Wilmington Savings Fund Society FSB Buys New Position in Cloudflare, Inc. (NYSE:NET)

Wilmington Savings Fund Society FSB purchased a new position in shares of Cloudflare, Inc. (NYSE:NET) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 2,516 shares of the company’s stock, valued at approximately $204,000.

Other hedge funds also recently made changes to their positions in the company. CVA Family Office LLC lifted its position in shares of Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after purchasing an additional 171 shares in the last quarter. Quarry LP lifted its position in Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after buying an additional 146 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Cloudflare during the 3rd quarter worth about $38,000. Quest Partners LLC acquired a new stake in shares of Cloudflare in the third quarter valued at about $54,000. Finally, Blue Trust Inc. raised its holdings in Cloudflare by 37,600.0% during the second quarter. Blue Trust Inc. now owns 754 shares of the company’s stock worth $62,000 after acquiring an additional 752 shares in the last quarter. 82.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $113.16, for a total transaction of $2,901,422.40. Following the sale, the chief operating officer now owns 172,959 shares in the company, valued at approximately $19,572,040.44. This trade represents a 12.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $88.60, for a total transaction of $265,800.00. Following the completion of the transaction, the insider now directly owns 185,386 shares in the company, valued at $16,425,199.60. This trade represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 509,824 shares of company stock worth $47,862,488 in the last 90 days. Company insiders own 12.83% of the company’s stock.

Cloudflare Price Performance

NET stock opened at $109.10 on Thursday. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $119.42. The company’s 50-day simple moving average is $97.50 and its 200 day simple moving average is $85.78. 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 (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The firm had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Sell-side analysts forecast that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

NET has been the subject of a number of analyst reports. Wells Fargo & Company raised their price target on Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. BNP Paribas initiated coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 target price for the company. Morgan Stanley raised shares of Cloudflare from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $92.00 to $130.00 in a research report on Monday, December 2nd. Stifel Nicolaus raised shares of Cloudflare from a “hold” rating to a “buy” rating and lifted their price objective for the company from $95.00 to $136.00 in a research report on Tuesday. Finally, Scotiabank upped their target price on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a report on Friday, November 8th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $96.77.

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.