Summit Trail Advisors LLC Grows Stock Position in Cloudflare, Inc. (NYSE:NET)

Summit Trail Advisors LLC increased its position in shares of Cloudflare, Inc. (NYSE:NET) by 342.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,762 shares of the company’s stock after purchasing an additional 8,331 shares during the quarter. Summit Trail Advisors LLC’s holdings in Cloudflare were worth $871,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its position in shares of Cloudflare by 8.5% in the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after buying an additional 2,575,396 shares during the last quarter. 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 valued at $137,616,000 after acquiring an additional 19,446 shares during the last quarter. Marshall Wace LLP lifted its stake 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 purchasing an additional 855,334 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Cloudflare by 24.8% during the 2nd quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock worth $115,526,000 after purchasing an additional 277,228 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Cloudflare by 3.0% in the second quarter. Bank of New York Mellon Corp now owns 1,251,670 shares of the company’s stock valued at $103,676,000 after purchasing an additional 35,884 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Price Performance

Shares of NYSE NET opened at $103.74 on Tuesday. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company has a market cap of $35.60 billion, a price-to-earnings ratio of -399.00 and a beta of 1.10. The stock’s 50-day moving average is $88.21 and its two-hundred day moving average is $81.55. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $116.00.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share 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. Analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Transactions at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the transaction, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $15,114,520.58. This trade represents a 1.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Michelle Zatlyn sold 64,100 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $81.60, for a total value of $5,230,560.00. Following the sale, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at $15,681,643.20. The trade was a 25.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 546,194 shares of company stock valued at $46,804,995. Insiders own 12.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NET. Piper Sandler boosted their price objective on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Wells Fargo & Company raised their price objective on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Royal Bank of Canada boosted their target price on shares of Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Cantor Fitzgerald raised their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Guggenheim upped their price objective on Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $92.88.

Cloudflare 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.