Miller Financial Services LLC Takes $445,000 Position in Cloudflare, Inc. (NYSE:NET)

Miller Financial Services LLC acquired a new stake in Cloudflare, Inc. (NYSE:NET) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 4,133 shares of the company’s stock, valued at approximately $445,000.

Several other institutional investors have also added to or reduced their stakes in NET. Capital Performance Advisors LLP bought a new position in shares of Cloudflare in the 3rd quarter valued at $38,000. Quarry LP lifted its position in shares of Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after buying an additional 133 shares during the last quarter. Quest Partners LLC acquired a new stake in Cloudflare in the third quarter valued at about $54,000. Larson Financial Group LLC grew its position in Cloudflare by 1,988.5% in the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock valued at $58,000 after acquiring an additional 517 shares during the last quarter. Finally, Versant Capital Management Inc raised its stake in Cloudflare by 44.9% during the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after acquiring an additional 170 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $113.00, for a total value of $5,919,392.00. Following the completion of the sale, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,216,106. This trade represents a 82.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Douglas James Kramer sold 2,481 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the sale, the insider now directly owns 175,688 shares of the company’s stock, valued at $23,131,082.08. The trade was a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 597,406 shares of company stock worth $76,705,729 in the last quarter. 12.83% of the stock is owned by corporate insiders.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $116.48 on Tuesday. The business has a 50-day moving average price of $135.81 and a two-hundred day moving average price of $107.68. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a market cap of $40.19 billion, a P/E ratio of -529.45 and a beta of 1.27.

Cloudflare (NYSE:NET) last released its 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%. As a group, analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and issued a $185.00 price target on shares of Cloudflare in a research note on Tuesday, February 18th. The Goldman Sachs Group raised their target price on shares of Cloudflare from $140.00 to $183.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Jefferies Financial Group upped their price target on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Scotiabank increased their price target on Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a research note on Tuesday, January 21st. Finally, Guggenheim boosted their price objective on Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a research report on Friday, February 7th. Four equities research 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $136.28.

About Cloudflare

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.