GAMMA Investing LLC boosted its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 20,954.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 123,170 shares of the company's stock after purchasing an additional 122,585 shares during the quarter. GAMMA Investing LLC's holdings in Cloudflare were worth $13,880,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the company. Capital World Investors raised its holdings in Cloudflare by 0.7% in the fourth quarter. Capital World Investors now owns 35,409,307 shares of the company's stock worth $3,812,942,000 after purchasing an additional 260,415 shares in the last quarter. Geode Capital Management LLC raised its holdings in Cloudflare by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock worth $526,986,000 after purchasing an additional 68,661 shares in the last quarter. Groupama Asset Managment bought a new position in Cloudflare in the fourth quarter worth $269,200,000. Norges Bank bought a new position in Cloudflare in the fourth quarter worth $249,544,000. Finally, American Century Companies Inc. raised its holdings in Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after purchasing an additional 1,017,399 shares in the last quarter. Institutional investors own 82.68% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have issued reports on NET. DZ Bank downgraded Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 price objective for the company. in a report on Tuesday, February 11th. JMP Securities increased their target price on Cloudflare from $135.00 to $180.00 and gave the stock a "market outperform" rating in a research note on Friday, February 7th. Mizuho raised Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 target price on the stock in a research note on Wednesday, April 16th. UBS Group increased their target price on Cloudflare from $135.00 to $145.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. Finally, Royal Bank of Canada cut their target price on Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Cloudflare presently has an average rating of "Hold" and a consensus price target of $145.92.
Get Our Latest Report on Cloudflare
Insider Activity
In related news, insider Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $130.85, for a total transaction of $3,354,994.00. Following the sale, the insider now owns 413,413 shares of the company's stock, valued at approximately $54,095,091.05. This trade represents a 5.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $117.32, for a total value of $6,145,690.88. Following the sale, the chief executive officer now directly owns 413,413 shares in the company, valued at $48,501,613.16. This trade represents a 11.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 555,368 shares of company stock valued at $74,642,157 in the last ninety days. Corporate insiders own 12.83% of the company's stock.
Cloudflare Trading Up 1.9%
Shares of NYSE:NET opened at $179.70 on Friday. The stock has a market capitalization of $62.29 billion, a price-to-earnings ratio of -816.82 and a beta of 1.78. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The stock's 50-day simple moving average is $132.42 and its two-hundred day simple moving average is $127.31. Cloudflare, Inc. has a 52-week low of $69.26 and a 52-week high of $181.81.
Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (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 analysts' expectations of $469.49 million. Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company's revenue for the quarter was up 26.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.16 earnings per share. Analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.
Cloudflare Profile
(
Free Report)
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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