Covenant Asset Management LLC purchased a new stake in Cloudflare, Inc. (NYSE:NET – Free Report) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 16,438 shares of the company’s stock, valued at approximately $5,709,000.
A number of other hedge funds also recently made changes to their positions in NET. Pictet Asset Management Holding SA lifted its stake in Cloudflare by 17.6% during the first quarter. Pictet Asset Management Holding SA now owns 1,381,985 shares of the company’s stock worth $284,900,000 after purchasing an additional 206,506 shares during the period. Plato Investment Management Ltd acquired a new stake in Cloudflare during the second quarter valued at approximately $1,499,000. Insight Holdings Group LLC bought a new stake in shares of Cloudflare in the 1st quarter valued at approximately $6,768,000. Independent Financial Group LLC bought a new stake in shares of Cloudflare in the 1st quarter valued at approximately $3,484,000. Finally, Generali Investments Management Co LLC grew its stake in shares of Cloudflare by 85.5% in the 2nd quarter. Generali Investments Management Co LLC now owns 13,396 shares of the company’s stock valued at $3,286,000 after purchasing an additional 6,174 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.
Cloudflare Price Performance
NYSE:NET opened at $324.16 on Thursday. The firm has a market cap of $114.58 billion, a PE ratio of -558.90, a price-to-earnings-growth ratio of 276.54 and a beta of 1.65. Cloudflare, Inc. has a 12 month low of $158.83 and a 12 month high of $370.35. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 1.22. The company’s 50-day moving average price is $318.98 and its two-hundred day moving average price is $262.99.
Insiders Place Their Bets
In other Cloudflare news, insider Michelle Zatlyn sold 33,003 shares of the business’s stock in a transaction on Wednesday, October 7th. The stock was sold at an average price of $348.29, for a total value of $11,494,614.87. Following the transaction, the insider owned 69,775 shares of the company’s stock, valued at approximately $24,301,934.75. The trade was a 32.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alissa Michelle Starzak sold 2,538 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $304.68, for a total value of $773,277.84. Following the completion of the transaction, the insider directly owned 112,082 shares in the company, valued at approximately $34,149,143.76. This represents a 2.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 458,839 shares of company stock valued at $138,172,392 in the last 90 days. Insiders own 10.66% of the company’s stock.
Analyst Upgrades and Downgrades
NET has been the subject of several analyst reports. KeyCorp raised their target price on Cloudflare from $300.00 to $375.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Robert W. Baird set a $330.00 price target on Cloudflare in a research note on Friday, August 7th. Needham & Company LLC upped their price target on Cloudflare from $280.00 to $380.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Wall Street Zen lowered Cloudflare from a “buy” rating to a “hold” rating in a research note on Sunday, September 6th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $340.00 price objective on shares of Cloudflare in a research note on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, Cloudflare has an average rating of “Moderate Buy” and a consensus price target of $330.59.
Check Out Our Latest Report on Cloudflare
Cloudflare Company Profile
Cloudflare, Inc is a connectivity cloud company that provides services designed to help organizations make their websites, applications and networks more secure, reliable and faster. Its global network sits between users and the services they access, supporting content delivery, domain name system services, traffic optimization and protection against distributed denial-of-service attacks and other online threats.
The company offers a range of application and network security products, including web application firewalls, bot management, application programming interface protection, zero-trust security and secure access services.
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Want to see what other hedge funds are holding NET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cloudflare, Inc. (NYSE:NET – Free Report).
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