Nuveen LLC Takes Position in Cloudflare, Inc. (NYSE:NET)

Key Points

• Nuveen LLC acquired a stake in Cloudflare, Inc. during Q1, purchasing 782,707 shares valued at approximately $88 million, representing around 0.23% ownership.
• Analysts are optimistic about Cloudflare, with ratings ranging from strong buy to sell, and a consensus target price of $186.88.
• Cloudflare reported a quarterly revenue of $512.32 million, which exceeded estimates and reflected a 27.8% year-over-year increase.

Nuveen LLC purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 782,707 shares of the company's stock, valued at approximately $88,203,000. Nuveen LLC owned approximately 0.23% of Cloudflare at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Mather Group LLC. lifted its position in shares of Cloudflare by 1,188.2% in the first quarter. Mather Group LLC. now owns 219 shares of the company's stock worth $25,000 after buying an additional 202 shares during the last quarter. NBC Securities Inc. bought a new position in shares of Cloudflare in the 1st quarter valued at approximately $27,000. GPS Wealth Strategies Group LLC lifted its holdings in Cloudflare by 213.4% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after purchasing an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after purchasing an additional 142 shares during the period. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in Cloudflare during the fourth quarter worth approximately $43,000. Institutional investors and hedge funds own 82.68% of the company's stock.

Analyst Ratings Changes

NET has been the subject of a number of analyst reports. Stifel Nicolaus boosted their price objective on shares of Cloudflare from $175.00 to $230.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Susquehanna dropped their target price 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. Capital One Financial upgraded shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Wells Fargo & Company lifted their price objective on Cloudflare from $225.00 to $250.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, Citigroup reiterated an "outperform" rating on shares of Cloudflare in a report on Monday, July 28th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $186.88.

Cloudflare Price Performance

NYSE:NET traded down $4.16 during trading hours on Thursday, reaching $195.18. The company had a trading volume of 2,534,555 shares, compared to its average volume of 3,323,098. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63. The stock has a 50-day moving average of $191.31 and a two-hundred day moving average of $154.30. Cloudflare, Inc. has a one year low of $74.88 and a one year high of $219.00. The firm has a market capitalization of $68.02 billion, a PE ratio of -574.07 and a beta of 1.84.

Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.18 by $0.03. The company had revenue of $512.32 million for the quarter, compared to the consensus estimate of $501.58 million. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.42%. The firm's revenue for the quarter was up 27.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.20 EPS. Analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Activity at Cloudflare

In other news, CFO Thomas J. Seifert sold 34,270 shares of Cloudflare stock in a transaction that occurred on 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 in the company, valued at approximately $48,351,063.50. The trade was a 12.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carl Ledbetter sold 15,000 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $199.85, for a total value of $2,997,750.00. Following the sale, the director owned 1,043,073 shares in the company, valued at approximately $208,458,139.05. This trade represents a 1.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 586,294 shares of company stock valued at $106,298,200. Insiders own 10.89% of the company's stock.

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.