Cloudflare, Inc. $NET Shares Purchased by Allstate Corp

Key Points

• Allstate Corp has increased its stake in Cloudflare, Inc. by 28.4%, owning 11,471 shares valued at approximately $1.29 million after acquiring an additional 2,537 shares in the first quarter of the year.
• Multiple analysts have raised their price targets for Cloudflare, with estimates ranging from $111 to $230, reflecting strong market interest and a consensus rating of "Moderate Buy."
• Insider activity has seen significant sales, with executives offloading over 630,000 shares in recent months, contributing to 10.89% insider ownership currently.

Allstate Corp boosted its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 28.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,471 shares of the company's stock after acquiring an additional 2,537 shares during the quarter. Allstate Corp's holdings in Cloudflare were worth $1,293,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mather Group LLC. boosted its holdings in Cloudflare by 1,188.2% in the first quarter. Mather Group LLC. now owns 219 shares of the company's stock valued at $25,000 after acquiring an additional 202 shares during the last quarter. NBC Securities Inc. acquired a new position in Cloudflare in the first quarter valued at $27,000. GPS Wealth Strategies Group LLC raised its position in Cloudflare by 213.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock valued at $29,000 after purchasing an additional 175 shares during the period. MassMutual Private Wealth & Trust FSB raised its position in Cloudflare by 115.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock valued at $30,000 after purchasing an additional 142 shares during the period. Finally, Global Financial Private Client LLC raised its position in Cloudflare by 38,100.0% in the first quarter. Global Financial Private Client LLC now owns 382 shares of the company's stock valued at $43,000 after purchasing an additional 381 shares during the period. Institutional investors and hedge funds own 82.68% of the company's stock.

Analyst Ratings Changes

NET has been the topic of several research reports. Cowen reissued a "buy" rating on shares of Cloudflare in a research report on Monday, June 16th. CICC Research raised Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price objective on the stock in a research report on Monday, May 12th. Susquehanna cut their price objective on Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a research report on Monday, May 12th. Wells Fargo & Company raised their price objective on Cloudflare from $225.00 to $250.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, KeyCorp raised their price objective on Cloudflare from $210.00 to $235.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, Cloudflare presently has a consensus rating of "Moderate Buy" and a consensus price target of $191.28.

Cloudflare Stock Performance

NET stock traded up $3.02 during midday trading on Tuesday, reaching $198.90. The company had a trading volume of 2,749,169 shares, compared to its average volume of 2,796,943. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63. The stock has a 50 day moving average price of $194.45 and a 200 day moving average price of $157.42. Cloudflare, Inc. has a fifty-two week low of $74.88 and a fifty-two week high of $219.00. The firm has a market capitalization of $69.31 billion, a PE ratio of -585.00 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.21 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.03. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%.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 firm posted $0.20 earnings per share. Cloudflare's quarterly revenue was up 27.8% compared to the same quarter last year. Cloudflare has set its FY 2025 guidance at 0.850-0.860 EPS. Q3 2025 guidance at 0.230-0.23 EPS. Analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Buying and Selling

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $171.25, for a total value of $8,970,760.00. Following the completion of the transaction, the chief executive officer directly owned 381,213 shares in the company, valued at $65,282,726.25. The trade was a 12.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michelle Zatlyn sold 35,100 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $191.71, for a total value of $6,729,021.00. Following the transaction, the insider owned 14,575 shares of the company's stock, valued at approximately $2,794,173.25. This represents a 70.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 731,705 shares of company stock valued at $138,296,322. 10.89% of the stock is currently owned by 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.