Kovack Advisors Inc. Takes Position in Cloudflare, Inc. (NYSE:NET)

Kovack Advisors Inc. acquired a new stake in shares of Cloudflare, Inc. (NYSE:NET) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 2,400 shares of the company’s stock, valued at approximately $258,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake 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 during the last quarter. Bank of New York Mellon Corp boosted its stake in Cloudflare by 1.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock valued at $138,516,000 after acquiring an additional 23,641 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Cloudflare by 2.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock valued at $93,656,000 after acquiring an additional 29,960 shares during the last quarter. Swiss National Bank raised its holdings in Cloudflare by 1.1% in the third quarter. Swiss National Bank now owns 893,600 shares of the company’s stock worth $72,283,000 after purchasing an additional 10,100 shares during the period. Finally, Peregrine Capital Management LLC raised its holdings in Cloudflare by 0.4% in the fourth quarter. Peregrine Capital Management LLC now owns 661,682 shares of the company’s stock worth $71,250,000 after purchasing an additional 2,483 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Piper Sandler raised their price objective on shares of Cloudflare from $92.00 to $153.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. JPMorgan Chase & Co. lifted their price target on shares of Cloudflare from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Royal Bank of Canada lifted their price objective on shares of Cloudflare from $123.00 to $170.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Stifel Nicolaus lifted their target price on shares of Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, Guggenheim lifted their target price on shares of Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a report on Friday, February 7th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $136.28.

Insider Activity at Cloudflare

In related news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $109.90, for a total transaction of $1,648,500.00. Following the completion of the sale, the chief financial officer now owns 252,869 shares of the company’s stock, valued at approximately $27,790,303.10. This trade represents a 5.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $113.00, for a total value of $5,919,392.00. Following the sale, the chief executive officer now directly owns 10,762 shares of the company’s stock, valued at $1,216,106. This represents a 82.96 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 638,046 shares of company stock valued at $81,243,344. Company insiders own 12.83% of the company’s stock.

Cloudflare Stock Performance

NYSE:NET opened at $145.48 on Friday. 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 business has a fifty day simple moving average of $133.31 and a two-hundred day simple moving average of $105.43. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $177.37. The company has a market capitalization of $49.93 billion, a P/E ratio of -661.26 and a beta of 1.12.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. On average, analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

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.