ICONIQ Capital LLC Acquires Shares of 2,010 Cloudflare, Inc. $NET

Key Points

• ICONIQ Capital LLC has acquired a new stake in Cloudflare, purchasing 2,010 shares valued at approximately $227,000.
• Insider trading saw significant activity, with Michelle Zatlyn selling 35,100 shares, representing a 70.66% decrease in her position.
• Research analysts have mixed views on Cloudflare, with one analyst rating it a Strong Buy and others giving a mix of Buy, Hold, and Sell ratings, indicating a consensus rating of Moderate Buy.

ICONIQ Capital LLC acquired a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,010 shares of the company's stock, valued at approximately $227,000.

Several other hedge funds also recently made changes to their positions in NET. GAMMA Investing LLC boosted its position in Cloudflare by 86.8% during the 1st quarter. GAMMA Investing LLC now owns 1,093 shares of the company's stock valued at $123,000 after buying an additional 508 shares during the period. Wealthedge Investment Advisors LLC raised its stake in shares of Cloudflare by 64.5% during the first quarter. Wealthedge Investment Advisors LLC now owns 12,132 shares of the company's stock valued at $1,367,000 after acquiring an additional 4,755 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Cloudflare by 34.5% during the first quarter. American Century Companies Inc. now owns 3,037,420 shares of the company's stock worth $342,287,000 after purchasing an additional 779,819 shares during the period. Crossmark Global Holdings Inc. boosted its holdings in shares of Cloudflare by 9.6% during the first quarter. Crossmark Global Holdings Inc. now owns 2,635 shares of the company's stock worth $297,000 after purchasing an additional 230 shares during the period. Finally, Amalgamated Bank grew its stake in shares of Cloudflare by 7.0% in the first quarter. Amalgamated Bank now owns 21,402 shares of the company's stock worth $2,412,000 after purchasing an additional 1,400 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cloudflare

In related news, insider Michelle Zatlyn sold 35,100 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $191.71, for a total transaction of $6,729,021.00. Following the completion of the transaction, the insider owned 14,575 shares of the company's stock, valued at $2,794,173.25. This trade represents a 70.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 59,130 shares of the business's stock in a transaction on 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 sale, the chief financial officer directly owned 241,550 shares in the company, valued at $48,382,465. This trade represents a 19.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 716,705 shares of company stock worth $135,360,372 over the last three months. Company insiders own 10.89% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on NET shares. CICC Research raised Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price target for the company in a research report on Monday, May 12th. Wells Fargo & Company boosted their target price on Cloudflare from $225.00 to $250.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. DZ Bank reaffirmed a "sell" rating and issued a $170.00 price target on shares of Cloudflare in a research note on Tuesday, July 22nd. Citigroup lifted their price target on shares of Cloudflare from $240.00 to $255.00 and gave the company a "buy" rating in a report on Monday, August 18th. Finally, Piper Sandler upped their price objective on shares of Cloudflare from $151.00 to $224.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $191.28.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $195.85 on Tuesday. Cloudflare, Inc. has a 12 month low of $74.88 and a 12 month high of $219.00. The firm has a market capitalization of $68.25 billion, a P/E ratio of -576.03 and a beta of 1.84. The company has a current ratio of 5.14, a quick ratio of 5.14 and a debt-to-equity ratio of 2.63. The business has a fifty day simple moving average of $194.09 and a two-hundred day simple moving average of $157.13.

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, topping analysts' consensus estimates 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 firm had revenue of $512.32 million for the quarter, compared to the consensus estimate of $501.58 million. During the same period in the prior year, the firm earned $0.20 EPS. The company's revenue was up 27.8% compared to the same quarter last year. Cloudflare has set its FY 2025 guidance at 0.850-0.860 EPS. Q3 2025 guidance at 0.230-0.23 EPS. On average, equities analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

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.

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