Cloudflare, Inc. $NET Shares Acquired by Assetmark Inc.

Key Points

• Assetmark Inc. increased its Cloudflare stake by 19.8% in Q4 to 61,113 shares, worth about $12.05 million, while institutional investors own roughly 82.7% of the company.
• Significant insider selling: Michelle Zatlyn sold 35,080 shares (~$6.57M) and CEO Matthew Prince sold 52,384 shares (~$9.10M), with insiders selling 572,965 shares worth $111.41M over the past 90 days and now holding 10.89%.
• Operational beat and analyst view: Cloudflare reported $0.28 EPS (vs. $0.27) and $614.5M revenue (vs. $591.7M), up 33.6% YoY, and carries a "Moderate Buy" consensus with an average price target of $232.62.

Assetmark Inc. lifted its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 19.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 61,113 shares of the company's stock after purchasing an additional 10,121 shares during the quarter. Assetmark Inc.'s holdings in Cloudflare were worth $12,049,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in NET. Physician Wealth Advisors Inc. boosted its holdings in shares of Cloudflare by 693.3% in the third quarter. Physician Wealth Advisors Inc. now owns 119 shares of the company's stock valued at $26,000 after acquiring an additional 104 shares during the period. Wiser Advisor Group LLC acquired a new position in Cloudflare in the 3rd quarter valued at about $26,000. Westside Investment Management Inc. raised its stake in shares of Cloudflare by 100.0% during the third quarter. Westside Investment Management Inc. now owns 130 shares of the company's stock worth $28,000 after purchasing an additional 65 shares during the last quarter. ORG Wealth Partners LLC raised its position in Cloudflare by 101.4% during the 3rd quarter. ORG Wealth Partners LLC now owns 139 shares of the company's stock worth $30,000 after buying an additional 70 shares during the last quarter. Finally, Wexford Capital LP acquired a new stake in shares of Cloudflare in the 3rd quarter worth $30,000. Hedge funds and other institutional investors own 82.68% of the company's stock.

Cloudflare Price Performance

Shares of NYSE:NET opened at $197.32 on Friday. The firm has a market capitalization of $69.45 billion, a price-to-earnings ratio of -680.38 and a beta of 1.87. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.98 and a quick ratio of 1.98. The business's 50 day simple moving average is $195.94 and its 200-day simple moving average is $201.13. Cloudflare, Inc. has a 12 month low of $100.25 and a 12 month high of $260.00.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. The firm had revenue of $614.51 million during the quarter, compared to the consensus estimate of $591.67 million. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.Cloudflare's quarterly revenue was up 33.6% on a year-over-year basis. During the same period last year, the business posted $0.19 EPS. As a group, equities analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In other Cloudflare news, insider Michelle Zatlyn sold 35,080 shares of the firm's stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $187.39, for a total transaction of $6,573,641.20. Following the completion of the transaction, the insider directly owned 34,514 shares in the company, valued at approximately $6,467,578.46. This trade represents a 50.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $173.78, for a total transaction of $9,103,291.52. Following the transaction, the chief executive officer owned 22,911 shares of the company's stock, valued at approximately $3,981,473.58. The trade was a 69.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 572,965 shares of company stock worth $111,409,912 over the last 90 days. 10.89% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

NET has been the topic of several analyst reports. Morgan Stanley set a $245.00 target price on shares of Cloudflare in a report on Wednesday, February 11th. Wells Fargo & Company lifted their price objective on Cloudflare from $265.00 to $270.00 and gave the company an "overweight" rating in a report on Wednesday, February 11th. Scotiabank dropped their target price on Cloudflare from $255.00 to $225.00 and set a "sector perform" rating on the stock in a research report on Wednesday, February 11th. Piper Sandler raised Cloudflare from a "neutral" rating to an "overweight" rating and set a $222.00 price target for the company in a report on Tuesday. Finally, Royal Bank Of Canada lifted their price target on Cloudflare from $230.00 to $240.00 and gave the company an "outperform" rating in a research note on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Cloudflare has a consensus rating of "Moderate Buy" and an average price target of $232.62.

Cloudflare Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.

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