Perigon Wealth Management LLC Has $1.39 Million Holdings in Cloudflare, Inc. (NYSE:NET)

Perigon Wealth Management LLC cut its stake in Cloudflare, Inc. (NYSE:NET) by 16.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 12,113 shares of the company’s stock after selling 2,456 shares during the quarter. Perigon Wealth Management LLC’s holdings in Cloudflare were worth $1,391,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hartline Investment Corp boosted its stake in Cloudflare by 7.6% in the 3rd quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock worth $21,062,000 after purchasing an additional 18,426 shares during the period. WIM INVESTMENT MANAGEMENT Ltd bought a new position in shares of Cloudflare during the third quarter worth approximately $25,588,000. Charles Schwab Investment Management Inc. boosted its position in shares of Cloudflare by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after acquiring an additional 29,960 shares in the last quarter. National Pension Service boosted its position in shares of Cloudflare by 0.9% during the 3rd quarter. National Pension Service now owns 471,923 shares of the company’s stock worth $38,174,000 after acquiring an additional 4,062 shares in the last quarter. Finally, Banque Cantonale Vaudoise boosted its position in shares of Cloudflare by 20.8% during the 3rd quarter. Banque Cantonale Vaudoise now owns 36,753 shares of the company’s stock worth $2,973,000 after acquiring an additional 6,326 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Price Performance

Shares of NYSE NET opened at $136.44 on Thursday. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $140.25. The firm has a fifty day simple moving average of $113.05 and a 200 day simple moving average of $93.88. The company has a market capitalization of $46.83 billion, a PE ratio of -524.77 and a beta of 1.10. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The firm had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. On average, sell-side analysts forecast that Cloudflare, Inc. will post -0.1 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. The Goldman Sachs Group upgraded shares of Cloudflare from a “sell” rating to a “buy” rating and increased their price target for the stock from $77.00 to $140.00 in a research report on Thursday, January 2nd. Morgan Stanley raised their target price on shares of Cloudflare from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Truist Financial raised their target price on shares of Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday. Citigroup upgraded shares of Cloudflare from a “neutral” rating to a “buy” rating and raised their target price for the company from $95.00 to $145.00 in a research report on Friday, January 17th. Finally, Wells Fargo & Company raised their target price on shares of Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $109.72.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Monday, November 4th. The shares were sold at an average price of $86.79, for a total value of $1,301,850.00. Following the completion of the sale, the chief financial officer now directly owns 281,403 shares of the company’s stock, valued at approximately $24,422,966.37. The trade was a 5.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $95.59, for a total transaction of $5,007,386.56. Following the completion of the sale, the chief executive officer now directly owns 192,177 shares of the company’s stock, valued at approximately $18,370,199.43. This trade represents a 21.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 641,132 shares of company stock valued at $69,429,058. Corporate insiders own 12.83% of the company’s stock.

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.