TD Asset Management Inc Increases Stake in Cloudflare, Inc. (NYSE:NET)

Key Points

• TD Asset Management Inc increased its holdings in Cloudflare, Inc. by 3.7% during the 1st quarter, owning 81,488 shares valued at approximately $9.18 million.
• Several institutional investors, including HB Wealth Management and Knights of Columbus Asset Advisors, have also recently adjusted their stakes in Cloudflare, reflecting growing interest in the company's stock.
• Cloudflare reported a 27.8% year-over-year increase in revenue for the last quarter, with earnings per share of $0.21, beating analysts' expectations of $0.18.

TD Asset Management Inc increased its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 3.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 81,488 shares of the company's stock after buying an additional 2,912 shares during the period. TD Asset Management Inc's holdings in Cloudflare were worth $9,183,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Mather Group LLC. boosted its holdings in Cloudflare by 1,188.2% in the 1st quarter. Mather Group LLC. now owns 219 shares of the company's stock valued at $25,000 after purchasing an additional 202 shares during the period. NBC Securities Inc. bought a new position in shares of Cloudflare during the 1st quarter worth about $27,000. GPS Wealth Strategies Group LLC lifted its holdings in shares of Cloudflare by 213.4% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after acquiring an additional 175 shares during the period. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Cloudflare by 115.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after acquiring an additional 142 shares during the period. Finally, Gordian Capital Singapore Pte Ltd bought a new position in shares of Cloudflare during the 4th quarter worth about $43,000. 82.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Michelle Zatlyn sold 35,098 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $156.83, for a total value of $5,504,419.34. Following the transaction, the insider directly owned 6,390 shares in the company, valued at $1,002,143.70. This trade represents a 84.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Thomas J. Seifert sold 59,130 shares of the firm's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $200.30, for a total value of $11,843,739.00. Following the transaction, the chief financial officer owned 241,550 shares in the company, valued at approximately $48,382,465. This trade represents a 19.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 688,062 shares of company stock valued at $121,498,887 over the last 90 days. 10.89% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on NET. CICC Research upgraded shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 target price for the company in a research report on Monday, May 12th. Citigroup reissued an "outperform" rating on shares of Cloudflare in a research note on Monday, July 28th. Bank of America lifted their price target on shares of Cloudflare from $235.00 to $240.00 and gave the company a "buy" rating in a research note on Friday. Robert W. Baird raised their target price on shares of Cloudflare from $148.00 to $175.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Finally, JMP Securities boosted their target price on shares of Cloudflare from $180.00 to $225.00 and gave the stock a "market outperform" rating in a report on Monday, July 28th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $186.88.

Cloudflare Trading Down 3.5%

Shares of NYSE NET traded down $7.22 during trading on Friday, reaching $200.46. The company had a trading volume of 6,447,007 shares, compared to its average volume of 3,077,286. The company's fifty day moving average price is $184.49 and its 200-day moving average price is $149.29. Cloudflare, Inc. has a 12 month low of $69.26 and a 12 month high of $211.27. The stock has a market cap of $69.48 billion, a P/E ratio of -589.59 and a beta of 1.84. 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 (NYSE:NET - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.21 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.03. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.59%. The company had revenue of $512.32 million for the quarter, compared to analyst estimates of $501.58 million. During the same period in the prior year, the firm posted $0.20 EPS. The company's quarterly revenue was up 27.8% on a year-over-year basis. As a group, research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current 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.