IFM Investors Pty Ltd Grows Stake in Cloudflare, Inc. (NYSE:NET)

IFM Investors Pty Ltd lifted its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 8.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,181 shares of the company's stock after buying an additional 4,934 shares during the period. IFM Investors Pty Ltd's holdings in Cloudflare were worth $6,782,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Proficio Capital Partners LLC purchased a new position in shares of Cloudflare in the fourth quarter worth approximately $100,000. Smartleaf Asset Management LLC boosted its holdings in shares of Cloudflare by 65.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,243 shares of the company's stock worth $136,000 after buying an additional 492 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Cloudflare by 164.7% during the 4th quarter. Jones Financial Companies Lllp now owns 5,024 shares of the company's stock worth $541,000 after acquiring an additional 3,126 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Cloudflare by 5.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,221,760 shares of the company's stock worth $131,559,000 after acquiring an additional 63,945 shares during the last quarter. Finally, Assetmark Inc. boosted its stake in shares of Cloudflare by 14,668.8% during the 4th quarter. Assetmark Inc. now owns 30,719 shares of the company's stock worth $3,308,000 after acquiring an additional 30,511 shares during the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on NET shares. Oppenheimer reiterated an "outperform" rating and set a $200.00 target price (up from $165.00) on shares of Cloudflare in a research report on Thursday, June 5th. Needham & Company LLC lifted their price target on shares of Cloudflare from $145.00 to $160.00 and gave the company a "buy" rating in a report on Friday, May 9th. Susquehanna lowered their price target on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a report on Monday, May 12th. Cowen restated a "buy" rating on shares of Cloudflare in a research note on Monday, June 16th. Finally, Piper Sandler restated a "neutral" rating and set a $151.00 target price (up previously from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $145.92.

Insider Transactions at Cloudflare

In other news, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction on Friday, June 20th. The stock was sold at an average price of $180.76, for a total transaction of $1,807,600.00. Following the completion of the sale, the chief financial officer directly owned 241,550 shares in the company, valued at approximately $43,662,578. This trade represents a 3.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Carl Ledbetter sold 15,000 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $193.94, for a total transaction of $2,909,100.00. Following the completion of the transaction, the director directly owned 1,058,073 shares in the company, valued at $205,202,677.62. This represents a 1.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 530,987 shares of company stock valued at $80,832,794. Company insiders own 10.89% of the company's stock.

Cloudflare Trading Up 3.0%

NYSE:NET traded up $5.62 during midday trading on Friday, hitting $191.26. 1,848,809 shares of the company traded hands, compared to its average volume of 3,162,496. The firm's fifty day moving average is $162.79 and its 200-day moving average is $138.01. Cloudflare, Inc. has a 12-month low of $69.26 and a 12-month high of $198.01. The firm has a market capitalization of $66.29 billion, a P/E ratio of -831.54 and a beta of 1.85. The company has a current ratio of 3.20, a quick ratio of 3.20 and a debt-to-equity ratio of 0.90.

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