Azzad Asset Management Inc. ADV Purchases 4,130 Shares of Cloudflare, Inc. (NYSE:NET)

Azzad Asset Management Inc. ADV increased its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 38.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 14,923 shares of the company's stock after purchasing an additional 4,130 shares during the quarter. Azzad Asset Management Inc. ADV's holdings in Cloudflare were worth $1,682,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Empowered Funds LLC boosted its holdings in shares of Cloudflare by 13.3% during the 4th quarter. Empowered Funds LLC now owns 4,960 shares of the company's stock valued at $534,000 after buying an additional 582 shares in the last quarter. Savant Capital LLC purchased a new position in Cloudflare during the 4th quarter valued at about $237,000. Manchester Capital Management LLC boosted its stake in Cloudflare by 13.9% during the fourth quarter. Manchester Capital Management LLC now owns 1,123 shares of the company's stock worth $121,000 after acquiring an additional 137 shares in the last quarter. Everhart Financial Group Inc. grew its holdings in Cloudflare by 4.6% in the fourth quarter. Everhart Financial Group Inc. now owns 4,935 shares of the company's stock worth $531,000 after purchasing an additional 219 shares during the period. Finally, Palumbo Wealth Management LLC increased its stake in shares of Cloudflare by 37.2% during the fourth quarter. Palumbo Wealth Management LLC now owns 3,647 shares of the company's stock valued at $393,000 after purchasing an additional 988 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Stock Performance

NET stock traded up $5.21 during midday trading on Monday, reaching $177.18. 900,764 shares of the company's stock traded hands, compared to its average volume of 3,153,526. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 52-week low of $69.26 and a 52-week high of $181.81. The stock has a market cap of $61.41 billion, a P/E ratio of -802.84 and a beta of 1.84. The stock's 50-day moving average is $139.61 and its 200 day moving average is $130.28.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). The company had revenue of $479.09 million during the quarter, compared to analysts' expectations of $469.49 million. Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company's revenue for the quarter was up 26.5% on a year-over-year basis. During the same quarter last year, the company earned $0.16 earnings per share. As a group, analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $117.32, for a total transaction of $6,145,690.88. Following the sale, the chief executive officer now owns 413,413 shares of the company's stock, valued at approximately $48,501,613.16. This trade represents a 11.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carl Ledbetter sold 492 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $181.46, for a total value of $89,278.32. Following the completion of the transaction, the director now directly owns 1,083,123 shares in the company, valued at approximately $196,543,499.58. This represents a 0.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 609,601 shares of company stock valued at $87,251,258. 10.89% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NET. Oppenheimer restated an "outperform" rating and issued a $200.00 price target (up previously from $165.00) on shares of Cloudflare in a research note on Thursday, June 5th. 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. Morgan Stanley upped their price target on shares of Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Bank of America raised shares of Cloudflare from an "underperform" rating to a "buy" rating and increased their price objective for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. Finally, Susquehanna decreased their target price on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a report on Monday, May 12th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $145.92.

Cloudflare 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.