Rafferty Asset Management LLC Increases Holdings in Cloudflare, Inc. (NYSE:NET)

Rafferty Asset Management LLC grew its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 9.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,040 shares of the company's stock after acquiring an additional 2,053 shares during the period. Rafferty Asset Management LLC's holdings in Cloudflare were worth $2,589,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of NET. Larson Financial Group LLC grew its position in shares of Cloudflare by 1,988.5% during the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company's stock valued at $58,000 after acquiring an additional 517 shares during the period. CoreCap Advisors LLC grew its position in shares of Cloudflare by 218.4% during the 4th quarter. CoreCap Advisors LLC now owns 554 shares of the company's stock valued at $60,000 after acquiring an additional 380 shares during the period. Whittier Trust Co. grew its position in shares of Cloudflare by 120.5% during the 4th quarter. Whittier Trust Co. now owns 602 shares of the company's stock valued at $65,000 after acquiring an additional 329 shares during the period. Sava Infond d.o.o. bought a new stake in shares of Cloudflare during the 4th quarter valued at $65,000. Finally, Murphy & Mullick Capital Management Corp bought a new stake in shares of Cloudflare during the 4th quarter valued at $66,000. Institutional investors own 82.68% of the company's stock.

Cloudflare Stock Up 0.2%

NET opened at $157.54 on Tuesday. The firm has a 50-day simple moving average of $119.15 and a two-hundred day simple moving average of $120.63. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $54.36 billion, a PE ratio of -716.09 and a beta of 1.78. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $177.37.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The business had revenue of $479.09 million for the quarter, compared to analysts' expectations of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The firm's quarterly revenue was up 26.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.16 earnings per share. Analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Thomas J. Seifert sold 28,635 shares of the company's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $162.07, for a total transaction of $4,640,874.45. Following the sale, the chief financial officer now directly owns 293,582 shares in the company, valued at approximately $47,580,834.74. This represents a 8.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 9,000 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $112.83, for a total transaction of $1,015,470.00. Following the sale, the insider now owns 188,406 shares in the company, valued at $21,257,848.98. This represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 592,933 shares of company stock worth $78,827,827. 12.83% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on NET shares. CICC Research raised shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price objective for the company in a research report on Monday, May 12th. JMP Securities boosted their price objective on shares of Cloudflare from $135.00 to $180.00 and gave the company a "market outperform" rating in a research report on Friday, February 7th. JPMorgan Chase & Co. upped their target price on shares of Cloudflare from $110.00 to $115.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. The Goldman Sachs Group dropped their target price on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating for the company in a report on Friday, March 14th. Finally, Susquehanna dropped their target price on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a report on Monday, May 12th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Cloudflare has an average rating of "Hold" and a consensus price target of $141.79.

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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