GAMMA Investing LLC Raises Stake in Cloudflare, Inc. (NYSE:NET)

GAMMA Investing LLC raised its stake in Cloudflare, Inc. (NYSE:NET) by 86.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,093 shares of the company’s stock after buying an additional 508 shares during the quarter. GAMMA Investing LLC’s holdings in Cloudflare were worth $123,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Capital World Investors grew its holdings in Cloudflare by 0.7% in the 4th quarter. Capital World Investors now owns 35,409,307 shares of the company’s stock valued at $3,812,942,000 after buying an additional 260,415 shares in the last quarter. Geode Capital Management LLC grew its holdings in Cloudflare by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company’s stock valued at $526,986,000 after buying an additional 68,661 shares in the last quarter. Groupama Asset Managment purchased a new stake in Cloudflare in the 4th quarter valued at $269,200,000. Norges Bank purchased a new stake in Cloudflare in the 4th quarter valued at $249,544,000. Finally, American Century Companies Inc. grew its holdings in Cloudflare by 82.0% in the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock valued at $243,098,000 after buying an additional 1,017,399 shares in the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NET has been the topic of several recent analyst reports. Oppenheimer reaffirmed an “outperform” rating and issued a $200.00 price target (up previously from $165.00) on shares of Cloudflare in a research note on Thursday, June 5th. KeyCorp assumed coverage on Cloudflare in a research note on Friday, June 6th. They set an “overweight” rating and a $210.00 target price on the stock. Jefferies Financial Group decreased their target price on Cloudflare from $170.00 to $150.00 and set a “hold” rating on the stock in a research note on Friday, May 9th. Susquehanna decreased their target price on Cloudflare from $170.00 to $140.00 and set a “neutral” rating on the stock in a research note on Monday, May 12th. Finally, Capital One Financial raised Cloudflare from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 8th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $145.92.

Cloudflare Trading Up 3.0%

NET opened at $191.26 on Friday. Cloudflare, Inc. has a one year low of $69.26 and a one year high of $198.01. The company has a market cap of $66.29 billion, a P/E ratio of -831.54 and a beta of 1.85. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The business’s 50-day simple moving average is $162.79 and its 200-day simple moving average is $138.01.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The business had revenue of $479.09 million during the quarter, compared to analysts’ expectations of $469.49 million. During the same quarter in the previous year, the company posted $0.16 EPS. The company’s revenue was up 26.5% compared to the same quarter last year. As a group, equities research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 41,556 shares of the firm’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $156.78, for a total transaction of $6,515,149.68. Following the transaction, the chief financial officer owned 241,550 shares in the company, valued at $37,870,209. This trade represents a 14.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michelle Zatlyn sold 35,098 shares of the firm’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $156.83, for a total value of $5,504,419.34. Following the transaction, the insider owned 6,390 shares in the company, valued at $1,002,143.70. This represents a 84.60% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 530,987 shares of company stock worth $80,832,794 in the last quarter. 10.89% of the stock is owned by insiders.

Cloudflare Company Profile

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.