Assetmark Inc. Buys 4,988 Shares of Cloudflare, Inc. (NYSE:NET)

Assetmark Inc. increased its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 16.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,707 shares of the company's stock after buying an additional 4,988 shares during the period. Assetmark Inc.'s holdings in Cloudflare were worth $4,024,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in NET. Groupama Asset Managment purchased a new stake in shares of Cloudflare during the fourth quarter worth about $269,200,000. Fred Alger Management LLC increased its holdings in Cloudflare by 856.3% during the 4th quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after purchasing an additional 836,591 shares during the last quarter. Invesco Ltd. raised its position in shares of Cloudflare by 292.5% in the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock valued at $116,178,000 after purchasing an additional 804,059 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Cloudflare during the 1st quarter valued at approximately $39,898,000. Finally, Massachusetts Financial Services Co. MA purchased a new position in shares of Cloudflare during the 1st quarter valued at approximately $35,915,000. Institutional investors and hedge funds own 82.68% of the company's stock.

Cloudflare Stock Down 1.4%

Shares of NET stock traded down $2.92 on Friday, reaching $204.76. 4,298,171 shares of the company's stock traded hands, compared to its average volume of 3,719,688. The company has a market capitalization of $70.97 billion, a P/E ratio of -892.12 and a beta of 1.85. Cloudflare, Inc. has a 12-month low of $69.26 and a 12-month high of $211.27. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The business's 50 day moving average price is $182.66 and its two-hundred day moving average price is $147.77.

Cloudflare (NYSE:NET - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.03. The company had revenue of $512.32 million for the quarter, compared to analysts' expectations of $501.58 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The business's revenue for the quarter was up 27.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.20 EPS. On average, equities analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Guggenheim upped their price target on shares of Cloudflare from $70.00 to $111.00 and gave the company a "sell" rating in a report on Friday. Cowen reiterated a "buy" rating on shares of Cloudflare in a research note on Monday, June 16th. Robert W. Baird upped their price objective on Cloudflare from $148.00 to $175.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Bank of America lifted their target price on Cloudflare from $235.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday. Finally, CICC Research upgraded Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price target for the company in a report on Monday, May 12th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $183.28.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the 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 transaction, the chief executive officer owned 381,213 shares in the company, valued at approximately $65,282,726.25. This represents a 12.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Thomas J. Seifert sold 59,130 shares of the firm's stock in a transaction 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 transaction, the chief financial officer owned 241,550 shares in the company, valued at $48,382,465. This represents a 19.67% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 688,062 shares of company stock valued at $121,498,887. 10.89% of the stock is owned by insiders.

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.