Ameriprise Financial Inc. Raises Stock Position in Cloudflare, Inc. (NYSE:NET)

Ameriprise Financial Inc. raised its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 40.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 504,029 shares of the company's stock after buying an additional 146,389 shares during the period. Ameriprise Financial Inc. owned about 0.15% of Cloudflare worth $54,293,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of NET. Groupama Asset Managment acquired a new stake in Cloudflare in the 4th quarter worth about $269,200,000. Norges Bank acquired a new stake in Cloudflare in the 4th quarter worth about $249,544,000. American Century Companies Inc. boosted its holdings in Cloudflare by 82.0% in the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after buying an additional 1,017,399 shares during the last quarter. Invesco Ltd. boosted its holdings in Cloudflare by 292.5% in the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after buying an additional 804,059 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its holdings in Cloudflare by 454.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 879,088 shares of the company's stock worth $94,660,000 after buying an additional 720,568 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cloudflare

In related news, CEO Matthew Prince sold 2,311 shares of the firm's stock in a transaction dated Thursday, April 10th. The shares were sold at an average price of $107.75, for a total value of $249,010.25. Following the completion of the sale, the chief executive officer now owns 413,413 shares in the company, valued at $44,545,250.75. This trade represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Janel Riley sold 4,327 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the transaction, the chief accounting officer now directly owns 74,698 shares of the company's stock, valued at approximately $12,519,384.80. This trade represents a 5.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 492,492 shares of company stock worth $63,757,685. Company insiders own 12.83% of the company's stock.

Cloudflare Stock Performance

NYSE NET traded down $2.82 during trading hours on Thursday, hitting $151.67. The company had a trading volume of 1,855,418 shares, compared to its average volume of 3,130,969. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. The company has a market cap of $52.34 billion, a PE ratio of -689.41 and a beta of 1.78. The business has a 50 day moving average of $116.93 and a 200-day moving average of $118.80.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The business had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. During the same quarter last year, the company posted $0.16 EPS. Cloudflare's quarterly revenue was up 26.5% on a year-over-year basis. As a group, equities research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Robert W. Baird restated a "neutral" rating and issued a $140.00 price target (up from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Piper Sandler restated a "neutral" rating and issued a $151.00 price target (up from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Needham & Company LLC upped their price target on Cloudflare from $145.00 to $160.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Mizuho upgraded Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 price target for the company in a research report on Wednesday, April 16th. Finally, Oppenheimer upped their price target on Cloudflare from $150.00 to $165.00 and gave the company an "outperform" rating in a research report on Friday, May 9th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $141.79.

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.