Allstate Corp Acquires 12,436 Shares of Cloudflare, Inc. $NET

Key Points

• Allstate Corp more than doubled its stake in Cloudflare during the fourth quarter, buying an additional 12,436 shares and bringing its total holdings to 24,080 shares worth about $4.75 million.
• Institutional interest in Cloudflare remains strong, with firms like Vanguard, Invesco, and Legal & General also increasing their positions; overall, 82.68% of the stock is held by institutions.
• Cloudflare reported better-than-expected quarterly results, posting EPS of $0.25 on revenue of $639.76 million, while analysts currently rate the stock a Moderate Buy with an average target price of $236.68.

Allstate Corp grew its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 106.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,080 shares of the company's stock after purchasing an additional 12,436 shares during the quarter. Allstate Corp's holdings in Cloudflare were worth $4,747,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Cloudflare by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 32,407,646 shares of the company's stock valued at $6,389,167,000 after purchasing an additional 90,397 shares during the last quarter. Invesco Ltd. increased its position in shares of Cloudflare by 1.3% during the 3rd quarter. Invesco Ltd. now owns 3,964,733 shares of the company's stock valued at $850,792,000 after purchasing an additional 49,485 shares during the last quarter. Legal & General Group Plc increased its position in shares of Cloudflare by 4.9% during the 4th quarter. Legal & General Group Plc now owns 2,824,772 shares of the company's stock valued at $556,904,000 after purchasing an additional 131,127 shares during the last quarter. Groupama Asset Managment increased its position in shares of Cloudflare by 82.6% during the 3rd quarter. Groupama Asset Managment now owns 2,100,000 shares of the company's stock valued at $450,639,000 after purchasing an additional 950,000 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Cloudflare by 1.2% during the 3rd quarter. Northern Trust Corp now owns 1,909,120 shares of the company's stock valued at $409,678,000 after purchasing an additional 21,715 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NET. Jefferies Financial Group initiated coverage on Cloudflare in a report on Wednesday, April 15th. They set a "buy" rating for the company. DZ Bank upgraded Cloudflare from a "hold" rating to a "buy" rating and set a $215.00 price target on the stock in a research report on Friday, February 13th. Guggenheim raised their price target on Cloudflare from $117.00 to $140.00 and gave the stock a "sell" rating in a research report on Wednesday, February 11th. New Street Research set a $140.00 price target on Cloudflare in a research report on Wednesday, February 11th. Finally, BTIG Research restated a "buy" rating and set a $243.00 price target on shares of Cloudflare in a research report on Friday, May 8th. Eighteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Cloudflare currently has an average rating of "Moderate Buy" and an average target price of $236.68.

Cloudflare Trading Up 0.9%

NYSE NET opened at $218.05 on Wednesday. Cloudflare, Inc. has a fifty-two week low of $158.83 and a fifty-two week high of $260.00. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.96 and a current ratio of 1.96. The stock has a 50 day simple moving average of $207.88 and a two-hundred day simple moving average of $198.82. The stock has a market cap of $77.07 billion, a P/E ratio of -872.20 and a beta of 1.67.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.02. Cloudflare had a negative return on equity of 5.65% and a negative net margin of 3.72%.The business had revenue of $639.76 million during the quarter, compared to analysts' expectations of $620.83 million. During the same quarter last year, the business posted $0.16 EPS. The business's revenue was up 33.5% on a year-over-year basis. Cloudflare has set its FY 2026 guidance at 1.190-1.200 EPS and its Q2 2026 guidance at 0.270-0.270 EPS.

Insiders Place Their Bets

In other Cloudflare news, CFO Thomas J. Seifert sold 10,000 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $200.61, for a total value of $2,006,100.00. Following the completion of the sale, the chief financial officer owned 212,014 shares in the company, valued at approximately $42,532,128.54. This trade represents a 4.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $210.66, for a total value of $11,035,213.44. Following the completion of the sale, the chief executive officer owned 25,550 shares of the company's stock, valued at approximately $5,382,363. This trade represents a 67.22% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 577,525 shares of company stock worth $118,153,351. Insiders own 10.89% of the company's stock.

About Cloudflare

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.

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