TD Asset Management Inc Raises Position in Cloudflare, Inc. (NYSE:NET)

TD Asset Management Inc boosted its position in shares of Cloudflare, Inc. (NYSE:NET) by 1.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,996 shares of the company’s stock after purchasing an additional 939 shares during the period. TD Asset Management Inc’s holdings in Cloudflare were worth $5,798,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Private Advisor Group LLC increased its stake in shares of Cloudflare by 62.9% during the fourth quarter. Private Advisor Group LLC now owns 15,300 shares of the company’s stock worth $1,274,000 after buying an additional 5,905 shares during the period. Apollon Wealth Management LLC purchased a new position in shares of Cloudflare in the fourth quarter valued at $231,000. Principal Securities Inc. acquired a new position in shares of Cloudflare in the fourth quarter worth $301,000. Jump Financial LLC boosted its position in Cloudflare by 166.1% during the fourth quarter. Jump Financial LLC now owns 13,572 shares of the company’s stock worth $1,130,000 after acquiring an additional 8,472 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Cloudflare by 8.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 285,604 shares of the company’s stock valued at $23,783,000 after acquiring an additional 21,447 shares during the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Price Performance

Shares of NYSE:NET opened at $78.56 on Thursday. Cloudflare, Inc. has a 1-year low of $53.88 and a 1-year high of $116.00. The firm has a market capitalization of $26.69 billion, a PE ratio of -148.22 and a beta of 1.10. 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 business’s 50 day moving average is $80.09 and its 200-day moving average is $83.37.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The company had revenue of $401.00 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 30.0% compared to the same quarter last year. During the same period last year, the company posted ($0.12) earnings per share. Sell-side analysts predict that Cloudflare, Inc. will post -0.14 earnings per share for the current year.

Analyst Upgrades and Downgrades

NET has been the topic of several recent research reports. Scotiabank began coverage on shares of Cloudflare in a report on Monday, July 8th. They set a “sector perform” rating and a $85.00 target price on the stock. UBS Group upgraded Cloudflare from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $76.00 to $82.00 in a research report on Tuesday, June 25th. Mizuho upped their price objective on Cloudflare from $88.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, July 16th. Susquehanna upped their price target on shares of Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Finally, Needham & Company LLC restated a “buy” rating and set a $135.00 price target on shares of Cloudflare in a report on Friday, August 2nd. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $92.29.

Insider Activity at Cloudflare

In other Cloudflare news, COO Michelle Zatlyn sold 102,580 shares of Cloudflare stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $82.52, for a total transaction of $8,464,901.60. Following the transaction, the chief operating officer now directly owns 211,394 shares in the company, valued at $17,444,232.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Cloudflare news, COO Michelle Zatlyn sold 102,580 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $82.52, for a total transaction of $8,464,901.60. Following the sale, the chief operating officer now directly owns 211,394 shares of the company’s stock, valued at approximately $17,444,232.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 597,702 shares of company stock worth $48,088,422. 12.83% of the stock is owned by insiders.

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.