Van ECK Associates Corp bought a new stake in Cloudflare, Inc. (NYSE:NET – Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,899 shares of the company’s stock, valued at approximately $919,000.
A number of other large investors have also modified their holdings of the company. Kovack Advisors Inc. raised its stake in shares of Cloudflare by 3.6% in the first quarter. Kovack Advisors Inc. now owns 5,485 shares of the company’s stock valued at $338,000 after purchasing an additional 190 shares in the last quarter. First Horizon Advisors Inc. raised its stake in shares of Cloudflare by 45.4% in the fourth quarter. First Horizon Advisors Inc. now owns 682 shares of the company’s stock valued at $31,000 after purchasing an additional 213 shares in the last quarter. Westpac Banking Corp raised 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 valued at $814,000 after purchasing an additional 222 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC raised its stake in Cloudflare by 3.0% during the first quarter. Householder Group Estate & Retirement Specialist LLC now owns 7,735 shares of the company’s stock worth $477,000 after acquiring an additional 225 shares in the last quarter. Finally, M&T Bank Corp raised its stake in Cloudflare by 2.3% during the fourth quarter. M&T Bank Corp now owns 10,651 shares of the company’s stock worth $502,000 after acquiring an additional 236 shares in the last quarter. 74.38% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several research analysts have issued reports on NET shares. William Blair reiterated an “outperform” rating on shares of Cloudflare in a research note on Wednesday, April 19th. Cantor Fitzgerald dropped their price objective on Cloudflare from $65.00 to $50.00 in a research note on Friday, April 28th. Guggenheim upgraded Cloudflare from a “sell” rating to a “neutral” rating in a research note on Friday, May 5th. Robert W. Baird increased their price objective on Cloudflare from $64.00 to $75.00 in a research note on Friday, July 28th. Finally, Wells Fargo & Company increased their target price on Cloudflare from $55.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare has an average rating of “Hold” and a consensus price target of $65.92.
Cloudflare Price Performance
Insiders Place Their Bets
In other Cloudflare news, General Counsel Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $50.00, for a total transaction of $150,000.00. Following the transaction, the general counsel now owns 157,454 shares in the company, valued at $7,872,700. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Carl Ledbetter sold 30,115 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $65.72, for a total transaction of $1,979,157.80. Following the sale, the director now owns 1,882,824 shares of the company’s stock, valued at $123,739,193.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, General Counsel Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $50.00, for a total value of $150,000.00. Following the sale, the general counsel now directly owns 157,454 shares in the company, valued at approximately $7,872,700. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 578,590 shares of company stock worth $37,153,287. Insiders own 14.80% 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, secure origin connection, and rate limiting products.
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