Envestnet Asset Management Inc. increased its holdings in shares of Cloudflare, Inc. (NYSE:NET – Get Rating) by 37.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 270,918 shares of the company’s stock after purchasing an additional 73,537 shares during the period. Envestnet Asset Management Inc. owned 0.08% of Cloudflare worth $11,853,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Signaturefd LLC raised its holdings in shares of Cloudflare by 1.2% in the first quarter. Signaturefd LLC now owns 10,606 shares of the company’s stock worth $1,270,000 after buying an additional 125 shares during the last quarter. Clearstead Advisors LLC raised its holdings in shares of Cloudflare by 93.8% in the first quarter. Clearstead Advisors LLC now owns 310 shares of the company’s stock worth $37,000 after buying an additional 150 shares during the last quarter. Soltis Investment Advisors LLC raised its holdings in shares of Cloudflare by 0.5% in the first quarter. Soltis Investment Advisors LLC now owns 31,284 shares of the company’s stock worth $3,745,000 after buying an additional 156 shares during the last quarter. Brighton Jones LLC raised its holdings in shares of Cloudflare by 3.4% during the first quarter. Brighton Jones LLC now owns 5,969 shares of the company’s stock worth $714,000 after purchasing an additional 199 shares during the last quarter. Finally, Cetera Advisors LLC raised its holdings in shares of Cloudflare by 6.8% during the first quarter. Cetera Advisors LLC now owns 3,299 shares of the company’s stock worth $395,000 after purchasing an additional 211 shares during the last quarter. 71.69% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
NET has been the subject of several recent research reports. Cowen reduced their target price on shares of Cloudflare from $100.00 to $75.00 in a report on Friday. Jefferies Financial Group reduced their target price on shares of Cloudflare from $70.00 to $60.00 and set a “hold” rating for the company in a report on Tuesday, October 25th. Wells Fargo & Company raised shares of Cloudflare from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $62.00 to $65.00 in a report on Monday, October 17th. 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 report on Friday, August 5th. Finally, Robert W. Baird reduced their target price on shares of Cloudflare from $80.00 to $67.00 in a report on Friday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $92.76.
Insider Buying and Selling
Cloudflare Stock Down 18.4 %
Shares of NYSE NET opened at $41.09 on Monday. The company’s 50-day simple moving average is $56.69 and its 200-day simple moving average is $58.62. Cloudflare, Inc. has a 52-week low of $38.96 and a 52-week high of $221.64. The firm has a market cap of $13.41 billion, a price-to-earnings ratio of -58.70 and a beta of 1.08. The company has a quick ratio of 5.45, a current ratio of 5.45 and a debt-to-equity ratio of 2.47.
Cloudflare (NYSE:NET – Get Rating) last announced its earnings results on Thursday, August 4th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.07). Cloudflare had a negative net margin of 25.16% and a negative return on equity of 27.36%. The company had revenue of $234.52 million during the quarter, compared to analyst estimates of $227.52 million. Equities analysts predict that Cloudflare, Inc. will post -0.53 EPS for the current fiscal year.
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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