Cloudflare, Inc. $NET Shares Purchased by Intech Investment Management LLC

Intech Investment Management LLC lifted its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 64.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,925 shares of the company’s stock after buying an additional 6,605 shares during the period. Intech Investment Management LLC’s holdings in Cloudflare were worth $3,314,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Quaker Wealth Management LLC lifted its holdings in shares of Cloudflare by 218.6% in the second quarter. Quaker Wealth Management LLC now owns 166 shares of the company’s stock valued at $33,000 after purchasing an additional 306 shares in the last quarter. Hilltop National Bank purchased a new stake in shares of Cloudflare in the second quarter worth about $36,000. Ameritas Advisory Services LLC purchased a new position in shares of Cloudflare in the second quarter valued at $39,000. Cullen Frost Bankers Inc. acquired a new stake in shares of Cloudflare during the second quarter worth approximately $45,000. Finally, Whipplewood Advisors LLC raised its position in shares of Cloudflare by 277.6% during the 2nd quarter. Whipplewood Advisors LLC now owns 253 shares of the company’s stock valued at $50,000 after acquiring an additional 186 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $226.46, for a total transaction of $11,862,880.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michelle Zatlyn sold 35,100 shares of the company’s stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $191.71, for a total transaction of $6,729,021.00. Following the completion of the sale, the insider owned 14,575 shares of the company’s stock, valued at approximately $2,794,173.25. The trade was a 70.66% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 510,225 shares of company stock valued at $108,621,381. Corporate insiders own 10.89% of the company’s stock.

Analyst Upgrades and Downgrades

NET has been the topic of a number of recent analyst reports. Guggenheim reaffirmed a “sell” rating on shares of Cloudflare in a report on Tuesday, October 21st. Susquehanna raised their price objective on shares of Cloudflare from $205.00 to $260.00 and gave the company a “neutral” rating in a research report on Monday, November 3rd. Morgan Stanley raised their target price on Cloudflare from $225.00 to $235.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Robert W. Baird set a $220.00 price target on shares of Cloudflare in a research report on Friday, October 31st. Finally, DZ Bank upgraded shares of Cloudflare from a “sell” rating to a “hold” rating and set a $237.00 price target on the stock in a research report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $235.35.

Cloudflare Stock Performance

NYSE:NET opened at $196.54 on Wednesday. The stock has a fifty day moving average price of $221.30 and a 200-day moving average price of $197.12. The company has a market cap of $68.85 billion, a price-to-earnings ratio of -655.15 and a beta of 2.10. The company has a debt-to-equity ratio of 1.46, a quick ratio of 2.04 and a current ratio of 2.04. Cloudflare, Inc. has a fifty-two week low of $89.42 and a fifty-two week high of $260.00.

About Cloudflare

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.