Gateway Advisory LLC lifted its holdings in Cloudflare, Inc. (NYSE:NET – Free Report) by 9.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,728 shares of the company’s stock after acquiring an additional 391 shares during the quarter. Gateway Advisory LLC’s holdings in Cloudflare were worth $309,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Great West Life Assurance Co. Can grew its position in Cloudflare by 7.2% during the 2nd quarter. Great West Life Assurance Co. Can now owns 323,108 shares of the company’s stock worth $21,179,000 after purchasing an additional 21,721 shares during the period. Profund Advisors LLC grew its holdings in Cloudflare by 7.6% during the second quarter. Profund Advisors LLC now owns 21,731 shares of the company’s stock worth $1,421,000 after acquiring an additional 1,538 shares during the period. Edgestream Partners L.P. acquired a new position in Cloudflare in the second quarter valued at approximately $890,000. Jupiter Asset Management Ltd. acquired a new position in Cloudflare in the second quarter valued at approximately $2,096,000. Finally, Private Advisor Group LLC boosted its position in Cloudflare by 6.4% in the 2nd quarter. Private Advisor Group LLC now owns 4,633 shares of the company’s stock worth $303,000 after purchasing an additional 280 shares in the last quarter. Hedge funds and other institutional investors own 73.14% of the company’s stock.
Insider Buying and Selling at Cloudflare
In other news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $64.41, for a total transaction of $3,374,053.44. Following the transaction, the chief executive officer now directly owns 10,723 shares in the company, valued at approximately $690,668.43. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Carl Ledbetter sold 10,016 shares of the company’s stock in a transaction dated Wednesday, October 11th. The shares were sold at an average price of $66.54, for a total value of $666,464.64. Following the completion of the sale, the director now owns 1,752,517 shares of the company’s stock, valued at $116,612,481.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $64.41, for a total transaction of $3,374,053.44. Following the sale, the chief executive officer now owns 10,723 shares of the company’s stock, valued at $690,668.43. The disclosure for this sale can be found here. In the last quarter, insiders sold 581,002 shares of company stock worth $36,449,035. Insiders own 14.80% of the company’s stock.
Cloudflare Price Performance
Wall Street Analysts Forecast Growth
Several equities analysts recently issued reports on NET shares. Piper Sandler decreased their target price on shares of Cloudflare from $64.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, November 3rd. TD Cowen increased their target price on shares of Cloudflare from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, August 4th. Morgan Stanley lifted their price target on Cloudflare from $55.00 to $60.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 7th. Bank of America assumed coverage on Cloudflare in a research report on Thursday, September 7th. They set an “underperform” rating and a $52.00 price target on the stock. Finally, The Goldman Sachs Group boosted their price objective on Cloudflare from $38.00 to $43.00 and gave the company a “sell” rating in a research report on Friday, August 4th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Cloudflare currently has a consensus rating of “Hold” and an average target price of $64.24.
Cloudflare Company Profile
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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