Palumbo Wealth Management LLC Grows Position in Cloudflare, Inc. (NYSE:NET)

Palumbo Wealth Management LLC grew its stake in shares of Cloudflare, Inc. (NYSE:NET) by 37.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,647 shares of the company’s stock after buying an additional 988 shares during the period. Palumbo Wealth Management LLC’s holdings in Cloudflare were worth $393,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Geode Capital Management LLC increased its position in Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after buying an additional 121,810 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Cloudflare by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after buying an additional 29,960 shares in the last quarter. Swiss National Bank increased its position in Cloudflare by 1.1% during the third quarter. Swiss National Bank now owns 893,600 shares of the company’s stock worth $72,283,000 after buying an additional 10,100 shares in the last quarter. National Pension Service increased its position in Cloudflare by 0.9% during the third quarter. National Pension Service now owns 471,923 shares of the company’s stock worth $38,174,000 after buying an additional 4,062 shares in the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc increased its position in Cloudflare by 16.8% during the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 395,303 shares of the company’s stock worth $42,602,000 after buying an additional 56,906 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Down 3.1 %

NYSE:NET opened at $170.98 on Friday. The business’s 50-day moving average is $125.30 and its two-hundred day moving average is $100.31. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37. The firm has a market capitalization of $58.68 billion, a PE ratio of -777.19 and a beta of 1.12.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Research analysts predict that Cloudflare, Inc. will post -0.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Jefferies Financial Group raised their price objective on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Guggenheim raised their price objective on Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a report on Friday, February 7th. Susquehanna raised their price objective on Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Wells Fargo & Company raised their price objective on Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, January 27th. Finally, Stifel Nicolaus raised their price objective on Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $135.28.

Insider Buying and Selling at Cloudflare

In other news, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the transaction, the insider now directly owns 175,688 shares of the company’s stock, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 28,635 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $95.03, for a total value of $2,721,184.05. Following the transaction, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at $24,030,141.07. This trade represents a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 528,970 shares of company stock worth $59,959,801 over the last quarter. 12.83% of the stock is owned by corporate insiders.

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.