Encompass More Asset Management Acquires Shares of 5,026 Cloudflare, Inc. (NYSE:NET)

Key Points

• Encompass More Asset Management has acquired 5,026 shares of Cloudflare, valued at approximately $566,000, as revealed in a recent Form 13F filing.
• Several institutional investors have increased their stakes in Cloudflare, with Mather Group LLC. boosting its holdings by 1,188.2% during the first quarter.
• Cloudflare's shares hit a one year high of $211.75, following positive quarterly earnings showing a revenue increase of 27.8% compared to the same quarter last year.

Encompass More Asset Management acquired a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 5,026 shares of the company's stock, valued at approximately $566,000.

Other hedge funds have also recently bought and sold shares of the company. Orion Portfolio Solutions LLC bought a new position in shares of Cloudflare in the 4th quarter worth $216,000. Wellington Management Group LLP raised its stake in Cloudflare by 47.0% during the 4th quarter. Wellington Management Group LLP now owns 5,930 shares of the company's stock worth $639,000 after buying an additional 1,896 shares during the period. Alliancebernstein L.P. raised its stake in Cloudflare by 116.8% during the 4th quarter. Alliancebernstein L.P. now owns 244,225 shares of the company's stock worth $26,298,000 after buying an additional 131,553 shares during the period. National Bank of Canada FI raised its stake in Cloudflare by 4.3% during the 4th quarter. National Bank of Canada FI now owns 8,650 shares of the company's stock worth $932,000 after buying an additional 358 shares during the period. Finally, Resona Asset Management Co. Ltd. acquired a new stake in Cloudflare during the 4th quarter worth $10,296,000. 82.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Michelle Zatlyn sold 25,641 shares of Cloudflare stock in a transaction that occurred on Thursday, July 17th. The shares were 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 in the company, valued at approximately $1,218,445.20. The trade was a 80.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas J. Seifert sold 59,130 shares of Cloudflare stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $200.30, for a total transaction of $11,843,739.00. Following the completion of the sale, the chief financial officer owned 241,550 shares of the company's stock, valued at approximately $48,382,465. The trade was a 19.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 691,062 shares of company stock valued at $122,093,547 in the last quarter. Corporate insiders own 10.89% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Needham & Company LLC raised their price objective on Cloudflare from $200.00 to $240.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. UBS Group lifted their price target on Cloudflare from $145.00 to $200.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Jefferies Financial Group cut their price target on Cloudflare from $170.00 to $150.00 and set a "hold" rating on the stock in a report on Friday, May 9th. Guggenheim boosted their price target on Cloudflare from $70.00 to $111.00 and gave the company a "sell" rating in a report on Friday, August 1st. Finally, Wells Fargo & Company boosted their price target on Cloudflare from $225.00 to $250.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Three analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $186.88.

Cloudflare Price Performance

Shares of NYSE NET traded up $7.38 during midday trading on Wednesday, reaching $215.19. The company's stock had a trading volume of 2,320,799 shares, compared to its average volume of 3,503,849. The company has a debt-to-equity ratio of 2.63, a quick ratio of 5.14 and a current ratio of 5.14. Cloudflare, Inc. has a fifty-two week low of $74.88 and a fifty-two week high of $215.58. The business's 50 day moving average price is $187.48 and its two-hundred day moving average price is $151.01. The company has a market cap of $74.59 billion, a P/E ratio of -632.91 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates of $0.18 by $0.03. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.42%. The company had revenue of $512.32 million during the quarter, compared to the consensus estimate of $501.58 million. During the same period in the previous year, the business earned $0.20 earnings per share. The firm's quarterly revenue was up 27.8% on a year-over-year basis. On average, analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

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.