Frontier Capital Management Co. LLC Has $1.01 Million Stock Position in Cloudflare, Inc. (NYSE:NET)

Frontier Capital Management Co. LLC raised its position in Cloudflare, Inc. (NYSE:NET) by 258.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 9,411 shares of the company’s stock after acquiring an additional 6,782 shares during the period. Frontier Capital Management Co. LLC’s holdings in Cloudflare were worth $1,013,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Groupama Asset Managment acquired a new stake in shares of Cloudflare in the 4th quarter worth about $269,200,000. Norges Bank purchased a new stake in shares of Cloudflare in the fourth quarter worth approximately $249,544,000. American Century Companies Inc. lifted its holdings in shares of Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock valued at $243,098,000 after purchasing an additional 1,017,399 shares in the last quarter. Fred Alger Management LLC boosted its position in shares of Cloudflare by 856.3% during the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock valued at $100,604,000 after buying an additional 836,591 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in Cloudflare by 292.5% during the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock worth $116,178,000 after buying an additional 804,059 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 2,311 shares of the stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $107.75, for a total value of $249,010.25. Following the transaction, the chief executive officer now owns 413,413 shares of the company’s stock, valued at $44,545,250.75. This represents a 0.56 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $124.16, for a total transaction of $372,480.00. Following the sale, the insider now directly owns 185,406 shares of the company’s stock, valued at $23,020,008.96. This represents a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 492,492 shares of company stock valued at $63,757,685. 12.83% of the stock is currently owned by company insiders.

Cloudflare Stock Up 6.5 %

Shares of NYSE NET opened at $132.42 on Friday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a market cap of $45.69 billion, a P/E ratio of -601.91 and a beta of 1.78. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $177.37. The business has a 50-day simple moving average of $116.02 and a two-hundred day simple moving average of $117.55.

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 4.72% and a negative return on equity of 5.52%. The firm had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. During the same quarter last year, the business posted $0.16 earnings per share. Cloudflare’s revenue was up 26.5% compared to the same quarter last year. Research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

NET has been the topic of a number of analyst reports. Jefferies Financial Group cut their price objective on shares of Cloudflare from $170.00 to $150.00 and set a “hold” rating on the stock in a report on Friday. Wells Fargo & Company boosted their price target on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, January 27th. Needham & Company LLC increased their price objective on shares of Cloudflare from $145.00 to $160.00 and gave the company a “buy” rating in a research note on Friday. Royal Bank of Canada cut their target price on Cloudflare from $170.00 to $148.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Finally, Cantor Fitzgerald increased their price target on Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $142.57.

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.