Mackenzie Financial Corp Acquires 3,447 Shares of Cloudflare, Inc. (NYSE:NET)

Key Points

• Mackenzie Financial Corp increased its stake in Cloudflare, Inc. by 23.5%, acquiring an additional 3,447 shares, bringing its total holdings to 18,088 shares valued at approximately $2,038,000.
• Several institutional investors significantly increased their positions in Cloudflare, with notable increases from Fred Alger Management LLC and Invesco Ltd., indicating growing confidence in the company.
• Research analysts have raised their price targets for Cloudflare, with a consensus rating of "Moderate Buy" and an average price target of $186.88, reflecting optimism about the company's future performance.

Mackenzie Financial Corp grew its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 23.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,088 shares of the company's stock after acquiring an additional 3,447 shares during the period. Mackenzie Financial Corp's holdings in Cloudflare were worth $2,038,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Capital World Investors grew its position in shares of Cloudflare by 0.7% during the 4th quarter. Capital World Investors now owns 35,409,307 shares of the company's stock valued at $3,812,942,000 after acquiring an additional 260,415 shares during the period. Northern Trust Corp lifted its position in Cloudflare by 13.5% during the fourth quarter. Northern Trust Corp now owns 1,849,143 shares of the company's stock valued at $199,116,000 after purchasing an additional 219,764 shares in the last quarter. Invesco Ltd. lifted its position in Cloudflare by 292.5% during 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 in the last quarter. Fred Alger Management LLC grew its holdings in Cloudflare by 856.3% during the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock valued at $100,604,000 after purchasing an additional 836,591 shares during the period. Finally, Bamco Inc. NY raised its stake 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 buying an additional 47,075 shares during the period. 82.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on NET shares. Mizuho lifted their price objective on Cloudflare from $220.00 to $240.00 and gave the company an "outperform" rating in a research report on Friday. Robert W. Baird lifted their price target on shares of Cloudflare from $148.00 to $175.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Bank of America upped their price target on shares of Cloudflare from $235.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday. CICC Research upgraded shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price objective on the stock in a research report on Monday, May 12th. Finally, Stifel Nicolaus upped their target price on shares of Cloudflare from $175.00 to $230.00 and gave the stock a "buy" rating in a report on Friday. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $186.88.

Insider Transactions at Cloudflare

In related news, CFO Thomas J. Seifert sold 34,270 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $200.17, for a total value of $6,859,825.90. Following the completion of the transaction, the chief financial officer owned 241,550 shares of the company's stock, valued at approximately $48,351,063.50. This trade represents a 12.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michelle Zatlyn sold 25,641 shares of the business's stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $190.68, for a total value of $4,889,225.88. Following the sale, the insider directly owned 6,390 shares in the company, valued at $1,218,445.20. The trade was a 80.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 688,062 shares of company stock worth $121,498,887. 10.89% of the stock is currently owned by corporate insiders.

Cloudflare Stock Performance

NYSE:NET opened at $200.46 on Monday. The company has a market cap of $69.48 billion, a price-to-earnings ratio of -589.59 and a beta of 1.84. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $211.27. The stock's 50 day simple moving average is $184.49 and its two-hundred day simple moving average is $149.53. The company has a debt-to-equity ratio of 2.63, a current ratio of 5.14 and a quick ratio of 5.14.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.03. The company had revenue of $512.32 million for the quarter, compared to analysts' expectations of $501.58 million. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.42%. Cloudflare's quarterly revenue was up 27.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.20 earnings per share. As a group, equities analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Cloudflare 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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