Cloudflare, Inc. (NYSE:NET) Shares Acquired by IQ EQ FUND MANAGEMENT IRELAND Ltd

Key Points

• IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in Cloudflare, Inc. by 4.9%, owning 57,431 shares valued at $6.47 million at the end of the first quarter.
• Several analysts have revised their target prices for Cloudflare, with Wells Fargo raising it to $250 and Susquehanna lowering it to $140, showing mixed sentiments among investors.
• Cloudflare reported a 27.8% year-over-year increase in revenue during its last earnings report, with an earnings per share of $0.21, exceeding analysts' expectations.

IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 4.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 57,431 shares of the company's stock after acquiring an additional 2,662 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in Cloudflare were worth $6,472,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of NET. Capital World Investors raised its position in Cloudflare by 0.7% during the 4th quarter. Capital World Investors now owns 35,409,307 shares of the company's stock worth $3,812,942,000 after buying an additional 260,415 shares during the last quarter. Northern Trust Corp grew its stake in Cloudflare by 13.5% in the 4th quarter. Northern Trust Corp now owns 1,849,143 shares of the company's stock worth $199,116,000 after acquiring an additional 219,764 shares during the period. Invesco Ltd. increased its stake in Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock valued at $116,178,000 after purchasing an additional 804,059 shares during the last quarter. Fred Alger Management LLC increased its stake in Cloudflare by 856.3% during the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after acquiring an additional 836,591 shares during the last quarter. Finally, Bamco Inc. NY increased its position in shares of Cloudflare by 5.5% in the fourth quarter. Bamco Inc. NY now owns 897,555 shares of the company's stock worth $96,649,000 after acquiring an additional 47,075 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Stock Up 3.6%

NYSE NET traded up $7.38 on Wednesday, hitting $215.19. 2,320,799 shares of the company were exchanged, compared to its average volume of 3,503,849. The stock has a fifty day moving average of $187.48 and a 200-day moving average of $151.01. The company has a market cap of $74.59 billion, a PE ratio of -632.91 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. Cloudflare, Inc. has a 12 month low of $74.88 and a 12 month high of $215.58.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.21 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $501.58 million. During the same period in the prior year, the firm posted $0.20 earnings per share. The company's quarterly revenue was up 27.8% compared to the same quarter last year. As a group, analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on NET shares. Citigroup reissued an "outperform" rating on shares of Cloudflare in a report on Monday, July 28th. Jefferies Financial Group cut their price objective on shares of Cloudflare from $170.00 to $150.00 and set a "hold" rating on the stock in a research note on Friday, May 9th. Royal Bank Of Canada upped their price target on shares of Cloudflare from $210.00 to $228.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Cantor Fitzgerald increased their price objective on Cloudflare from $162.00 to $199.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Finally, Bank of America raised their target price on shares of Cloudflare from $235.00 to $240.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $186.88.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $171.25, for a total value of $8,970,760.00. Following the transaction, the chief executive officer owned 381,213 shares in the company, valued at $65,282,726.25. The trade was a 12.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 59,130 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $200.30, for a total transaction of $11,843,739.00. Following the completion of the transaction, the chief financial officer directly owned 241,550 shares in the company, valued at $48,382,465. This 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 691,062 shares of company stock worth $122,093,547 in the last 90 days. 10.89% of the stock is currently owned by insiders.

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.