Cloudflare, Inc. (NYSE:NET) Shares Bought by Allen Investment Management LLC

Key Points

• Allen Investment Management LLC increased its stake in Cloudflare, Inc. by 9.0%, now owning 451,949 shares valued at approximately $50.93 million.
• Research analysts show mixed ratings for Cloudflare, with consensus leaning towards a "Moderate Buy" and a price target averaging $159.92.
• Cloudflare shares opened at $198.49, showing a market capitalization of $68.8 billion and a year-to-date performance reflected by a 52-week price range of $69.26 to $200.76.

Allen Investment Management LLC lifted its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 9.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 451,949 shares of the company's stock after buying an additional 37,216 shares during the quarter. Allen Investment Management LLC owned about 0.13% of Cloudflare worth $50,930,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in shares of Cloudflare by 86.8% in the first quarter. GAMMA Investing LLC now owns 1,093 shares of the company's stock valued at $123,000 after buying an additional 508 shares during the period. LPL Financial LLC increased its position in Cloudflare by 3.4% during the fourth quarter. LPL Financial LLC now owns 122,171 shares of the company's stock worth $13,155,000 after acquiring an additional 3,989 shares during the period. Crossmark Global Holdings Inc. increased its holdings in Cloudflare by 9.6% in the 1st quarter. Crossmark Global Holdings Inc. now owns 2,635 shares of the company's stock valued at $297,000 after buying an additional 230 shares during the period. Amalgamated Bank boosted its stake in shares of Cloudflare by 7.0% in the 1st quarter. Amalgamated Bank now owns 21,402 shares of the company's stock valued at $2,412,000 after purchasing an additional 1,400 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position 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. Institutional investors and hedge funds own 82.68% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NET. JMP Securities lifted their price objective on shares of Cloudflare from $180.00 to $225.00 and gave the company a "market outperform" rating in a research note on Monday. Robert W. Baird upped their price objective on shares of Cloudflare from $148.00 to $175.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. UBS Group raised their price target on Cloudflare from $145.00 to $200.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Guggenheim lifted their price target on Cloudflare from $68.00 to $70.00 and gave the stock a "sell" rating in a research report on Friday, May 9th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $200.00 price target (up previously from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Cloudflare currently has a consensus rating of "Moderate Buy" and an average target price of $161.72.

Cloudflare Price Performance

Shares of Cloudflare stock traded up $2.38 on Wednesday, reaching $201.81. The company's stock had a trading volume of 1,652,021 shares, compared to its average volume of 3,687,484. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90. Cloudflare, Inc. has a 52-week low of $69.26 and a 52-week high of $203.08. The company has a market capitalization of $69.95 billion, a P/E ratio of -879.35 and a beta of 1.85. The stock has a 50-day moving average price of $181.77 and a 200-day moving average price of $147.40.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The company had revenue of $479.09 million during the quarter, compared to analysts' expectations of $469.49 million. During the same quarter in the previous year, the company earned $0.16 earnings per share. The firm's quarterly revenue was up 26.5% compared to the same quarter last year. Analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Transactions at Cloudflare

In other Cloudflare news, insider Michelle Zatlyn sold 35,098 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $156.83, for a total transaction of $5,504,419.34. Following the completion of the sale, the insider directly owned 6,390 shares of the company's stock, valued at approximately $1,002,143.70. This trade represents a 84.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thomas J. Seifert sold 34,270 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $200.17, for a total value of $6,859,825.90. Following the completion of the sale, the chief financial officer directly owned 241,550 shares of the company's stock, valued at $48,351,063.50. This represents a 12.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 691,062 shares of company stock worth $121,871,367. 10.89% of the stock is owned by corporate insiders.

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.