Avantax Advisory Services Inc. Trims Stake in Cloudflare, Inc. (NYSE:NET)

Avantax Advisory Services Inc. trimmed its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 16.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,185 shares of the company’s stock after selling 1,379 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Cloudflare were worth $774,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NET. Stratos Wealth Partners LTD. boosted its holdings in shares of Cloudflare by 1.2% in the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock worth $709,000 after purchasing an additional 77 shares in the last quarter. Atomi Financial Group Inc. boosted its holdings in shares of Cloudflare by 3.3% in the 4th quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock worth $319,000 after purchasing an additional 94 shares in the last quarter. Chicago Partners Investment Group LLC boosted its holdings in shares of Cloudflare by 4.3% in the 4th quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company’s stock worth $293,000 after purchasing an additional 105 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in shares of Cloudflare by 0.5% in the 4th quarter. D.A. Davidson & CO. now owns 21,075 shares of the company’s stock worth $2,269,000 after purchasing an additional 106 shares in the last quarter. Finally, Amalgamated Bank boosted its holdings in shares of Cloudflare by 0.5% in the 4th quarter. Amalgamated Bank now owns 20,002 shares of the company’s stock worth $2,154,000 after purchasing an additional 107 shares in the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Stock Performance

Cloudflare stock opened at $117.89 on Friday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $40.68 billion, a P/E ratio of -535.85 and a beta of 1.27. The stock’s 50 day moving average is $136.61 and its 200 day moving average is $109.54. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. On average, equities research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the sale, the chief financial officer now directly owns 252,869 shares in the company, valued at approximately $28,779,020.89. This trade represents a 5.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the sale, the insider now owns 175,688 shares in the company, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 556,766 shares of company stock worth $72,579,200 in the last 90 days. Insiders own 12.83% of the company’s stock.

Analyst Upgrades and Downgrades

NET has been the subject of a number of recent research reports. Robert W. Baird reissued a “neutral” rating and issued a $140.00 target price (up previously from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. Mizuho lowered their target price on Cloudflare from $160.00 to $140.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Jefferies Financial Group boosted their target price on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. JMP Securities boosted their target price on Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a research note on Friday, February 7th. Finally, Wells Fargo & Company boosted their target price on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $131.64.

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