Cloudflare, Inc. $NET Shares Acquired by Western Wealth Management LLC

Western Wealth Management LLC increased its position in shares of Cloudflare, Inc. (NYSE:NET) by 32.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 9,003 shares of the company’s stock after acquiring an additional 2,228 shares during the quarter. Western Wealth Management LLC’s holdings in Cloudflare were worth $1,763,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quaker Wealth Management LLC raised its stake in Cloudflare by 218.6% during the second quarter. Quaker Wealth Management LLC now owns 166 shares of the company’s stock worth $33,000 after purchasing an additional 306 shares during the period. Hilltop National Bank acquired a new stake in shares of Cloudflare during the 2nd quarter worth approximately $36,000. Ameritas Advisory Services LLC purchased a new stake in shares of Cloudflare during the 2nd quarter valued at approximately $39,000. Cullen Frost Bankers Inc. purchased a new position in Cloudflare in the second quarter worth approximately $45,000. Finally, Whipplewood Advisors LLC grew its holdings in shares of Cloudflare by 277.6% during the 2nd quarter. Whipplewood Advisors LLC now owns 253 shares of the company’s stock worth $50,000 after purchasing an additional 186 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Trading Down 1.7%

Shares of NYSE:NET opened at $207.12 on Monday. Cloudflare, Inc. has a 52 week low of $89.42 and a 52 week high of $260.00. The company’s 50 day moving average is $222.05 and its two-hundred day moving average is $196.05. The company has a market cap of $72.55 billion, a PE ratio of -694.83 and a beta of 2.10. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 1.46.

Insider Buying and Selling

In related news, Director Carl Ledbetter sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $210.65, for a total transaction of $3,159,750.00. Following the completion of the sale, the director owned 998,073 shares in the company, valued at $210,244,077.45. The trade was a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Graham-Cumming sold 2,520 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $250.83, for a total transaction of $632,091.60. Following the sale, the director directly owned 495,191 shares in the company, valued at approximately $124,208,758.53. The trade was a 0.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 585,676 shares of company stock valued at $122,718,003 over the last 90 days. 10.89% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. DZ Bank raised shares of Cloudflare from a “sell” rating to a “hold” rating and set a $237.00 target price for the company in a research note on Wednesday, November 5th. Jefferies Financial Group initiated coverage on Cloudflare in a research note on Friday, October 31st. They set a “hold” rating and a $250.00 target price on the stock. Scotiabank boosted their price target on shares of Cloudflare from $200.00 to $225.00 and gave the stock a “sector perform” rating in a research note on Friday, October 31st. Piper Sandler lifted their price objective on shares of Cloudflare from $224.00 to $249.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Finally, Bank of America increased their target price on shares of Cloudflare from $235.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Cloudflare has an average rating of “Moderate Buy” and a consensus target price of $235.35.

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.