Driehaus Capital Management LLC Makes New $522,000 Investment in Cloudflare, Inc. (NYSE:NET)

Driehaus Capital Management LLC purchased a new stake in Cloudflare, Inc. (NYSE:NET) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 6,302 shares of the company’s stock, valued at approximately $522,000.

A number of other institutional investors also recently modified their holdings of NET. Baillie Gifford & Co. boosted its position in Cloudflare by 8.5% in the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after buying an additional 2,575,396 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings in shares of Cloudflare by 121.2% during the 4th 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 in the last quarter. Marshall Wace LLP grew its position in Cloudflare by 123.4% during the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock worth $128,265,000 after acquiring an additional 855,334 shares during the last quarter. Vanguard Group Inc. increased its holdings in Cloudflare by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 28,159,189 shares of the company’s stock worth $2,344,534,000 after purchasing an additional 740,914 shares in the last quarter. Finally, Capital World Investors raised its position in Cloudflare by 2.1% in the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock valued at $2,723,685,000 after purchasing an additional 584,566 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on NET shares. Royal Bank of Canada upped their price objective on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Morgan Stanley restated an “equal weight” rating and issued a $92.00 price target on shares of Cloudflare in a research report on Monday, June 17th. Susquehanna lifted their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. The Goldman Sachs Group decreased their price objective on Cloudflare from $77.00 to $68.00 and set a “sell” rating for the company in a report on Tuesday, June 4th. Finally, Guggenheim lifted their target price on Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a report on Friday, August 2nd. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $92.29.

Insider Activity at Cloudflare

In related news, COO Michelle Zatlyn sold 12,820 shares of the stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $76.14, for a total value of $976,114.80. Following the completion of the sale, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at approximately $14,632,356.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $77.17, for a total transaction of $231,510.00. Following the completion of the sale, the insider now directly owns 195,303 shares of the company’s stock, valued at $15,071,532.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Michelle Zatlyn sold 12,820 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $76.14, for a total value of $976,114.80. Following the completion of the transaction, the chief operating officer now directly owns 192,177 shares in the company, valued at approximately $14,632,356.78. The disclosure for this sale can be found here. Insiders have sold a total of 458,452 shares of company stock valued at $36,731,842 over the last 90 days. Insiders own 12.83% of the company’s stock.

Cloudflare Stock Performance

NYSE NET opened at $80.89 on Tuesday. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. The company has a fifty day simple moving average of $79.73 and a 200 day simple moving average of $81.82. Cloudflare, Inc. has a 12-month low of $53.88 and a 12-month high of $116.00. The company has a market cap of $27.48 billion, a P/E ratio of -152.61 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, August 1st. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.14 by $0.06. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The company had revenue of $401.00 million during the quarter, compared to the consensus estimate of $394.11 million. During the same period in the previous year, the firm posted ($0.12) earnings per share. The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. Sell-side analysts predict that Cloudflare, Inc. will post -0.13 earnings per share for the current fiscal 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.