Allspring Global Investments Holdings LLC Increases Position in Cloudflare, Inc. $NET

Allspring Global Investments Holdings LLC lifted its position in shares of Cloudflare, Inc. (NYSE:NET) by 33.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 407,733 shares of the company’s stock after purchasing an additional 103,042 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Cloudflare were worth $79,924,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Physician Wealth Advisors Inc. increased its holdings in Cloudflare by 693.3% in the third quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company’s stock valued at $26,000 after buying an additional 104 shares during the last quarter. Wiser Advisor Group LLC purchased a new stake in Cloudflare during the 3rd quarter worth about $26,000. Westside Investment Management Inc. boosted its position in shares of Cloudflare by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 130 shares of the company’s stock worth $28,000 after acquiring an additional 65 shares in the last quarter. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Cloudflare during the 2nd quarter worth about $29,000. Finally, ORG Wealth Partners LLC increased its holdings in shares of Cloudflare by 101.4% in the 3rd quarter. ORG Wealth Partners LLC now owns 139 shares of the company’s stock valued at $30,000 after acquiring an additional 70 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Trading Up 6.2%

NYSE:NET opened at $206.71 on Wednesday. The company has a market capitalization of $72.76 billion, a PE ratio of -712.78 and a beta of 1.98. Cloudflare, Inc. has a 52-week low of $89.42 and a 52-week high of $260.00. The stock’s 50 day moving average price is $191.14 and its 200 day moving average price is $202.81. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. The company had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $591.67 million. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The firm’s revenue for the quarter was up 33.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.19 earnings per share. On average, research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Transactions at Cloudflare

In other Cloudflare news, insider Michelle Zatlyn sold 25,641 shares of Cloudflare stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $189.50, for a total value of $4,858,969.50. Following the transaction, the insider directly owned 34,514 shares in the company, valued at approximately $6,540,403. The trade was a 42.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 10,341 shares of the company’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $212.30, for a total transaction of $2,195,394.30. Following the completion of the sale, the chief financial officer directly owned 224,625 shares of the company’s stock, valued at $47,687,887.50. The trade was a 4.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 632,902 shares of company stock worth $120,753,082 over the last 90 days. Company insiders own 10.89% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on NET shares. New Street Research set a $140.00 target price on Cloudflare in a research note on Wednesday, February 11th. Jefferies Financial Group increased their price target on shares of Cloudflare from $185.00 to $225.00 and gave the company a “hold” rating in a research note on Wednesday, February 11th. DZ Bank raised shares of Cloudflare from a “hold” rating to a “buy” rating and set a $215.00 price objective on the stock in a report on Friday, February 13th. Wolfe Research restated a “peer perform” rating on shares of Cloudflare in a research report on Monday, January 26th. Finally, KeyCorp restated an “overweight” rating on shares of Cloudflare in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $233.38.

Cloudflare Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.