MCF Advisors LLC Takes $123,000 Position in Cloudflare, Inc. (NYSE:NET)

MCF Advisors LLC bought a new stake in Cloudflare, Inc. (NYSE:NET) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,139 shares of the company’s stock, valued at approximately $123,000.

A number of other institutional investors have also modified their holdings of the stock. Geode Capital Management LLC increased its holdings in shares of Cloudflare by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after purchasing an additional 121,810 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of 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 buying an additional 29,960 shares in the last quarter. Swiss National Bank boosted its stake in shares of Cloudflare by 1.1% in the third quarter. Swiss National Bank now owns 893,600 shares of the company’s stock valued at $72,283,000 after buying an additional 10,100 shares in the last quarter. National Pension Service boosted its stake in shares of Cloudflare by 0.9% in the third quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after buying an additional 4,062 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Cloudflare by 0.4% in the second quarter. Dimensional Fund Advisors LP now owns 326,853 shares of the company’s stock valued at $27,070,000 after buying an additional 1,460 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Analysts Set New Price Targets

NET has been the topic of a number of analyst reports. Citigroup upgraded Cloudflare from a “neutral” rating to a “buy” rating and lifted their price target for the company from $95.00 to $145.00 in a research note on Friday, January 17th. Piper Sandler lifted their price target on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Wells Fargo & Company lifted their price target on Cloudflare from $110.00 to $135.00 and gave the company an “overweight” rating in a research note on Tuesday, January 7th. Morgan Stanley boosted their target price on Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, The Goldman Sachs Group upgraded Cloudflare from a “sell” rating to a “buy” rating and boosted their target price for the stock from $77.00 to $140.00 in a research report on Thursday, January 2nd. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $108.32.

Insider Activity

In related news, CFO Thomas J. Seifert sold 31,136 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $120.10, for a total value of $3,739,433.60. Following the completion of the transaction, the chief financial officer now owns 252,869 shares of the company’s stock, valued at approximately $30,369,566.90. This represents a 10.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Michelle Zatlyn sold 35,118 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $105.30, for a total value of $3,697,925.40. Following the completion of the transaction, the chief operating officer now directly owns 172,959 shares of the company’s stock, valued at $18,212,582.70. This represents a 16.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 589,852 shares of company stock worth $63,169,052. 12.83% of the stock is currently owned by corporate insiders.

Cloudflare Price Performance

NET stock opened at $123.03 on Thursday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $123.13. The firm has a market cap of $42.22 billion, a P/E ratio of -473.20 and a beta of 1.10. The stock has a 50-day simple moving average of $109.35 and a 200-day simple moving average of $92.22.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The business had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. On average, equities analysts predict that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal 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.