Envestnet Asset Management Inc. Acquires 2,936 Shares of Cloudflare, Inc. (NYSE:NET)

Envestnet Asset Management Inc. increased its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 1.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 203,450 shares of the company's stock after purchasing an additional 2,936 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.06% of Cloudflare worth $22,927,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NET. Concurrent Investment Advisors LLC acquired a new position in Cloudflare during the first quarter worth $791,000. IFM Investors Pty Ltd raised its stake in Cloudflare by 8.9% during the first quarter. IFM Investors Pty Ltd now owns 60,181 shares of the company's stock worth $6,782,000 after acquiring an additional 4,934 shares in the last quarter. OneDigital Investment Advisors LLC raised its stake in Cloudflare by 24.5% during the first quarter. OneDigital Investment Advisors LLC now owns 4,300 shares of the company's stock worth $485,000 after acquiring an additional 845 shares in the last quarter. Mutual Advisors LLC acquired a new position in Cloudflare during the first quarter worth $203,000. Finally, Teacher Retirement System of Texas raised its stake in Cloudflare by 1,469.3% during the first quarter. Teacher Retirement System of Texas now owns 44,679 shares of the company's stock worth $5,035,000 after acquiring an additional 41,832 shares in the last quarter. 82.68% of the stock is owned by institutional investors.

Cloudflare Stock Up 0.4%

NYSE NET traded up $0.78 during trading on Thursday, hitting $190.59. The stock had a trading volume of 2,097,172 shares, compared to its average volume of 3,168,599. The company has a market capitalization of $66.06 billion, a PE ratio of -828.22 and a beta of 1.85. The company's 50-day moving average price is $173.25 and its two-hundred day moving average price is $142.04. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. Cloudflare, Inc. has a 12 month low of $69.26 and a 12 month high of $198.01.

Cloudflare (NYSE:NET - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). The firm had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The company's revenue was up 26.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.16 EPS. As a group, sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on NET shares. Cowen reiterated a "buy" rating on shares of Cloudflare in a research note on Monday, June 16th. Jefferies Financial Group lowered their target price on Cloudflare from $170.00 to $150.00 and set a "hold" rating for the company in a research note on Friday, May 9th. Oppenheimer reiterated an "outperform" rating and issued a $200.00 price target (up previously from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. Mizuho raised their price target on Cloudflare from $155.00 to $220.00 and gave the company an "outperform" rating in a report on Wednesday. Finally, Susquehanna reduced their target price on Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a report on Monday, May 12th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Cloudflare has an average rating of "Moderate Buy" and an average price target of $152.32.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $152.68, for a total transaction of $7,997,989.12. Following the completion of the sale, the chief executive officer owned 10,426 shares of the company's stock, valued at approximately $1,591,841.68. The trade was a 83.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michelle Zatlyn sold 35,098 shares of Cloudflare stock in a transaction dated 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 sale, the insider directly owned 6,390 shares of the company's stock, valued at $1,002,143.70. The trade was a 84.60% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 529,780 shares of company stock worth $89,493,752 over the last ninety days. Insiders own 10.89% 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.