Assenagon Asset Management S.A. Increases Stake in Cloudflare, Inc. (NYSE:NET)

Assenagon Asset Management S.A. lifted its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 35.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,458 shares of the company's stock after purchasing an additional 1,677 shares during the period. Assenagon Asset Management S.A.'s holdings in Cloudflare were worth $728,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. NBC Securities Inc. bought a new position in shares of Cloudflare during the first quarter worth $27,000. MassMutual Private Wealth & Trust FSB increased its stake in 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 buying an additional 142 shares during the period. Global Financial Private Client LLC increased its position in Cloudflare by 38,100.0% during the 1st 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. Gordian Capital Singapore Pte Ltd purchased a new position in Cloudflare during the 4th quarter valued at about $43,000. Finally, Park Square Financial Group LLC purchased a new position in Cloudflare during the 4th quarter valued at about $56,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on NET shares. CICC Research raised shares of 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. Royal Bank Of Canada decreased their price objective on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Morgan Stanley boosted their target price on shares of Cloudflare from $144.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Guggenheim boosted their target price on shares of Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a research note on Friday, May 9th. Finally, Capital One Financial raised shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Cloudflare has a consensus rating of "Hold" and an average price target of $145.92.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, Director Carl Ledbetter sold 10,050 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $181.57, for a total value of $1,824,778.50. Following the transaction, the director now owns 1,073,073 shares of the company's stock, valued at $194,837,864.61. This represents a 0.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $179.63, for a total transaction of $9,409,737.92. Following the sale, the chief executive officer now directly owns 381,213 shares in the company, valued at $68,477,291.19. This represents a 12.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 557,267 shares of company stock valued at $81,730,346 over the last 90 days. 10.89% of the stock is owned by insiders.

Cloudflare Trading Up 0.1%

NYSE NET opened at $181.35 on Thursday. The firm's 50-day moving average is $143.97 and its two-hundred day moving average is $131.53. Cloudflare, Inc. has a 12 month low of $69.26 and a 12 month high of $182.98. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. The stock has a market capitalization of $62.86 billion, a P/E ratio of -788.47 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates 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 analyst estimates of $469.49 million. During the same period in the previous year, the company earned $0.16 EPS. The company's quarterly revenue was up 26.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current 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.

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