Victory Capital Management Inc. Raises Stake in Cloudflare, Inc. (NYSE:NET)

Victory Capital Management Inc. grew its stake in shares of Cloudflare, Inc. (NYSE:NET – Get Rating) by 1.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 109,275 shares of the company’s stock after purchasing an additional 1,666 shares during the quarter. Victory Capital Management Inc.’s holdings in Cloudflare were worth $5,782,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Quadrant Capital Group LLC boosted its stake in shares of Cloudflare by 1,036.7% during the third quarter. Quadrant Capital Group LLC now owns 557 shares of the company’s stock valued at $31,000 after purchasing an additional 508 shares during the period. Belpointe Asset Management LLC purchased a new stake in shares of Cloudflare during the fourth quarter valued at $31,000. Exos TFP Holdings LLC purchased a new stake in shares of Cloudflare during the third quarter valued at $44,000. U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Cloudflare during the fourth quarter valued at $45,000. Finally, TCI Wealth Advisors Inc. purchased a new stake in shares of Cloudflare during the third quarter valued at $46,000. 69.97% of the stock is owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

A number of analysts recently weighed in on NET shares. Stifel Nicolaus lowered their price objective on shares of Cloudflare from $65.00 to $55.00 in a research note on Friday, April 28th. Truist Financial upped their price objective on shares of Cloudflare from $57.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, February 10th. Robert W. Baird lowered their price objective on shares of Cloudflare from $67.00 to $59.00 in a research note on Friday, April 28th. Royal Bank of Canada lowered their price objective on shares of Cloudflare from $70.00 to $54.00 in a research note on Friday, April 28th. Finally, Loop Capital started coverage on shares of Cloudflare in a research note on Monday, February 6th. They issued a “hold” rating and a $52.00 price objective for the company. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $61.04.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 20,000 shares of the stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $60.25, for a total value of $1,205,000.00. Following the transaction, the chief financial officer now owns 61,355 shares in the company, valued at approximately $3,696,638.75. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CFO Thomas J. Seifert sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $60.25, for a total transaction of $1,205,000.00. Following the sale, the chief financial officer now owns 61,355 shares of the company’s stock, valued at approximately $3,696,638.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Wednesday, March 8th. The stock was sold at an average price of $59.65, for a total transaction of $3,124,705.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 421,338 shares of company stock worth $24,385,996. 15.99% of the stock is owned by company insiders.

Cloudflare Trading Up 5.4 %

Shares of NYSE:NET opened at $61.14 on Friday. Cloudflare, Inc. has a twelve month low of $37.37 and a twelve month high of $80.99. The company’s 50 day moving average is $56.06 and its 200 day moving average is $52.82. The company has a current ratio of 4.40, a quick ratio of 4.40 and a debt-to-equity ratio of 2.20.

Cloudflare (NYSE:NET – Get Rating) last issued its quarterly earnings results on Thursday, April 27th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Cloudflare had a negative return on equity of 25.10% and a negative net margin of 18.05%. The business had revenue of $290.18 million during the quarter, compared to analyst estimates of $290.96 million. Analysts expect that Cloudflare, Inc. will post -0.32 EPS for the current fiscal year.

About Cloudflare

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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.

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