Palumbo Wealth Management LLC Has $215,000 Holdings in Cloudflare, Inc. (NYSE:NET)

Palumbo Wealth Management LLC grew its stake in Cloudflare, Inc. (NYSE:NET) by 9.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,659 shares of the company’s stock after buying an additional 224 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Cloudflare were worth $215,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Baillie Gifford & Co. boosted its holdings 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 period. Vanguard Group Inc. boosted its holdings in shares of Cloudflare by 1.5% in the first quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock valued at $2,766,632,000 after buying an additional 412,864 shares during the period. Capital World Investors boosted its holdings in shares of Cloudflare by 2.1% in the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after buying an additional 584,566 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Cloudflare by 1.2% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock valued at $137,616,000 after buying an additional 19,446 shares during the period. Finally, Marshall Wace LLP boosted its holdings in shares of Cloudflare by 123.4% in the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after buying an additional 855,334 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insiders Place Their Bets

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the sale, the insider now directly owns 185,386 shares in the company, valued at $15,114,520.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.53, for a total transaction of $244,590.00. Following the sale, the insider now directly owns 185,386 shares in the company, valued at $15,114,520.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $90.88, for a total transaction of $1,363,200.00. Following the sale, the chief financial officer now owns 281,403 shares in the company, valued at $25,573,904.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 519,552 shares of company stock worth $42,763,195 over the last ninety days. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Stock Performance

NYSE:NET traded down $1.95 during mid-day trading on Thursday, reaching $87.90. 425,915 shares of the company’s stock were exchanged, compared to its average volume of 3,131,726. Cloudflare, Inc. has a one year low of $53.88 and a one year high of $116.00. The firm has a market capitalization of $30.04 billion, a PE ratio of -169.51 and a beta of 1.10. The business’s fifty day simple moving average is $83.43 and its two-hundred day simple moving average is $80.51. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.20 EPS 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 business had revenue of $401.00 million for the quarter, compared to analyst estimates of $394.11 million. During the same period last year, the firm earned ($0.12) earnings per share. Cloudflare’s revenue for the quarter was up 30.0% compared to the same quarter last year. Analysts anticipate that Cloudflare, Inc. will post -0.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Needham & Company LLC restated a “buy” rating and set a $135.00 target price on shares of Cloudflare in a report on Friday, August 2nd. Scotiabank assumed coverage on shares of Cloudflare in a report on Monday, July 8th. They set a “sector perform” rating and a $85.00 target price for the company. Mizuho increased their target price on shares of Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Wolfe Research initiated coverage on shares of Cloudflare in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. Finally, Royal Bank of Canada upped 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. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $91.72.

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.