Van ECK Associates Corp Raises Stock Position in Cloudflare, Inc. (NYSE:NET)

Van ECK Associates Corp increased its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 327.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,697 shares of the company’s stock after purchasing an additional 23,521 shares during the period. Van ECK Associates Corp’s holdings in Cloudflare were worth $2,543,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Catalytic Wealth RIA LLC purchased a new stake in shares of Cloudflare in the second quarter worth about $203,000. Commonwealth Equity Services LLC grew its position in Cloudflare by 18.7% in the second quarter. Commonwealth Equity Services LLC now owns 55,105 shares of the company’s stock valued at $4,564,000 after acquiring an additional 8,678 shares in the last quarter. Moloney Securities Asset Management LLC purchased a new stake in shares of Cloudflare during the second quarter valued at approximately $444,000. Forum Financial Management LP lifted its position in shares of Cloudflare by 6.1% during the second quarter. Forum Financial Management LP now owns 2,823 shares of the company’s stock worth $234,000 after purchasing an additional 162 shares in the last quarter. Finally, Taylor Frigon Capital Management LLC boosted its stake in shares of Cloudflare by 20.1% in the second quarter. Taylor Frigon Capital Management LLC now owns 47,138 shares of the company’s stock valued at $3,904,000 after purchasing an additional 7,874 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Trading Up 0.5 %

Cloudflare stock opened at $78.40 on Friday. Cloudflare, Inc. has a 12-month low of $53.88 and a 12-month high of $116.00. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51. The stock has a market capitalization of $26.64 billion, a PE ratio of -147.92 and a beta of 1.10. The firm has a 50 day simple moving average of $80.54 and a 200-day simple moving average of $84.02.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $401.00 million for the quarter, compared to analysts’ expectations of $394.11 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same period last year, the firm earned ($0.12) EPS. As a group, equities research analysts expect that Cloudflare, Inc. will post -0.14 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In related news, Director Carl Ledbetter sold 7,986 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $74.48, for a total transaction of $594,797.28. Following the completion of the sale, the director now directly owns 1,102,409 shares in the company, valued at $82,107,422.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $82.65, for a total transaction of $247,950.00. Following the transaction, the insider now directly owns 195,303 shares in the company, valued at approximately $16,141,792.95. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Carl Ledbetter sold 7,986 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $74.48, for a total value of $594,797.28. Following the completion of the sale, the director now directly owns 1,102,409 shares of the company’s stock, valued at approximately $82,107,422.32. The disclosure for this sale can be found here. In the last three months, insiders sold 580,048 shares of company stock valued at $46,293,463. 12.83% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NET. Robert W. Baird boosted their price objective on shares of Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. UBS Group upgraded Cloudflare from a “sell” rating to a “neutral” rating and raised their price objective for the company from $76.00 to $82.00 in a research note on Tuesday, June 25th. Wolfe Research assumed coverage on Cloudflare in a report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Royal Bank of Canada increased their target price on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, Cantor Fitzgerald upped their price target on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $92.29.

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.