Envestnet Asset Management Inc. Grows Stock Position in Cloudflare, Inc. (NYSE:NET)

Envestnet Asset Management Inc. increased its position in shares of Cloudflare, Inc. (NYSE:NET) by 21.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 200,514 shares of the company’s stock after purchasing an additional 34,765 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.06% of Cloudflare worth $21,591,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its holdings in shares of Cloudflare by 1,988.5% during the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after buying an additional 517 shares in the last quarter. Versant Capital Management Inc grew its stake in Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after acquiring an additional 170 shares in the last quarter. GAMMA Investing LLC raised its holdings in Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after acquiring an additional 217 shares during the last quarter. Whittier Trust Co. lifted its stake in Cloudflare by 120.5% in the 4th quarter. Whittier Trust Co. now owns 602 shares of the company’s stock worth $65,000 after purchasing an additional 329 shares in the last quarter. Finally, Sava Infond d.o.o. acquired a new position in shares of Cloudflare during the 4th quarter worth approximately $65,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

NET has been the topic of a number of analyst reports. Stifel Nicolaus lifted their price objective on Cloudflare from $136.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Bank of America raised shares of Cloudflare from an “underperform” rating to a “buy” rating and boosted their price target for the company from $60.00 to $160.00 in a research report on Tuesday, March 25th. Baird R W cut shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Needham & Company LLC decreased their target price on shares of Cloudflare from $185.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Finally, Wells Fargo & Company raised their price target on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, January 27th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cloudflare currently has a consensus rating of “Hold” and an average target price of $134.88.

Cloudflare Trading Up 0.6 %

NET opened at $106.84 on Tuesday. The business has a fifty day moving average price of $131.11 and a 200 day moving average price of $113.89. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The stock has a market capitalization of $36.87 billion, a price-to-earnings ratio of -485.64 and a beta of 1.59. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Sell-side analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Tuesday, April 8th. The shares were sold at an average price of $100.88, for a total value of $5,284,497.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Janel Riley sold 4,327 shares of Cloudflare stock in a transaction dated Tuesday, February 18th. The stock was 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 in the company, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 561,973 shares of company stock valued at $73,056,260 over the last quarter. 12.83% of the stock is owned by insiders.

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.