Grandview Asset Management LLC Acquires 1,234 Shares of Cloudflare, Inc. (NYSE:NET)

Grandview Asset Management LLC increased its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 10.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,206 shares of the company’s stock after acquiring an additional 1,234 shares during the period. Grandview Asset Management LLC’s holdings in Cloudflare were worth $1,488,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of NET. Groupama Asset Managment bought a new position in shares of Cloudflare during the 4th quarter valued at $269,200,000. Norges Bank purchased a new stake in Cloudflare during the fourth quarter valued at $249,544,000. American Century Companies Inc. lifted its holdings in 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 acquiring an additional 1,017,399 shares during the period. Fred Alger Management LLC lifted its holdings in Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock valued at $100,604,000 after acquiring an additional 836,591 shares during the period. Finally, Invesco Ltd. boosted its position in Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock worth $116,178,000 after purchasing an additional 804,059 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Guggenheim increased their price objective on shares of Cloudflare from $68.00 to $70.00 and gave the stock a “sell” rating in a research note on Friday, May 9th. 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 research report on Friday, May 9th. Royal Bank Of Canada cut their price objective on shares of Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. UBS Group raised their target price on Cloudflare from $135.00 to $145.00 and gave the stock a “neutral” rating in a report on Friday, May 9th. Finally, The Goldman Sachs Group lowered their target price on Cloudflare from $183.00 to $161.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $145.92.

Cloudflare Stock Performance

Shares of NET stock opened at $180.78 on Wednesday. The stock’s 50-day moving average is $142.60 and its two-hundred day moving average is $131.18. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $182.59. The firm has a market cap of $62.66 billion, a price-to-earnings ratio of -786.00 and a beta of 1.84.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $469.49 million. During the same quarter last year, the company earned $0.16 EPS. The firm’s revenue for the quarter was up 26.5% compared to the same quarter last year. Analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Activity

In related news, CFO Thomas J. Seifert sold 10,000 shares of the firm’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $120.00, for a total value of $1,200,000.00. Following the completion of the sale, the chief financial officer now owns 293,582 shares in the company, valued at $35,229,840. This trade represents a 3.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Carl Ledbetter sold 492 shares of Cloudflare stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $181.46, for a total transaction of $89,278.32. Following the sale, the director now owns 1,083,123 shares of the company’s stock, valued at approximately $196,543,499.58. The trade was a 0.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 557,217 shares of company stock valued at $81,105,568 over the last quarter. Corporate insiders own 10.89% of the company’s stock.

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.