Los Angeles Capital Management LLC Boosts Position in Cloudflare, Inc. (NYSE:NET)

Los Angeles Capital Management LLC raised its stake in Cloudflare, Inc. (NYSE:NET) by 140.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 453,651 shares of the company’s stock after buying an additional 265,281 shares during the period. Los Angeles Capital Management LLC owned about 0.13% of Cloudflare worth $43,927,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. ICA Group Wealth Management LLC purchased a new stake in Cloudflare during the fourth quarter worth $38,000. GAMMA Investing LLC bought a new stake in Cloudflare during the fourth quarter valued at about $39,000. Pingora Partners LLC bought a new stake in Cloudflare during the fourth quarter valued at about $42,000. Massmutual Trust Co. FSB ADV grew its stake in Cloudflare by 1,976.9% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company’s stock valued at $45,000 after purchasing an additional 514 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its holdings in Cloudflare by 98.7% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 596 shares of the company’s stock worth $50,000 after purchasing an additional 296 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

Insider Activity

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $74.46, for a total transaction of $3,900,512.64. Following the completion of the sale, the chief executive officer now directly owns 8,742 shares in the company, valued at approximately $650,929.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $74.46, for a total value of $3,900,512.64. Following the completion of the sale, the chief executive officer now owns 8,742 shares in the company, valued at approximately $650,929.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $94.91, for a total transaction of $1,423,650.00. Following the sale, the chief financial officer now directly owns 338,469 shares of the company’s stock, valued at approximately $32,124,092.79. The disclosure for this sale can be found here. Insiders sold 662,119 shares of company stock worth $54,101,374 over the last quarter. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Stock Up 1.8 %

NET stock opened at $79.08 on Thursday. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The firm’s 50-day simple moving average is $78.30 and its 200 day simple moving average is $85.31. The stock has a market cap of $26.87 billion, a PE ratio of -149.21 and a beta of 1.08. Cloudflare, Inc. has a fifty-two week low of $53.88 and a fifty-two week high of $116.00.

Cloudflare (NYSE:NET) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $378.60 million during the quarter, compared to analysts’ expectations of $372.93 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. As a group, sell-side analysts predict that Cloudflare, Inc. will post -0.19 EPS for the current year.

Analyst Ratings Changes

Several brokerages have weighed in on NET. TD Cowen lowered their price target on Cloudflare from $117.00 to $110.00 and set a “buy” rating for the company in a report on Friday, May 3rd. UBS Group dropped their target price on shares of Cloudflare from $88.00 to $76.00 and set a “sell” rating on the stock in a research report on Friday, May 3rd. Robert W. Baird decreased their price target on shares of Cloudflare from $100.00 to $94.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Morgan Stanley reissued an “equal weight” rating and set a $92.00 price objective on shares of Cloudflare in a report on Monday. Finally, Wells Fargo & Company cut their target price on Cloudflare from $125.00 to $105.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $90.70.

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.