Commerce Bank Purchases Shares of 4,437 Cloudflare, Inc. (NYSE:NET)

Posted by Defense World Staff on May 28th, 2023

Commerce Bank purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET – Get Rating) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 4,437 shares of the company’s stock, valued at approximately $201,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Utah Retirement Systems lifted its position in shares of Cloudflare by 0.4% during the third quarter. Utah Retirement Systems now owns 47,762 shares of the company’s stock worth $2,642,000 after purchasing an additional 200 shares in the last quarter. Westpac Banking Corp increased its stake in shares of Cloudflare by 1.2% in the fourth quarter. Westpac Banking Corp now owns 18,006 shares of the company’s stock worth $814,000 after buying an additional 222 shares during the last quarter. IFP Advisors Inc increased its stake in shares of Cloudflare by 1.8% in the third quarter. IFP Advisors Inc now owns 14,656 shares of the company’s stock worth $394,000 after buying an additional 264 shares during the last quarter. Forum Financial Management LP increased its stake in Cloudflare by 11.5% during the first quarter. Forum Financial Management LP now owns 2,653 shares of the company’s stock valued at $317,000 after purchasing an additional 273 shares during the last quarter. Finally, Citizens Financial Group Inc RI increased its stake in Cloudflare by 3.3% during the fourth quarter. Citizens Financial Group Inc RI now owns 8,830 shares of the company’s stock valued at $399,000 after purchasing an additional 285 shares during the last quarter. 69.97% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cloudflare news, General Counsel Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $60.61, for a total transaction of $181,830.00. Following the completion of the transaction, the general counsel now directly owns 54,960 shares of the company’s stock, valued at $3,331,125.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction dated Tuesday, April 18th. The stock was sold at an average price of $64.49, for a total transaction of $967,350.00. Following the completion of the transaction, the chief financial officer now owns 61,355 shares of the company’s stock, valued at $3,956,783.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $60.61, for a total value of $181,830.00. Following the transaction, the general counsel now directly owns 54,960 shares of the company’s stock, valued at approximately $3,331,125.60. The disclosure for this sale can be found here. Insiders sold a total of 421,338 shares of company stock valued at $24,385,996 over the last ninety days. 15.99% of the stock is currently owned by company insiders.

Cloudflare Price Performance

Shares of NET stock opened at $61.14 on Friday. The company has a debt-to-equity ratio of 2.20, a quick ratio of 4.40 and a current ratio of 4.40. The company’s 50 day moving average price is $56.06 and its two-hundred day moving average price is $52.90. Cloudflare, Inc. has a 52 week low of $37.37 and a 52 week high of $80.99.

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

Wall Street Analyst Weigh In

Several research firms have weighed in on NET. The Goldman Sachs Group began coverage on shares of Cloudflare in a research note on Tuesday, February 14th. They set a “sell” rating and a $51.00 target price for the company. Piper Sandler lowered their price target on shares of Cloudflare from $64.00 to $50.00 in a research report on Friday, April 28th. JMP Securities lowered their target price on Cloudflare from $90.00 to $60.00 in a report on Friday, April 28th. Wells Fargo & Company cut their price objective on Cloudflare from $75.00 to $55.00 in a report on Friday, April 28th. Finally, Robert W. Baird lowered their price objective on shares of Cloudflare from $67.00 to $59.00 in a research report on Friday, April 28th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $61.04.

Cloudflare Company 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.