Readystate Asset Management LP Acquires 58,089 Shares of Cloudflare, Inc. (NYSE:NET)

Readystate Asset Management LP lifted its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 162.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 93,768 shares of the company's stock after acquiring an additional 58,089 shares during the quarter. Readystate Asset Management LP's holdings in Cloudflare were worth $10,567,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Proficio Capital Partners LLC acquired a new position in Cloudflare in the 4th quarter valued at approximately $100,000. Envestnet Portfolio Solutions Inc. increased its stake in Cloudflare by 17.8% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 8,870 shares of the company's stock valued at $955,000 after buying an additional 1,343 shares during the period. Teacher Retirement System of Texas acquired a new position in Cloudflare in the 4th quarter valued at approximately $307,000. Whittier Trust Co. increased its stake in Cloudflare by 120.5% in the 4th quarter. Whittier Trust Co. now owns 602 shares of the company's stock valued at $65,000 after buying an additional 329 shares during the period. Finally, Sei Investments Co. increased its stake in Cloudflare by 19.1% in the 4th quarter. Sei Investments Co. now owns 219,090 shares of the company's stock valued at $23,592,000 after buying an additional 35,198 shares during the period. Hedge funds and other institutional investors own 82.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on NET. Oppenheimer reiterated an "outperform" rating and issued a $200.00 price objective (up previously from $165.00) on shares of Cloudflare in a research note on Thursday, June 5th. Robert W. Baird increased their price target on shares of Cloudflare from $148.00 to $175.00 and gave the stock a "neutral" rating in a research note on Friday. KeyCorp initiated coverage on shares of Cloudflare in a research note on Friday, June 6th. They set an "overweight" rating and a $210.00 price target on the stock. Capital One Financial upgraded shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. Finally, CICC Research upgraded shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price target on the stock in a research note on Monday, May 12th. 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $159.92.

Insider Buying and Selling at Cloudflare

In other news, insider Michelle Zatlyn sold 35,098 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $156.83, for a total transaction of $5,504,419.34. Following the completion of the transaction, the insider directly owned 6,390 shares of the company's stock, valued at approximately $1,002,143.70. This trade represents a 84.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $179.63, for a total transaction of $9,409,737.92. Following the transaction, the chief executive officer directly owned 381,213 shares of the company's stock, valued at $68,477,291.19. The trade was a 12.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 615,332 shares of company stock valued at $106,709,878 over the last quarter. 10.89% of the stock is currently owned by insiders.

Cloudflare Stock Performance

Cloudflare stock traded up $6.91 during mid-day trading on Friday, reaching $198.49. The company had a trading volume of 2,697,353 shares, compared to its average volume of 3,709,951. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90. Cloudflare, Inc. has a 52 week low of $69.26 and a 52 week high of $200.76. The company has a 50 day moving average of $179.27 and a 200-day moving average of $145.43. The firm has a market cap of $68.80 billion, a price-to-earnings ratio of -863.00 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. During the same period last year, the company earned $0.16 earnings per share. Cloudflare's revenue for the quarter was up 26.5% on a year-over-year basis. On average, sell-side analysts expect that Cloudflare, Inc. will post -0.11 EPS 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.