Cloudflare, Inc. (NYSE:NET) Holdings Lifted by Geneos Wealth Management Inc.

Geneos Wealth Management Inc. lifted its stake in Cloudflare, Inc. (NYSE:NET) by 13.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,457 shares of the company’s stock after purchasing an additional 1,583 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Cloudflare were worth $1,303,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Riverview Trust Co purchased a new stake in Cloudflare in the 1st quarter worth about $27,000. Allspring Global Investments Holdings LLC lifted its stake in Cloudflare by 595.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after acquiring an additional 238 shares in the last quarter. ICA Group Wealth Management LLC purchased a new stake in Cloudflare in the 4th quarter worth about $38,000. GAMMA Investing LLC purchased a new stake in Cloudflare in the 4th quarter worth about $39,000. Finally, Pingora Partners LLC purchased a new stake in Cloudflare in the 4th quarter worth about $42,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Activity

In other news, COO Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $89.69, for a total transaction of $2,299,651.60. Following the transaction, the chief operating officer now owns 19,615 shares of the company’s stock, valued at $1,759,269.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cloudflare news, Director Carl Ledbetter sold 8,029 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $90.39, for a total value of $725,741.31. Following the transaction, the director now owns 1,214,830 shares of the company’s stock, valued at $109,808,483.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $89.69, for a total value of $2,299,651.60. Following the completion of the transaction, the chief operating officer now directly owns 19,615 shares in the company, valued at approximately $1,759,269.35. The disclosure for this sale can be found here. Insiders have sold 776,871 shares of company stock valued at $61,113,818 over the last 90 days. 12.83% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $135.00 price target on shares of Cloudflare in a research note on Friday, May 31st. KeyCorp cut their price target on Cloudflare from $132.00 to $94.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd. Mizuho cut their price target on Cloudflare from $95.00 to $88.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Oppenheimer cut their price target on Cloudflare from $122.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Finally, DZ Bank raised Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a research note on Tuesday, May 7th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $90.71.

Cloudflare Trading Down 0.4 %

Shares of NET opened at $82.00 on Friday. 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 12-month low of $53.88 and a 12-month high of $116.00. The firm has a market capitalization of $27.86 billion, a PE ratio of -154.72 and a beta of 1.10. The stock’s fifty day simple moving average is $76.25 and its 200-day simple moving average is $85.40.

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