Atlas Brown Inc. boosted its stake in Cloudflare, Inc. (NYSE:NET – Get Rating) by 79.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,650 shares of the company's stock after acquiring an additional 2,500 shares during the period. Atlas Brown Inc.'s holdings in Cloudflare were worth $247,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in NET. Dimensional Fund Advisors LP raised its position in Cloudflare by 3.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 163,833 shares of the company's stock worth $21,546,000 after acquiring an additional 4,991 shares during the period. Principal Financial Group Inc. raised its position in Cloudflare by 1.6% in the fourth quarter. Principal Financial Group Inc. now owns 35,390 shares of the company's stock worth $4,653,000 after acquiring an additional 567 shares during the period. Invesco Ltd. raised its position in Cloudflare by 72.4% in the fourth quarter. Invesco Ltd. now owns 1,925,098 shares of the company's stock worth $253,150,000 after acquiring an additional 808,586 shares during the period. Schroder Investment Management Group raised its position in Cloudflare by 20.0% in the fourth quarter. Schroder Investment Management Group now owns 9,138 shares of the company's stock worth $1,202,000 after acquiring an additional 1,520 shares during the period. Finally, GSA Capital Partners LLP bought a new stake in Cloudflare in the fourth quarter worth about $235,000. Institutional investors own 71.69% of the company's stock.
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Wall Street Analysts Forecast Growth
Several analysts have recently issued reports on NET shares. Evercore ISI lowered their price target on shares of Cloudflare from $110.00 to $65.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 28th. Wells Fargo & Company lowered their price target on shares of Cloudflare from $60.00 to $42.00 and set an "equal weight" rating on the stock in a research report on Monday, July 18th. Moffett Nathanson started coverage on shares of Cloudflare in a research report on Thursday. They issued a "buy" rating and a $114.00 price target on the stock. Piper Sandler boosted their price target on shares of Cloudflare from $57.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday, August 5th. Finally, Mizuho boosted their price target on shares of Cloudflare from $76.00 to $85.00 and gave the company a "neutral" rating in a research report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $112.57.
Cloudflare Price Performance
NET stock traded down $3.26 during midday trading on Friday, reaching $53.66. The company had a trading volume of 250,581 shares, compared to its average volume of 4,152,630. The company has a debt-to-equity ratio of 2.47, a current ratio of 5.45 and a quick ratio of 5.45. Cloudflare, Inc. has a 1 year low of $38.96 and a 1 year high of $221.64. The company has a market capitalization of $17.51 billion, a P/E ratio of -59.70 and a beta of 1.10. The firm has a 50-day moving average price of $61.73 and a 200-day moving average price of $71.53.
Cloudflare (NYSE:NET – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.07). Cloudflare had a negative return on equity of 23.62% and a negative net margin of 35.66%. The company had revenue of $234.52 million during the quarter, compared to analysts' expectations of $227.52 million. On average, research analysts anticipate that Cloudflare, Inc. will post -0.53 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $65.93, for a total value of $3,453,677.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $65.93, for a total value of $3,453,677.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Paul D. Underwood sold 6,000 shares of the business's stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $420,000.00. Following the completion of the sale, the chief accounting officer now owns 30,030 shares of the company's stock, valued at $2,102,100. The disclosure for this sale can be found here. Insiders sold a total of 320,304 shares of company stock valued at $20,817,806 in the last quarter. Corporate insiders own 15.99% of the company's stock.
Cloudflare Company Profile
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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.
Further Reading
- Get a free copy of the StockNews.com research report on Cloudflare (NET)
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