Envestnet Asset Management Inc. Purchases 4,682 Shares of Cloudflare, Inc. (NYSE:NET)

Envestnet Asset Management Inc. boosted its position in Cloudflare, Inc. (NYSE:NET) by 2.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 195,791 shares of the company’s stock after acquiring an additional 4,682 shares during the period. Envestnet Asset Management Inc. owned 0.06% of Cloudflare worth $16,217,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NET. Baillie Gifford & Co. boosted its holdings in Cloudflare by 8.5% in the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after acquiring an additional 2,575,396 shares in the last quarter. 1832 Asset Management L.P. raised its stake 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 worth $242,836,000 after purchasing an additional 1,597,900 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Cloudflare by 2.7% in the fourth 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 during the last quarter. Capital World Investors raised its stake in shares of Cloudflare by 2.1% in the first quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock worth $2,723,685,000 after purchasing an additional 584,566 shares during the last quarter. Finally, SpiderRock Advisors LLC purchased a new stake in shares of Cloudflare in the first quarter worth approximately $37,740,000. Institutional investors own 82.68% of the company’s stock.

Cloudflare Price Performance

NYSE:NET opened at $85.50 on Wednesday. Cloudflare, Inc. has a 52-week low of $53.88 and a 52-week high of $116.00. The stock has a fifty day moving average of $79.53 and a 200 day moving average of $82.12. The company has a debt-to-equity ratio of 1.46, a quick ratio of 3.51 and a current ratio of 3.51. The firm has a market capitalization of $29.05 billion, a price-to-earnings ratio of -161.32 and a beta of 1.10.

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 analysts’ consensus estimates of $0.14 by $0.06. The firm had revenue of $401.00 million during the quarter, compared to the consensus estimate of $394.11 million. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The company’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same quarter last year, the company posted ($0.12) EPS. On average, research analysts expect that Cloudflare, Inc. will post -0.12 EPS for the current fiscal year.

Insider Activity at Cloudflare

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the 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 $16,141,792.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the 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 $16,141,792.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $85.28, for a total transaction of $2,186,579.20. Following the transaction, the chief operating officer now owns 211,394 shares in the company, valued at $18,027,680.32. The disclosure for this sale can be found here. Insiders have sold 564,032 shares of company stock valued at $45,444,694 over the last three months. 12.83% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

NET has been the subject of several analyst reports. Guggenheim increased their price objective on Cloudflare from $50.00 to $57.00 and gave the stock a “sell” rating in a research note on Friday, August 2nd. Susquehanna increased their price target on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. UBS Group raised Cloudflare from a “sell” rating to a “neutral” rating and increased their price target for the company from $76.00 to $82.00 in a research report on Tuesday, June 25th. Robert W. Baird increased their price target on Cloudflare from $94.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Royal Bank of Canada increased their price target on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price 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.