Jennison Associates LLC Invests $869,000 in Cloudflare, Inc. (NYSE:NET)

Jennison Associates LLC purchased a new position in shares of Cloudflare, Inc. (NYSE:NET) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 10,438 shares of the company’s stock, valued at approximately $869,000.

Several other institutional investors and hedge funds also recently made changes to their positions in NET. CWM LLC grew its stake in shares of Cloudflare by 3.4% during the 3rd quarter. CWM LLC now owns 4,624 shares of the company’s stock worth $291,000 after acquiring an additional 153 shares during the period. SG Americas Securities LLC grew its stake in shares of Cloudflare by 377.1% during the 3rd quarter. SG Americas Securities LLC now owns 27,746 shares of the company’s stock worth $1,749,000 after acquiring an additional 21,930 shares during the period. Handelsbanken Fonder AB grew its stake in shares of Cloudflare by 0.8% during the 3rd quarter. Handelsbanken Fonder AB now owns 94,392 shares of the company’s stock worth $5,950,000 after acquiring an additional 736 shares during the period. Commonwealth Equity Services LLC grew its stake in shares of Cloudflare by 9.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 56,921 shares of the company’s stock worth $3,588,000 after acquiring an additional 4,685 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in shares of Cloudflare by 4.3% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 66,128 shares of the company’s stock worth $4,169,000 after acquiring an additional 2,700 shares during the period. Institutional investors own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

NET has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on Cloudflare from $53.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, February 9th. Sanford C. Bernstein initiated coverage on Cloudflare in a report on Thursday, January 18th. They set a “market perform” rating and a $85.00 price objective on the stock. Capital One Financial initiated coverage on Cloudflare in a report on Wednesday, January 17th. They set an “equal weight” rating and a $83.00 price objective on the stock. JMP Securities increased their price objective on Cloudflare from $75.00 to $90.00 and gave the stock a “market outperform” rating in a report on Wednesday, January 31st. Finally, Truist Financial raised their price target on Cloudflare from $90.00 to $120.00 and gave the company a “buy” rating in a report on Friday, February 9th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $87.08.

Insider Activity

In other news, CFO Thomas J. Seifert sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $110.11, for a total value of $5,505,500.00. Following the completion of the transaction, the chief financial officer now owns 366,465 shares in the company, valued at approximately $40,351,461.15. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Thomas J. Seifert sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $110.11, for a total value of $5,505,500.00. Following the completion of the transaction, the chief financial officer now owns 366,465 shares in the company, valued at approximately $40,351,461.15. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Carl Ledbetter sold 10,015 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $89.16, for a total value of $892,937.40. Following the completion of the transaction, the director now owns 1,204,815 shares of the company’s stock, valued at approximately $107,421,305.40. The disclosure for this sale can be found here. Insiders sold a total of 1,046,356 shares of company stock worth $101,906,480 in the last quarter. 14.80% of the stock is owned by company insiders.

Cloudflare Stock Up 1.4 %

NET opened at $88.01 on Friday. The stock’s 50 day simple moving average is $94.89 and its 200 day simple moving average is $82.70. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50. Cloudflare, Inc. has a 1 year low of $39.90 and a 1 year high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. The business had revenue of $362.47 million for the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.2 EPS for the current fiscal year.

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.