Kovack Advisors Inc. Has $314,000 Position in Cloudflare, Inc. (NYSE:NET)

Kovack Advisors Inc. grew its stake in shares of Cloudflare, Inc. (NYSE:NET) by 6.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 3,240 shares of the company’s stock after buying an additional 210 shares during the period. Kovack Advisors Inc.’s holdings in Cloudflare were worth $314,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Nomura Asset Management Co. Ltd. lifted its holdings in Cloudflare by 6.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 69,760 shares of the company’s stock valued at $5,808,000 after buying an additional 4,300 shares during the period. Truist Financial Corp grew its position in shares of Cloudflare by 1.2% in the 4th quarter. Truist Financial Corp now owns 28,388 shares of the company’s stock valued at $2,364,000 after acquiring an additional 331 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in shares of Cloudflare by 5.1% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 65,790 shares of the company’s stock valued at $5,478,000 after acquiring an additional 3,164 shares during the period. Deutsche Bank AG lifted its stake in shares of Cloudflare by 5.1% during the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock worth $85,243,000 after buying an additional 65,596 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Cloudflare during the 4th quarter worth about $11,639,000. Institutional investors own 82.68% of the company’s stock.

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $95.29, for a total value of $4,991,671.36. Following the transaction, the chief executive officer now owns 230,612 shares in the company, valued at approximately $21,975,017.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $95.29, for a total transaction of $4,991,671.36. Following the sale, the chief executive officer now owns 230,612 shares in the company, valued at approximately $21,975,017.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Katrin Suder sold 574 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $67.11, for a total transaction of $38,521.14. Following the sale, the director now owns 51,162 shares in the company, valued at approximately $3,433,481.82. The disclosure for this sale can be found here. Insiders have sold 821,025 shares of company stock worth $66,626,900 in the last quarter. Company insiders own 12.83% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. UBS Group raised shares of Cloudflare from a “sell” rating to a “neutral” rating and raised their target price for the company from $76.00 to $82.00 in a report on Tuesday, June 25th. DZ Bank upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 price target for the company in a report on Tuesday, May 7th. Wells Fargo & Company reduced their price objective on shares of Cloudflare from $125.00 to $105.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $135.00 price objective on shares of Cloudflare in a research report on Friday, May 31st. Finally, Citigroup lowered their price target on shares of Cloudflare from $95.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, May 9th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $90.96.

Cloudflare Stock Performance

Shares of NYSE NET opened at $84.53 on Friday. The firm’s 50-day moving average price is $76.71 and its 200-day moving average price is $85.43. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare, Inc. has a 52-week low of $53.88 and a 52-week high of $116.00.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $378.60 million for the quarter, compared to the consensus estimate of $372.93 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. As a group, equities analysts predict that Cloudflare, Inc. will post -0.19 earnings per share for the current year.

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.