Aigen Investment Management LP Boosts Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Key Points

• Aigen Investment Management LP significantly increased its stake in Cloudflare by 93.6%, owning 12,119 shares valued at approximately $1.37 million.
• Analysts have a moderate outlook on Cloudflare, with a consensus rating of "Moderate Buy" and an average target price of $186.88, amid various recent rating changes.
• Cloudflare reported earnings of $0.21 per share for the last quarter, surpassing expectations, with revenue increasing by 27.8% year-over-year to $512.32 million.

Aigen Investment Management LP increased its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 93.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 12,119 shares of the company's stock after acquiring an additional 5,859 shares during the period. Aigen Investment Management LP's holdings in Cloudflare were worth $1,366,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Entropy Technologies LP bought a new stake in Cloudflare during the 1st quarter valued at $2,935,000. Mizuho Markets Americas LLC boosted its stake in shares of Cloudflare by 38.3% during the first quarter. Mizuho Markets Americas LLC now owns 258,058 shares of the company's stock valued at $29,081,000 after purchasing an additional 71,505 shares in the last quarter. Frank Rimerman Advisors LLC bought a new position in shares of Cloudflare during the first quarter valued at approximately $253,000. Cynosure Group LLC boosted its stake in shares of Cloudflare by 37.6% during the first quarter. Cynosure Group LLC now owns 4,580 shares of the company's stock valued at $516,000 after purchasing an additional 1,252 shares in the last quarter. Finally, Donoghue Forlines LLC purchased a new position in shares of Cloudflare in the 1st quarter valued at $2,125,000. 82.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Thomas J. Seifert sold 59,130 shares of the company's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $200.30, for a total value of $11,843,739.00. Following the completion of the transaction, the chief financial officer owned 241,550 shares of the company's stock, valued at approximately $48,382,465. This represents a 19.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 34,270 shares of the company's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $200.17, for a total value of $6,859,825.90. Following the completion of the transaction, the chief financial officer directly owned 241,550 shares of the company's stock, valued at $48,351,063.50. The trade was a 12.42% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 638,678 shares of company stock worth $114,296,189. 10.89% of the stock is owned by company insiders.

Cloudflare Stock Performance

Shares of NET stock traded up $0.92 on Tuesday, hitting $202.09. The company had a trading volume of 2,247,563 shares, compared to its average volume of 3,359,190. The firm has a market cap of $70.42 billion, a P/E ratio of -594.38 and a beta of 1.84. The company has a 50-day moving average price of $190.37 and a 200-day moving average price of $153.51. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63. Cloudflare, Inc. has a twelve month low of $74.88 and a twelve month high of $219.00.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.03. The business had revenue of $512.32 million during the quarter, compared to analysts' expectations of $501.58 million. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. The company's revenue for the quarter was up 27.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 EPS. As a group, equities research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on NET shares. Capital One Financial upgraded Cloudflare from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Oppenheimer reiterated an "outperform" rating and issued a $200.00 price target (up from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. Stifel Nicolaus lifted their price target on Cloudflare from $175.00 to $230.00 and gave the company a "buy" rating in a report on Friday, August 1st. Mizuho lifted their price target on Cloudflare from $220.00 to $240.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Finally, Wells Fargo & Company boosted their target price on Cloudflare from $225.00 to $250.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $186.88.

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.