Keystone Wealth Services LLC Invests $669,000 in Cloudflare, Inc. (NYSE:NET)

Keystone Wealth Services LLC bought a new position in shares of Cloudflare, Inc. (NYSE:NET) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,273 shares of the company’s stock, valued at approximately $669,000.

Other large investors also recently made changes to their positions in the company. CVA Family Office LLC boosted its holdings in Cloudflare by 121.3% in the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock valued at $25,000 after acquiring an additional 171 shares during the last quarter. Riverview Trust Co bought a new position in Cloudflare in the first quarter valued at about $27,000. Allspring Global Investments Holdings LLC boosted its holdings in Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in Cloudflare in the second quarter valued at about $29,000. Finally, Quarry LP boosted its holdings in Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after acquiring an additional 146 shares during the last quarter. Institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Up 0.1 %

Cloudflare stock traded up $0.05 during midday trading on Tuesday, reaching $93.80. The stock had a trading volume of 2,496,423 shares, compared to its average volume of 3,222,268. The firm’s fifty day simple moving average is $81.20 and its 200-day simple moving average is $80.93. Cloudflare, Inc. has a 1-year low of $53.88 and a 1-year high of $116.00. The stock has a market capitalization of $31.87 billion, a P/E ratio of -177.02 and a beta of 1.10. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The business had revenue of $401.00 million for the quarter, compared to analyst estimates of $394.11 million. During the same quarter last year, the firm earned ($0.12) EPS. Cloudflare’s revenue for the quarter was up 30.0% compared to the same quarter last year. As a group, analysts expect that Cloudflare, Inc. will post -0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $82.60, for a total transaction of $2,117,864.00. Following the transaction, the chief operating officer now owns 192,177 shares of the company’s stock, valued at $15,873,820.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $77.17, for a total transaction of $231,510.00. Following the transaction, the insider now owns 195,303 shares of the company’s stock, valued at $15,071,532.51. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $82.60, for a total value of $2,117,864.00. Following the transaction, the chief operating officer now owns 192,177 shares of the company’s stock, valued at $15,873,820.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 417,784 shares of company stock valued at $33,130,625 in the last 90 days. 12.83% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NET. UBS Group upgraded Cloudflare from a “sell” rating to a “neutral” rating and raised their price target for the company from $76.00 to $82.00 in a report on Tuesday, June 25th. Morgan Stanley restated an “equal weight” rating and set a $92.00 target price on shares of Cloudflare in a report on Monday, June 17th. Piper Sandler raised their target price on Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Susquehanna raised their target price on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Finally, Guggenheim raised their target price on Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $91.20.

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, script management, security center, and rate limiting products.