Manchester Capital Management LLC Increases Stake in Cloudflare, Inc. (NYSE:NET)

Manchester Capital Management LLC grew its stake in Cloudflare, Inc. (NYSE:NET) by 13.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,123 shares of the company’s stock after buying an additional 137 shares during the quarter. Manchester Capital Management LLC’s holdings in Cloudflare were worth $121,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Stratos Wealth Partners LTD. boosted its stake in shares of Cloudflare by 1.2% in the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock valued at $709,000 after buying an additional 77 shares during the period. Atomi Financial Group Inc. lifted its stake in Cloudflare by 3.3% during the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock worth $319,000 after purchasing an additional 94 shares during the last quarter. Chicago Partners Investment Group LLC lifted its stake in Cloudflare by 4.3% during the fourth quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company’s stock worth $293,000 after purchasing an additional 105 shares during the last quarter. Wealth Management Partners LLC lifted its stake in Cloudflare by 3.3% during the fourth quarter. Wealth Management Partners LLC now owns 3,549 shares of the company’s stock worth $382,000 after purchasing an additional 114 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Cloudflare by 13.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after purchasing an additional 119 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Down 3.1 %

Shares of NET stock opened at $170.98 on Friday. The business’s fifty day moving average price is $125.30 and its 200 day moving average price is $100.31. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. The firm has a market capitalization of $58.68 billion, a PE ratio of -777.19 and a beta of 1.12. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share 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%. As a group, sell-side analysts forecast that Cloudflare, Inc. will post -0.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

NET has been the subject of several recent analyst reports. Piper Sandler boosted their target price on Cloudflare from $92.00 to $153.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Royal Bank of Canada boosted their target price on Cloudflare from $123.00 to $170.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Susquehanna boosted their target price on Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Jefferies Financial Group boosted their price objective on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Finally, Mizuho boosted their price objective on Cloudflare from $130.00 to $160.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $135.28.

Insider Buying and Selling

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now owns 10,762 shares of the company’s stock, valued at approximately $1,216,106. This represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction on 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 in the company, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 528,970 shares of company stock valued at $59,959,801 over the last quarter. Company insiders own 12.83% of the company’s stock.

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.