Challenger Wealth Management Takes Position in Cloudflare, Inc. (NYSE:NET)

Challenger Wealth Management acquired a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,300 shares of the company's stock, valued at approximately $248,000.

Several other large investors also recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. lifted its stake in Cloudflare by 38.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 4,781 shares of the company's stock worth $515,000 after purchasing an additional 1,326 shares during the last quarter. Crossmark Global Holdings Inc. bought a new stake in Cloudflare during the fourth quarter worth about $259,000. Atomi Financial Group Inc. lifted its stake in Cloudflare by 3.3% during the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company's stock worth $319,000 after purchasing an additional 94 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in Cloudflare by 19.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 32,153 shares of the company's stock worth $3,462,000 after purchasing an additional 5,130 shares during the last quarter. Finally, RFG Advisory LLC lifted its stake in Cloudflare by 11.1% during the fourth quarter. RFG Advisory LLC now owns 9,816 shares of the company's stock worth $1,057,000 after purchasing an additional 982 shares during the last quarter. Institutional investors own 82.68% of the company's stock.

Cloudflare Trading Up 1.6%

NYSE:NET traded up $2.53 during mid-day trading on Thursday, reaching $164.51. 3,109,746 shares of the company's stock traded hands, compared to its average volume of 3,163,241. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37. The firm has a market capitalization of $57.02 billion, a price-to-earnings ratio of -747.77 and a beta of 1.78. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company has a 50 day moving average price of $125.11 and a 200-day moving average price of $123.51.

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NET. Bank of America raised Cloudflare from an "underperform" rating to a "buy" rating and lifted their price target for the stock from $60.00 to $160.00 in a research note on Tuesday, March 25th. Needham & Company LLC lifted their price target on Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Mizuho raised Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 price target for the company in a research note on Wednesday, April 16th. JMP Securities lifted their price target on Cloudflare from $135.00 to $180.00 and gave the stock a "market outperform" rating in a research note on Friday, February 7th. Finally, Susquehanna decreased their price objective on Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a report on Monday, May 12th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $141.79.

Insiders Place Their Bets

In other Cloudflare news, insider Michelle Zatlyn sold 35,098 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $156.83, for a total transaction of $5,504,419.34. Following the transaction, the insider now owns 6,390 shares in the company, valued at approximately $1,002,143.70. This represents a 84.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $117.32, for a total value of $6,145,690.88. Following the transaction, the chief executive officer now owns 413,413 shares in the company, valued at $48,501,613.16. This trade represents a 11.25% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 501,085 shares of company stock worth $65,312,967. Company insiders own 12.83% of the company's stock.

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.