Security National Bank Acquires New Position in Cloudflare, Inc. (NYSE:NET)

Security National Bank bought a new position in shares of Cloudflare, Inc. (NYSE:NET) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,048 shares of the company’s stock, valued at approximately $118,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NET. Jones Financial Companies Lllp increased its stake in shares of Cloudflare by 164.7% in the fourth quarter. Jones Financial Companies Lllp now owns 5,024 shares of the company’s stock worth $541,000 after purchasing an additional 3,126 shares in the last quarter. LPL Financial LLC increased its stake in Cloudflare by 3.4% in the 4th quarter. LPL Financial LLC now owns 122,171 shares of the company’s stock worth $13,155,000 after buying an additional 3,989 shares in the last quarter. Howard Capital Management Inc. bought a new stake in Cloudflare during the fourth quarter valued at about $221,000. Wellington Management Group LLP lifted its position in shares of Cloudflare by 47.0% in the fourth quarter. Wellington Management Group LLP now owns 5,930 shares of the company’s stock valued at $639,000 after acquiring an additional 1,896 shares in the last quarter. Finally, Yousif Capital Management LLC lifted its position in shares of Cloudflare by 2.5% in the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company’s stock valued at $447,000 after acquiring an additional 98 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Insiders Place Their Bets

In other Cloudflare news, insider Douglas James Kramer sold 9,000 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $112.83, for a total transaction of $1,015,470.00. Following the transaction, the insider now directly owns 188,406 shares in the company, valued at $21,257,848.98. This trade represents a 4.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $100.88, for a total value of $5,284,497.92. The disclosure for this sale can be found here. Insiders have sold 515,987 shares of company stock worth $77,174,354 in the last ninety days. 10.89% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NET. CICC Research raised Cloudflare from a “market perform” rating to an “outperform” rating and set a $154.00 price objective for the company in a research note on Monday, May 12th. Morgan Stanley upped their price objective on Cloudflare from $144.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Piper Sandler reaffirmed a “neutral” rating and issued a $151.00 price objective (up previously from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. Jefferies Financial Group dropped their price objective on Cloudflare from $170.00 to $150.00 and set a “hold” rating for the company in a research note on Friday, May 9th. Finally, Capital One Financial raised Cloudflare from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 8th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare presently has an average rating of “Hold” and a consensus price target of $145.92.

Cloudflare Trading Up 2.0%

Shares of NYSE NET opened at $190.16 on Thursday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The business’s 50 day moving average price is $151.66 and its 200-day moving average price is $134.13. Cloudflare, Inc. has a fifty-two week low of $69.26 and a fifty-two week high of $192.01. The company has a market cap of $65.91 billion, a price-to-earnings ratio of -826.78 and a beta of 1.84.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The business had revenue of $479.09 million during the quarter, compared to analysts’ expectations of $469.49 million. During the same quarter in the previous year, the company posted $0.16 earnings per share. The company’s quarterly revenue was up 26.5% compared to the same quarter last year. On average, sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

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.