318,705 Shares in Cloudflare, Inc. (NYSE:NET) Purchased by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA bought a new position in Cloudflare, Inc. (NYSE:NET - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 318,705 shares of the company's stock, valued at approximately $35,915,000. Massachusetts Financial Services Co. MA owned approximately 0.09% of Cloudflare at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in NET. Mather Group LLC. lifted its holdings in shares of Cloudflare by 1,188.2% in the 1st quarter. Mather Group LLC. now owns 219 shares of the company's stock worth $25,000 after purchasing an additional 202 shares during the last quarter. NBC Securities Inc. bought a new stake in shares of Cloudflare in the 1st quarter worth approximately $27,000. GPS Wealth Strategies Group LLC lifted its holdings in shares of Cloudflare by 213.4% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after purchasing an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Cloudflare by 115.4% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after purchasing an additional 142 shares during the last quarter. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Cloudflare in the 4th quarter worth approximately $43,000. Institutional investors and hedge funds own 82.68% of the company's stock.

Insider Activity

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $184.58, for a total value of $9,669,038.72. Following the completion of the sale, the chief executive officer owned 381,213 shares of the company's stock, valued at $70,364,295.54. The trade was a 12.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michelle Zatlyn sold 25,641 shares of the business's stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $190.68, for a total value of $4,889,225.88. Following the completion of the sale, the insider directly owned 6,390 shares of the company's stock, valued at $1,218,445.20. This represents a 80.05% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 581,062 shares of company stock valued at $99,070,153. 10.89% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on NET shares. Needham & Company LLC raised their price target on Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Cowen reaffirmed a "buy" rating on shares of Cloudflare in a research note on Monday, June 16th. Piper Sandler reaffirmed a "neutral" rating and set a $151.00 target price (up previously from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. Mizuho lifted their target price on Cloudflare from $155.00 to $220.00 and gave the company an "outperform" rating in a research note on Wednesday. Finally, Guggenheim lifted their target price on Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $152.32.

Cloudflare Price Performance

Shares of NET stock traded up $5.52 on Friday, reaching $196.77. 4,214,067 shares of the company's stock traded hands, compared to its average volume of 3,178,811. Cloudflare, Inc. has a 12-month low of $69.26 and a 12-month high of $198.01. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The business's 50 day moving average price is $175.86 and its two-hundred day moving average price is $143.22.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The firm had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. Cloudflare's revenue for the quarter was up 26.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.16 EPS. Research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Cloudflare 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.