First Trust Direct Indexing L.P. Purchases New Position in Cloudflare, Inc. (NYSE:NET)

First Trust Direct Indexing L.P. acquired a new stake in Cloudflare, Inc. (NYSE:NET) in the first quarter, Holdings Channel.com reports. The firm acquired 3,046 shares of the company’s stock, valued at approximately $295,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of NET. Norges Bank purchased a new position in shares of Cloudflare in the fourth quarter valued at $221,858,000. 1832 Asset Management L.P. boosted its position in shares of Cloudflare by 121.2% in the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after acquiring an additional 1,597,900 shares during the period. Vanguard Group Inc. grew its stake in Cloudflare by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock valued at $2,344,534,000 after acquiring an additional 740,914 shares in the last quarter. Capital World Investors lifted its stake in Cloudflare by 1.8% in the 4th quarter. Capital World Investors now owns 27,543,956 shares of the company’s stock worth $2,293,310,000 after purchasing an additional 487,308 shares in the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc bought a new position in Cloudflare in the 4th quarter valued at $27,288,000. Institutional investors own 82.68% of the company’s stock.

Insider Transactions at Cloudflare

In related news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $84.97, for a total transaction of $1,274,550.00. Following the transaction, the chief financial officer now owns 309,937 shares in the company, valued at $26,335,346.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $95.29, for a total value of $4,991,671.36. Following the completion of the transaction, the chief executive officer now owns 230,612 shares in the company, valued at $21,975,017.48. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $84.97, for a total transaction of $1,274,550.00. Following the sale, the chief financial officer now owns 309,937 shares in the company, valued at approximately $26,335,346.89. The disclosure for this sale can be found here. In the last ninety days, insiders sold 768,641 shares of company stock valued at $61,595,941. Company insiders own 12.83% of the company’s stock.

Wall Street Analyst Weigh In

NET has been the topic of several research analyst reports. Scotiabank started coverage on shares of Cloudflare in a report on Monday. They issued a “sector perform” rating and a $85.00 price target on the stock. Robert W. Baird lowered their price target on Cloudflare from $100.00 to $94.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. JMP Securities reissued a “market outperform” rating and set a $120.00 price objective on shares of Cloudflare in a report on Tuesday, May 14th. KeyCorp decreased their price objective on shares of Cloudflare from $132.00 to $94.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Finally, Oppenheimer dropped their target price on shares of Cloudflare from $122.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Cloudflare presently has an average rating of “Hold” and an average price target of $90.71.

Cloudflare Stock Down 2.4 %

Shares of NYSE:NET opened at $84.91 on Tuesday. Cloudflare, Inc. has a 1 year low of $53.88 and a 1 year high of $116.00. The company has a debt-to-equity ratio of 1.61, a current ratio of 3.51 and a quick ratio of 3.51. The stock’s 50-day moving average is $76.60 and its 200 day moving average is $85.46. The company has a market cap of $28.85 billion, a PE ratio of -160.21 and a beta of 1.10.

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

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.