Avitas Wealth Management LLC Invests $1.79 Million in Cloudflare Inc (NYSE:NET)

Avitas Wealth Management LLC acquired a new stake in Cloudflare Inc (NYSE:NET) in the second quarter, HoldingsChannel reports. The firm acquired 49,842 shares of the company’s stock, valued at approximately $1,792,000.

Other hedge funds have also added to or reduced their stakes in the company. UBS Group AG grew its stake in shares of Cloudflare by 159.9% in the 4th quarter. UBS Group AG now owns 8,723 shares of the company’s stock valued at $149,000 after buying an additional 5,367 shares during the period. Goldman Sachs Group Inc. grew its holdings in Cloudflare by 134.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 527,055 shares of the company’s stock worth $8,992,000 after purchasing an additional 302,028 shares during the period. Bank of New York Mellon Corp bought a new position in Cloudflare in the 4th quarter worth about $357,000. Geode Capital Management LLC bought a new position in shares of Cloudflare in the fourth quarter worth approximately $5,051,000. Finally, Norges Bank bought a new position in Cloudflare in the 4th quarter valued at approximately $27,249,000. 25.40% of the stock is owned by hedge funds and other institutional investors.

Several research analysts have weighed in on NET shares. William Blair assumed coverage on shares of Cloudflare in a research report on Friday, July 17th. They issued an “outperform” rating on the stock. Jefferies Financial Group upgraded Cloudflare from a “hold” rating to a “buy” rating and boosted their target price for the stock from $27.00 to $50.00 in a research report on Tuesday, July 28th. Zacks Investment Research lowered shares of Cloudflare from a “buy” rating to a “hold” rating in a research report on Wednesday, July 15th. Royal Bank of Canada boosted their price objective on shares of Cloudflare from $24.00 to $29.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. Finally, Wells Fargo & Co raised their price target on shares of Cloudflare from $27.50 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, May 15th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Cloudflare has an average rating of “Buy” and a consensus price target of $36.44.

In related news, CEO Matthew Prince sold 52,385 shares of the firm’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $40.48, for a total transaction of $2,120,544.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Douglas James Kramer sold 7,084 shares of Cloudflare stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $29.65, for a total transaction of $210,040.60. Following the sale, the general counsel now owns 2,632 shares in the company, valued at approximately $78,038.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,906,574 shares of company stock worth $379,631,418. 35.89% of the stock is owned by corporate insiders.

Shares of NYSE NET traded up $0.49 during trading hours on Friday, reaching $41.62. The stock had a trading volume of 5,300,004 shares, compared to its average volume of 4,953,159. The firm has a market cap of $12.64 billion and a price-to-earnings ratio of -57.81. The firm has a 50-day moving average of $36.15 and a 200-day moving average of $26.00. Cloudflare Inc has a fifty-two week low of $14.50 and a fifty-two week high of $42.60.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.04) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.02. The firm had revenue of $91.25 million for the quarter, compared to analysts’ expectations of $86.85 million. The firm’s quarterly revenue was up 47.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.19) EPS. Equities analysts anticipate that Cloudflare Inc will post -0.35 EPS for the current fiscal year.

Cloudflare Profile

CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.

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Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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