Congress Asset Management Co. Invests $84.29 Million in Cloudflare, Inc. $NET

Key Points

• Congress Asset Management Co. invested approximately $84.29 million in Cloudflare, Inc. by purchasing over 430,000 shares during the second quarter of the year.
• Several analysts have raised their price targets for Cloudflare, with the consensus target now set at $191.28 and a majority rating it as a "Moderate Buy".
• Insider trading has been notable, with CEO Matthew Prince selling over 52,000 shares at an average price of $226.46 per share in September.

Congress Asset Management Co. purchased a new position in Cloudflare, Inc. (NYSE:NET - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 430,400 shares of the company's stock, valued at approximately $84,285,000. Congress Asset Management Co. owned about 0.12% of Cloudflare at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Mather Group LLC. increased its stake in shares of Cloudflare by 1,188.2% in the first quarter. Mather Group LLC. now owns 219 shares of the company's stock worth $25,000 after acquiring an additional 202 shares during the last quarter. NBC Securities Inc. acquired a new position in Cloudflare during the first quarter worth $27,000. GPS Wealth Strategies Group LLC increased its position in Cloudflare by 213.4% during the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after buying an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its position in Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after buying an additional 142 shares during the last quarter. Finally, Global Financial Private Client LLC increased its position in Cloudflare by 38,100.0% during the first quarter. Global Financial Private Client LLC now owns 382 shares of the company's stock worth $43,000 after buying an additional 381 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on NET shares. Royal Bank Of Canada increased their target price on shares of Cloudflare from $210.00 to $228.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. UBS Group raised their price target on Cloudflare from $145.00 to $200.00 and gave the company a "neutral" rating in a research report on Thursday, July 24th. Piper Sandler raised their price target on Cloudflare from $151.00 to $224.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Guggenheim raised their price target on Cloudflare from $70.00 to $111.00 and gave the company a "sell" rating in a research report on Friday, August 1st. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $200.00 price target (up from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $191.28.

Cloudflare Stock Up 0.3%

NYSE NET opened at $218.21 on Friday. The company has a debt-to-equity ratio of 2.63, a quick ratio of 5.14 and a current ratio of 5.14. The firm has a 50-day simple moving average of $207.39 and a 200 day simple moving average of $167.23. Cloudflare, Inc. has a twelve month low of $77.80 and a twelve month high of $230.10. The stock has a market cap of $76.04 billion, a PE ratio of -641.79 and a beta of 1.95.

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. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.42%. The business had revenue of $512.32 million during the quarter, compared to analysts' expectations of $501.58 million. During the same quarter last year, the company earned $0.20 earnings per share. The firm's revenue was up 27.8% on a year-over-year basis. Cloudflare has set its FY 2025 guidance at 0.850-0.860 EPS. Q3 2025 guidance at 0.230-0.23 EPS. On average, research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $226.46, for a total value of $11,862,880.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Graham-Cumming sold 10,215 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $206.32, for a total transaction of $2,107,558.80. Following the completion of the sale, the director owned 495,191 shares of the company's stock, valued at approximately $102,167,807.12. The trade was a 2.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 742,020 shares of company stock valued at $148,781,529 in the last quarter. 10.89% of the stock is currently owned by insiders.

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.

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