Frontier Capital Management Co. LLC Acquires 6,782 Shares of Cloudflare, Inc. (NYSE:NET)

Frontier Capital Management Co. LLC raised its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 258.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,411 shares of the company's stock after acquiring an additional 6,782 shares during the quarter. Frontier Capital Management Co. LLC's holdings in Cloudflare were worth $1,013,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. GAMMA Investing LLC increased its position in Cloudflare by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company's stock worth $63,000 after buying an additional 217 shares during the period. Nordea Investment Management AB raised its stake in Cloudflare by 0.7% in the 4th quarter. Nordea Investment Management AB now owns 39,776 shares of the company's stock worth $4,307,000 after purchasing an additional 261 shares in the last quarter. Brookstone Capital Management bought a new stake in Cloudflare in the 4th quarter valued at about $304,000. Grandview Asset Management LLC grew its position in shares of Cloudflare by 16.5% during the 4th quarter. Grandview Asset Management LLC now owns 11,972 shares of the company's stock worth $1,289,000 after purchasing an additional 1,698 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Cloudflare by 38.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 4,781 shares of the company's stock worth $515,000 after purchasing an additional 1,326 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Janel Riley sold 4,327 shares of Cloudflare stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total value of $725,205.20. Following the sale, the chief accounting officer now owns 74,698 shares of the company's stock, valued at approximately $12,519,384.80. The trade was a 5.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Douglas James Kramer sold 3,000 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $124.16, for a total value of $372,480.00. Following the completion of the sale, the insider now owns 185,406 shares in the company, valued at approximately $23,020,008.96. The trade was a 1.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 492,492 shares of company stock worth $63,757,685. 12.83% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Needham & Company LLC increased their price target on Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Susquehanna cut their target price on Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a research note on Monday. Royal Bank of Canada decreased their price target on Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Scotiabank upped their price objective on Cloudflare from $87.00 to $110.00 and gave the stock a "sector perform" rating in a research report on Tuesday, January 21st. Finally, Stifel Nicolaus lifted their target price on Cloudflare from $136.00 to $175.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Cloudflare has a consensus rating of "Hold" and an average price target of $141.79.

Cloudflare Stock Down 0.5%

Shares of NYSE NET traded down $0.85 during mid-day trading on Thursday, reaching $153.65. 1,489,779 shares of the company's stock traded hands, compared to its average volume of 3,129,224. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. The stock has a market cap of $53.02 billion, a P/E ratio of -699.54 and a beta of 1.78. The business has a 50-day simple moving average of $116.93 and a 200 day simple moving average of $118.80.

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

About Cloudflare

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.