Kestra Private Wealth Services LLC Has $262,000 Stock Position in Cloudflare, Inc. (NYSE:NET)

Posted by Defense World Staff on Apr 21st, 2023

Kestra Private Wealth Services LLC lowered its position in shares of Cloudflare, Inc. (NYSE:NET – Get Rating) by 11.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,804 shares of the company’s stock after selling 752 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Cloudflare were worth $262,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Baillie Gifford & Co. increased its position in shares of Cloudflare by 6.5% during the 4th quarter. Baillie Gifford & Co. now owns 26,335,438 shares of the company’s stock worth $1,190,625,000 after purchasing an additional 1,610,191 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Cloudflare by 5.8% during the 3rd quarter. Vanguard Group Inc. now owns 25,299,971 shares of the company’s stock worth $1,399,341,000 after purchasing an additional 1,398,081 shares in the last quarter. Sands Capital Management LLC increased its position in shares of Cloudflare by 2.0% during the 3rd quarter. Sands Capital Management LLC now owns 15,956,268 shares of the company’s stock worth $882,541,000 after purchasing an additional 312,315 shares in the last quarter. State Street Corp increased its position in shares of Cloudflare by 5.3% during the 1st quarter. State Street Corp now owns 5,552,609 shares of the company’s stock worth $664,647,000 after purchasing an additional 278,422 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Cloudflare by 3.8% during the 1st quarter. Northern Trust Corp now owns 1,685,204 shares of the company’s stock worth $201,719,000 after purchasing an additional 62,004 shares in the last quarter. Institutional investors and hedge funds own 69.97% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on NET shares. Credit Suisse Group restated an “outperform” rating and issued a $95.00 price objective on shares of Cloudflare in a research report on Monday, February 13th. Loop Capital started coverage on shares of Cloudflare in a research report on Monday, February 6th. They issued a “hold” rating and a $52.00 price objective for the company. Morgan Stanley lowered their price objective on shares of Cloudflare from $52.00 to $47.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 24th. Piper Sandler raised their price objective on shares of Cloudflare from $46.00 to $64.00 and gave the company a “neutral” rating in a research report on Friday, February 10th. Finally, Cantor Fitzgerald raised their price objective on shares of Cloudflare from $55.00 to $65.00 in a research report on Friday, February 10th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Cloudflare presently has an average rating of “Hold” and a consensus target price of $67.78.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Monday, February 13th. The shares were sold at an average price of $62.41, for a total value of $3,269,285.44. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Thomas J. Seifert sold 20,000 shares of the business’s stock in a transaction on Monday, January 30th. The shares were sold at an average price of $50.94, for a total transaction of $1,018,800.00. Following the transaction, the chief financial officer now directly owns 86,433 shares in the company, valued at $4,402,897.02. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Monday, February 13th. The stock was sold at an average price of $62.41, for a total transaction of $3,269,285.44. The disclosure for this sale can be found here. Insiders have sold 419,507 shares of company stock worth $25,669,548 over the last ninety days. Insiders own 15.99% of the company’s stock.

Cloudflare Stock Down 0.7 %

Cloudflare stock opened at $62.41 on Friday. The company has a debt-to-equity ratio of 2.30, a current ratio of 4.74 and a quick ratio of 4.74. Cloudflare, Inc. has a fifty-two week low of $37.37 and a fifty-two week high of $108.88. The firm has a market capitalization of $20.62 billion, a price-to-earnings ratio of -104.02 and a beta of 1.02. The company’s 50 day simple moving average is $60.14 and its 200 day simple moving average is $52.89.

Cloudflare (NYSE:NET – Get Rating) last posted its quarterly earnings data on Thursday, February 9th. The company reported ($0.09) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.09). Cloudflare had a negative net margin of 19.83% and a negative return on equity of 27.64%. The company had revenue of $274.70 million for the quarter, compared to the consensus estimate of $274.29 million. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.31 EPS for the current year.

Cloudflare Profile

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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.