Atlas Brown Inc. Increases Stock Position in Cloudflare, Inc. (NYSE:NET)

Atlas Brown Inc. grew its stake in shares of Cloudflare, Inc. (NYSE:NETGet Rating) by 79.4% during the second quarter, HoldingsChannel.com reports. The fund owned 5,650 shares of the company’s stock after buying an additional 2,500 shares during the quarter. Atlas Brown Inc.’s holdings in Cloudflare were worth $247,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its stake in shares of Cloudflare by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 163,833 shares of the company’s stock worth $21,546,000 after purchasing an additional 4,991 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Cloudflare by 1.6% in the 4th quarter. Principal Financial Group Inc. now owns 35,390 shares of the company’s stock worth $4,653,000 after purchasing an additional 567 shares during the period. Invesco Ltd. lifted its stake in shares of Cloudflare by 72.4% in the 4th quarter. Invesco Ltd. now owns 1,925,098 shares of the company’s stock worth $253,150,000 after purchasing an additional 808,586 shares during the period. Schroder Investment Management Group lifted its stake in shares of Cloudflare by 20.0% in the 4th quarter. Schroder Investment Management Group now owns 9,138 shares of the company’s stock worth $1,202,000 after purchasing an additional 1,520 shares during the period. Finally, GSA Capital Partners LLP bought a new position in shares of Cloudflare in the 4th quarter worth approximately $235,000. Hedge funds and other institutional investors own 71.69% of the company’s stock.

Cloudflare Price Performance

Shares of NET stock traded down $3.26 on Friday, reaching $53.66. The company’s stock had a trading volume of 250,581 shares, compared to its average volume of 4,152,630. The stock’s fifty day simple moving average is $61.73 and its 200-day simple moving average is $71.53. Cloudflare, Inc. has a 1 year low of $38.96 and a 1 year high of $221.64. The company has a current ratio of 5.45, a quick ratio of 5.45 and a debt-to-equity ratio of 2.47. The company has a market capitalization of $17.51 billion, a price-to-earnings ratio of -59.70 and a beta of 1.10.

Cloudflare (NYSE:NETGet Rating) last posted its earnings results on Thursday, August 4th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.07). Cloudflare had a negative net margin of 35.66% and a negative return on equity of 23.62%. The business had revenue of $234.52 million during the quarter, compared to analysts’ expectations of $227.52 million. Analysts forecast that Cloudflare, Inc. will post -0.53 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NET. Credit Suisse Group lowered their price objective on shares of Cloudflare to $125.00 in a research note on Tuesday, August 9th. Mizuho increased their price objective on shares of Cloudflare from $76.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, August 5th. Citigroup increased their price objective on shares of Cloudflare to $62.00 in a research note on Monday, August 15th. Moffett Nathanson started coverage on shares of Cloudflare in a research note on Thursday. They set a “buy” rating and a $114.00 target price on the stock. Finally, Piper Sandler raised their target price on shares of Cloudflare from $57.00 to $73.00 and gave the stock a “neutral” rating in a research note on Friday, August 5th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $112.57.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $78.21, for a total value of $4,096,952.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cloudflare news, CAO Paul D. Underwood sold 6,000 shares of Cloudflare stock in a transaction on Friday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $420,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 30,030 shares of the company’s stock, valued at $2,102,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Monday, August 15th. The stock was sold at an average price of $78.21, for a total transaction of $4,096,952.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 320,304 shares of company stock valued at $20,817,806. 15.99% of the stock is owned by corporate insiders.

About Cloudflare

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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.

Further Reading

Want to see what other hedge funds are holding NET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cloudflare, Inc. (NYSE:NETGet Rating).

Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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