Donoghue Forlines LLC Takes Position in Cloudflare, Inc. (NYSE:NET)

Key Points

• Donoghue Forlines LLC acquired 18,856 shares of Cloudflare, Inc. for approximately $2,125,000, indicating growing institutional interest in the cybersecurity firm.
• Cloudflare reported earnings per share of $0.21 for the last quarter, exceeding estimates and showing a year-over-year revenue increase of 27.8%.
• Several analysts raised their price targets for Cloudflare's stock, with Piper Sandler setting a new target of $224.00 and Bank of America moving theirs to $240.00, reflecting positive market sentiment.

Donoghue Forlines LLC bought a new position in Cloudflare, Inc. (NYSE:NET - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 18,856 shares of the company's stock, valued at approximately $2,125,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. National Bank of Canada FI boosted its position in Cloudflare by 29.5% in the 1st quarter. National Bank of Canada FI now owns 11,200 shares of the company's stock valued at $1,262,000 after buying an additional 2,550 shares during the last quarter. Swiss National Bank boosted its position in Cloudflare by 0.3% in the 1st quarter. Swiss National Bank now owns 862,200 shares of the company's stock valued at $97,161,000 after buying an additional 2,500 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Cloudflare by 10.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 246,861 shares of the company's stock valued at $27,819,000 after buying an additional 23,545 shares during the last quarter. Headlands Technologies LLC bought a new position in Cloudflare in the 1st quarter valued at $57,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Cloudflare by 8.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,321,208 shares of the company's stock valued at $148,887,000 after buying an additional 99,448 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NET has been the topic of a number of recent research reports. DZ Bank reiterated a "sell" rating and issued a $170.00 price objective on shares of Cloudflare in a research report on Tuesday, July 22nd. Cowen reiterated a "buy" rating on shares of Cloudflare in a research report on Monday, June 16th. Robert W. Baird increased their price objective on Cloudflare from $148.00 to $175.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Stifel Nicolaus increased their price target on Cloudflare from $175.00 to $230.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Finally, Susquehanna cut their price target on Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a research note on Monday, May 12th. Three research 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $186.88.

Cloudflare Stock Up 0.5%

NET stock traded up $0.92 during trading hours on Tuesday, reaching $202.09. 2,247,563 shares of the stock were exchanged, compared to its average volume of 3,681,066. The firm's 50-day moving average is $189.78 and its 200-day moving average is $153.17. The company has a market cap of $70.42 billion, a price-to-earnings ratio of -594.38 and a beta of 1.84. The company has a debt-to-equity ratio of 2.63, a current ratio of 5.14 and a quick ratio of 5.14. Cloudflare, Inc. has a 12 month low of $74.88 and a 12 month high of $219.00.

Cloudflare (NYSE:NET - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.03. The firm 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 was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.20 EPS. On average, equities research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Transactions at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $171.25, for a total transaction of $8,970,760.00. Following the completion of the transaction, the chief executive officer owned 381,213 shares in the company, valued at approximately $65,282,726.25. This represents a 12.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michelle Zatlyn sold 35,098 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $156.83, for a total value of $5,504,419.34. Following the transaction, the insider owned 6,390 shares of the company's stock, valued at approximately $1,002,143.70. This trade represents a 84.60% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 638,678 shares of company stock worth $114,296,189 in the last 90 days. Company insiders own 10.89% of the company's stock.

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.