,000 after buying an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Down 9.3 %

Shares of NET opened at $97.39 on Friday. The firm has a market capitalization of $33.61 billion, a price-to-earnings ratio of -442.68 and a beta of 1.59. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. The company has a 50-day moving average of $136.35 and a 200 day moving average of $112.43.

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on NET. Royal Bank of Canada decreased their price objective on Cloudflare from $170.00 to $148.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Needham & Company LLC lowered their price objective on shares of Cloudflare from $185.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. The Goldman Sachs Group reduced their target price on shares of Cloudflare from $183.00 to $161.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Bank of America upgraded shares of Cloudflare from an “underperform” rating to a “buy” rating and upped their target price for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. Finally, DZ Bank lowered Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 price target for the company. in a research report on Tuesday, February 11th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare has an average rating of “Hold” and a consensus target price of $135.64.

Insiders Place Their Bets

In related news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $113.98, for a total value of $5,970,728.32. Following the completion of the sale, the chief executive officer now directly owns 10,762 shares of the company’s stock, valued at $1,226,652.76. This represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following the transaction, the insider now directly owns 175,688 shares in the company, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 612,046 shares of company stock worth $79,451,112. 12.83% of the stock is currently owned by company 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.