Palumbo Wealth Management LLC Acquires 224 Shares of Cloudflare, Inc. (NYSE:NET)

Palumbo Wealth Management LLC grew its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 9.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,659 shares of the company’s stock after purchasing an additional 224 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Cloudflare were worth $215,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Baillie Gifford & Co. raised its holdings in Cloudflare by 8.5% in the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after acquiring an additional 2,575,396 shares during the period. Vanguard Group Inc. raised its holdings in Cloudflare by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock worth $2,766,632,000 after acquiring an additional 412,864 shares during the period. Capital World Investors raised its holdings in Cloudflare by 2.1% in the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock worth $2,723,685,000 after acquiring an additional 584,566 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Cloudflare by 1.2% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock worth $137,616,000 after acquiring an additional 19,446 shares during the period. Finally, Marshall Wace LLP raised its holdings in Cloudflare by 123.4% in the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after acquiring an additional 855,334 shares during the period. Institutional investors own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NET. Susquehanna raised their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Wolfe Research began coverage on shares of Cloudflare in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Royal Bank of Canada raised their price target on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Robert W. Baird raised their price target on shares of Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, BNP Paribas began coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target on the stock. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $91.72.

Cloudflare Price Performance

Shares of NYSE NET traded down $1.95 during trading on Thursday, reaching $87.90. The company had a trading volume of 425,915 shares, compared to its average volume of 3,131,726. Cloudflare, Inc. has a 52 week low of $53.88 and a 52 week high of $116.00. The stock has a market cap of $30.04 billion, a PE ratio of -169.51 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. The business’s 50 day moving average price is $83.43 and its 200-day moving average price is $80.51.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The company had revenue of $401.00 million during the quarter, compared to the consensus estimate of $394.11 million. During the same period in the previous year, the firm posted ($0.12) earnings per share. The company’s revenue was up 30.0% on a year-over-year basis. Analysts expect that Cloudflare, Inc. will post -0.13 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Michelle Zatlyn sold 12,820 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total transaction of $976,114.80. Following the completion of the sale, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at $14,632,356.78. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $76.70, for a total transaction of $4,017,852.80. Following the completion of the sale, the chief executive officer now directly owns 211,394 shares of the company’s stock, valued at $16,213,919.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Michelle Zatlyn sold 12,820 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total transaction of $976,114.80. Following the transaction, the chief operating officer now owns 192,177 shares of the company’s stock, valued at approximately $14,632,356.78. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 519,552 shares of company stock valued at $42,763,195. Insiders own 12.83% of the company’s stock.

About Cloudflare

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.