Envestnet Asset Management Inc. Buys 2,936 Shares of Cloudflare, Inc. (NYSE:NET)

Envestnet Asset Management Inc. increased its stake in shares of Cloudflare, Inc. (NYSE:NET) by 1.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 203,450 shares of the company’s stock after buying an additional 2,936 shares during the period. Envestnet Asset Management Inc. owned 0.06% of Cloudflare worth $22,927,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of NET. Mather Group LLC. increased its position in Cloudflare by 1,188.2% during the 1st quarter. Mather Group LLC. now owns 219 shares of the company’s stock worth $25,000 after purchasing an additional 202 shares in the last quarter. NBC Securities Inc. acquired a new stake in Cloudflare in the first quarter worth $27,000. GPS Wealth Strategies Group LLC grew its holdings in shares of Cloudflare by 213.4% during the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company’s stock valued at $29,000 after buying an additional 175 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock worth $30,000 after purchasing an additional 142 shares during the last quarter. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in Cloudflare in the fourth quarter valued at about $43,000. Institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Up 2.3%

NET stock opened at $187.02 on Wednesday. The firm has a fifty day moving average price of $171.89 and a two-hundred day moving average price of $141.71. The firm has a market cap of $64.82 billion, a price-to-earnings ratio of -813.13 and a beta of 1.85. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. Cloudflare, Inc. has a 1-year low of $69.26 and a 1-year high of $198.01.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share 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 analyst estimates of $469.49 million. During the same period in the previous year, the company posted $0.16 earnings per share. Cloudflare’s revenue was up 26.5% compared to the same quarter last year. Research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling

In related news, insider Michelle Zatlyn sold 35,098 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider directly owned 6,390 shares of the company’s stock, valued at $1,002,143.70. This trade represents a 84.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $152.68, for a total value of $7,997,989.12. Following the completion of the sale, the chief executive officer owned 10,426 shares of the company’s stock, valued at approximately $1,591,841.68. This trade represents a 83.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 555,420 shares of company stock worth $92,289,281. Insiders own 10.89% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on NET shares. Jefferies Financial Group decreased their price target on shares of Cloudflare from $170.00 to $150.00 and set a “hold” rating on the stock in a report on Friday, May 9th. Guggenheim lifted their target price on shares of Cloudflare from $68.00 to $70.00 and gave the stock a “sell” rating in a report on Friday, May 9th. UBS Group boosted their price objective on shares of Cloudflare from $135.00 to $145.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. Needham & Company LLC boosted their price target on shares of Cloudflare from $145.00 to $160.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Finally, Oppenheimer reiterated an “outperform” rating and set a $200.00 price target (up from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $148.92.

Cloudflare 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.