Envestnet Asset Management Inc. Grows Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Envestnet Asset Management Inc. grew its holdings in shares of Cloudflare, Inc. (NYSE:NET – Get Rating) by 239.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 197,381 shares of the company’s stock after purchasing an additional 139,243 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of Cloudflare worth $23,626,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Maryland State Retirement & Pension System lifted its holdings in shares of Cloudflare by 2.9% during the first quarter. Maryland State Retirement & Pension System now owns 20,259 shares of the company’s stock valued at $2,425,000 after purchasing an additional 571 shares during the last quarter. Spire Wealth Management lifted its holdings in shares of Cloudflare by 208.8% during the first quarter. Spire Wealth Management now owns 2,257 shares of the company’s stock valued at $270,000 after purchasing an additional 1,526 shares during the last quarter. CIBC World Markets Inc. raised its holdings in Cloudflare by 293.4% in the 4th quarter. CIBC World Markets Inc. now owns 18,671 shares of the company’s stock worth $2,455,000 after acquiring an additional 13,925 shares during the last quarter. CWM LLC raised its holdings in Cloudflare by 28.6% in the 1st quarter. CWM LLC now owns 2,946 shares of the company’s stock worth $353,000 after acquiring an additional 656 shares during the last quarter. Finally, Wolf Hill Capital Management LP raised its holdings in Cloudflare by 20.3% in the 4th quarter. Wolf Hill Capital Management LP now owns 6,606 shares of the company’s stock worth $869,000 after acquiring an additional 1,113 shares during the last quarter. 69.96% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Price Performance

NYSE:NET opened at $53.08 on Wednesday. The business’s 50-day simple moving average is $49.44 and its two-hundred day simple moving average is $80.37. Cloudflare, Inc. has a 52 week low of $38.96 and a 52 week high of $221.64. The stock has a market cap of $17.32 billion, a PE ratio of -63.95 and a beta of 1.22. The company has a quick ratio of 6.85, a current ratio of 6.85 and a debt-to-equity ratio of 2.78.

Cloudflare (NYSE:NET – Get Rating) last issued its earnings results on Thursday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The business had revenue of $212.20 million for the quarter, compared to the consensus estimate of $205.66 million. Cloudflare had a negative net margin of 35.83% and a negative return on equity of 17.74%. The firm’s revenue for the quarter was up 53.7% compared to the same quarter last year. During the same period last year, the business posted ($0.11) EPS. As a group, analysts forecast that Cloudflare, Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other Cloudflare news, Director Maria S. Eitel bought 15,000 shares of the firm’s stock in a transaction that occurred on Monday, May 9th. The shares were bought at an average price of $62.77 per share, with a total value of $941,550.00. Following the purchase, the director now owns 21,622 shares of the company’s stock, valued at $1,357,212.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cloudflare news, Director Maria S. Eitel bought 15,000 shares of the firm’s stock in a transaction that occurred on Monday, May 9th. The shares were bought at an average price of $62.77 per share, with a total value of $941,550.00. Following the purchase, the director now owns 21,622 shares of the company’s stock, valued at $1,357,212.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Thursday, May 12th. The shares were sold at an average price of $56.88, for a total value of $2,979,601.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 264,361 shares of company stock valued at $14,350,405. 15.99% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NET. Wells Fargo & Company decreased their price objective on shares of Cloudflare from $60.00 to $42.00 and set an “equal weight” rating for the company in a report on Monday, July 18th. Citigroup decreased their price objective on shares of Cloudflare from $95.00 to $60.00 and set a “maintains” rating for the company in a report on Friday, July 22nd. Mizuho decreased their price objective on shares of Cloudflare from $90.00 to $76.00 and set a “neutral” rating for the company in a report on Tuesday, July 19th. Piper Sandler decreased their price objective on shares of Cloudflare from $83.00 to $57.00 and set a “neutral” rating for the company in a report on Wednesday, July 6th. Finally, Needham & Company LLC decreased their target price on shares of Cloudflare from $245.00 to $100.00 and set a “na” rating for the company in a research note on Monday, May 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $116.38.

Cloudflare Profile

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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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