ARK Investment Management LLC Grows Position in Cloudflare, Inc. (NYSE:NET)

ARK Investment Management LLC raised its stake in shares of Cloudflare, Inc. (NYSE:NETGet Rating) by 32.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 324,635 shares of the company’s stock after buying an additional 78,858 shares during the quarter. ARK Investment Management LLC owned about 0.10% of Cloudflare worth $18,180,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in NET. Dimensional Fund Advisors LP raised its stake in Cloudflare by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 163,833 shares of the company’s stock valued at $21,546,000 after buying an additional 4,991 shares during the last quarter. Principal Financial Group Inc. raised its stake in Cloudflare by 1.6% during the fourth quarter. Principal Financial Group Inc. now owns 35,390 shares of the company’s stock valued at $4,653,000 after buying an additional 567 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Cloudflare by 6.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 828,345 shares of the company’s stock valued at $108,928,000 after buying an additional 47,405 shares during the last quarter. Geode Capital Management LLC raised its stake in Cloudflare by 8.2% during the fourth quarter. Geode Capital Management LLC now owns 3,393,114 shares of the company’s stock valued at $445,623,000 after buying an additional 256,811 shares during the last quarter. Finally, KRS Capital Management LLC purchased a new position in Cloudflare during the fourth quarter valued at $181,000. Hedge funds and other institutional investors own 71.69% of the company’s stock.

Cloudflare Stock Performance

NYSE NET opened at $58.92 on Monday. The company has a quick ratio of 5.45, a current ratio of 5.45 and a debt-to-equity ratio of 2.47. The business has a 50-day moving average price of $60.70 and a 200-day moving average price of $72.20. Cloudflare, Inc. has a twelve month low of $38.96 and a twelve month high of $221.64.

Cloudflare (NYSE:NETGet Rating) last released its quarterly earnings data 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). The business had revenue of $234.52 million during the quarter, compared to the consensus estimate of $227.52 million. Cloudflare had a negative return on equity of 23.62% and a negative net margin of 35.66%. Equities analysts predict that Cloudflare, Inc. will post -0.53 earnings per share for the current year.

Analyst Upgrades and Downgrades

NET has been the subject of several recent analyst reports. Wells Fargo & Company decreased their price target on Cloudflare from $60.00 to $42.00 and set an “equal weight” rating for the company in a research note on Monday, July 18th. Mizuho boosted their price target on Cloudflare from $76.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, August 5th. Piper Sandler boosted their price target on Cloudflare from $57.00 to $73.00 and gave the stock a “neutral” rating in a research note on Friday, August 5th. Guggenheim initiated coverage on Cloudflare in a research note on Friday, August 12th. They issued a “neutral” rating and a $82.00 price target for the company. Finally, Evercore ISI decreased their price target on Cloudflare from $110.00 to $65.00 and set an “outperform” rating for the company in a research note on Tuesday, June 28th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cloudflare presently has a consensus rating of “Hold” and an average target price of $112.50.

Insider Transactions at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $52.30, for a total value of $2,739,683.20. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CAO Paul D. Underwood sold 6,000 shares of the business’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $70.00, for a total value of $420,000.00. Following the sale, the chief accounting officer now directly owns 30,030 shares in the company, valued at $2,102,100. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $52.30, for a total value of $2,739,683.20. The disclosure for this sale can be found here. Insiders sold a total of 320,304 shares of company stock valued at $20,817,806 over the last 90 days. Company insiders own 15.99% of the company’s stock.

Cloudflare Company Profile

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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.

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Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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