First Trust Direct Indexing L.P. Invests $295,000 in Cloudflare, Inc. (NYSE:NET)

First Trust Direct Indexing L.P. purchased a new position in Cloudflare, Inc. (NYSE:NETFree Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 3,046 shares of the company’s stock, valued at approximately $295,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. boosted its stake in Cloudflare by 6.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 69,760 shares of the company’s stock worth $5,808,000 after purchasing an additional 4,300 shares during the period. Truist Financial Corp lifted its stake in Cloudflare by 1.2% in the 4th quarter. Truist Financial Corp now owns 28,388 shares of the company’s stock worth $2,364,000 after acquiring an additional 331 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Cloudflare by 5.1% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 65,790 shares of the company’s stock worth $5,478,000 after acquiring an additional 3,164 shares during the period. Deutsche Bank AG grew its stake in Cloudflare by 5.1% during the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after acquiring an additional 65,596 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in shares of Cloudflare in the 4th quarter valued at about $11,639,000. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Stock Down 2.4 %

NET opened at $84.91 on Tuesday. The business has a 50 day moving average of $76.60 and a 200-day moving average of $85.46. The stock has a market capitalization of $28.85 billion, a price-to-earnings ratio of -160.21 and a beta of 1.10. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.61. Cloudflare, Inc. has a 1-year low of $53.88 and a 1-year high of $116.00.

Cloudflare (NYSE:NETGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The firm had revenue of $378.60 million during the quarter, compared to the consensus estimate of $372.93 million. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Bank of America boosted their price objective on shares of Cloudflare from $52.00 to $60.00 and gave the company an “underperform” rating in a research report on Friday, May 3rd. Piper Sandler reaffirmed a “neutral” rating and issued a $81.00 price target (down from $110.00) on shares of Cloudflare in a research note on Friday, May 3rd. DZ Bank raised Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a research report on Tuesday, May 7th. Royal Bank of Canada cut their price target on Cloudflare from $108.00 to $90.00 and set an “outperform” rating for the company in a research note on Friday, May 31st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $135.00 price target on shares of Cloudflare in a research note on Friday, May 31st. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Cloudflare currently has an average rating of “Hold” and an average price target of $90.71.

View Our Latest Stock Analysis on NET

Insider Buying and Selling at Cloudflare

In other news, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $85.28, for a total transaction of $2,186,579.20. Following the sale, the chief operating officer now owns 211,394 shares of the company’s stock, valued at approximately $18,027,680.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $85.28, for a total transaction of $2,186,579.20. Following the completion of the transaction, the chief operating officer now directly owns 211,394 shares of the company’s stock, valued at approximately $18,027,680.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Katrin Suder sold 574 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $67.11, for a total transaction of $38,521.14. Following the sale, the director now directly owns 51,162 shares in the company, valued at $3,433,481.82. The disclosure for this sale can be found here. Insiders sold a total of 768,641 shares of company stock valued at $61,595,941 in the last quarter. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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