Exchange Traded Concepts LLC Increases Stake in Cloudflare, Inc. $NET

Exchange Traded Concepts LLC lifted its position in Cloudflare, Inc. (NYSE:NET) by 12.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 52,788 shares of the company’s stock after acquiring an additional 5,731 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Cloudflare were worth $10,407,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Cloudflare by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 32,317,249 shares of the company’s stock worth $6,934,958,000 after purchasing an additional 821,684 shares during the period. Invesco Ltd. boosted its position in shares of Cloudflare by 1.3% during the third quarter. Invesco Ltd. now owns 3,964,733 shares of the company’s stock valued at $850,792,000 after buying an additional 49,485 shares during the period. Norges Bank bought a new position in shares of Cloudflare during the second quarter valued at approximately $541,462,000. Groupama Asset Managment grew its stake in shares of Cloudflare by 82.6% during the third quarter. Groupama Asset Managment now owns 2,100,000 shares of the company’s stock valued at $450,639,000 after buying an additional 950,000 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Cloudflare by 1.2% in the third quarter. Northern Trust Corp now owns 1,909,120 shares of the company’s stock worth $409,678,000 after buying an additional 21,715 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NET. Susquehanna set a $190.00 price target on Cloudflare in a research note on Thursday, February 12th. Barclays increased their target price on Cloudflare from $235.00 to $250.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 11th. Guggenheim boosted their target price on shares of Cloudflare from $117.00 to $140.00 and gave the company a “sell” rating in a research note on Wednesday, February 11th. Morgan Stanley set a $245.00 price target on shares of Cloudflare in a report on Wednesday, February 11th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Cloudflare in a research note on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $233.38.

Insider Buying and Selling

In other Cloudflare news, CFO Thomas J. Seifert sold 10,341 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $212.30, for a total transaction of $2,195,394.30. Following the transaction, the chief financial officer owned 224,625 shares of the company’s stock, valued at approximately $47,687,887.50. This trade represents a 4.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew Prince sold 13,618 shares of the business’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $227.80, for a total transaction of $3,102,180.40. The SEC filing for this sale provides additional information. Insiders sold 633,094 shares of company stock valued at $120,791,722 over the last quarter. 10.89% of the stock is owned by company insiders.

Cloudflare Trading Up 0.1%

Shares of NYSE NET opened at $203.23 on Monday. The company has a quick ratio of 1.98, a current ratio of 1.98 and a debt-to-equity ratio of 1.35. The business has a fifty day simple moving average of $190.35 and a two-hundred day simple moving average of $203.13. The firm has a market cap of $71.53 billion, a PE ratio of -700.77 and a beta of 1.98. Cloudflare, Inc. has a twelve month low of $89.42 and a twelve month high of $260.00.

Cloudflare (NYSE:NET) last issued its earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.01. The business had revenue of $614.51 million during the quarter, compared to analysts’ expectations of $591.67 million. Cloudflare had a negative return on equity of 7.24% and a negative net margin of 4.72%.The business’s revenue for the quarter was up 33.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.19 EPS. Analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Cloudflare Company Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.