Empowered Funds LLC Raises Position in Cloudflare, Inc. (NYSE:NET)

Empowered Funds LLC lifted its stake in shares of Cloudflare, Inc. (NYSE:NET) by 7.7% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 4,378 shares of the company’s stock after buying an additional 313 shares during the period. Empowered Funds LLC’s holdings in Cloudflare were worth $354,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of NET. Baillie Gifford & Co. increased its position in shares of Cloudflare by 8.5% during the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after purchasing an additional 2,575,396 shares during the last quarter. Marshall Wace LLP boosted its stake in Cloudflare by 123.4% in the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after acquiring an additional 855,334 shares during the last quarter. American Century Companies Inc. grew its position in shares of Cloudflare by 24.8% during the 2nd quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock valued at $115,526,000 after acquiring an additional 277,228 shares during the period. Glynn Capital Management LLC bought a new stake in shares of Cloudflare in the 2nd quarter worth approximately $16,765,000. Finally, Liontrust Investment Partners LLP purchased a new position in shares of Cloudflare in the second quarter worth about $15,271,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NET. BNP Paribas initiated coverage on shares of Cloudflare in a report on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 price target for the company. Robert W. Baird increased their price objective on Cloudflare from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Royal Bank of Canada raised their price objective on shares of Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Piper Sandler raised their target price on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, UBS Group increased their price objective on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Cloudflare has a consensus rating of “Hold” and a consensus target price of $92.88.

Cloudflare Price Performance

Shares of Cloudflare stock opened at $103.74 on Tuesday. The company has a market capitalization of $35.60 billion, a price-to-earnings ratio of -405.92 and a beta of 1.10. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock’s 50-day simple moving average is $88.21 and its 200-day simple moving average is $81.55. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting analysts’ consensus estimates of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The company had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. As a group, analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total value of $244,590.00. Following the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at approximately $15,114,520.58. The trade was a 1.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 28,635 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $95.03, for a total value of $2,721,184.05. Following the transaction, the chief financial officer now directly owns 252,869 shares of the company’s stock, valued at approximately $24,030,141.07. The trade was a 10.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 546,194 shares of company stock worth $46,804,995. Insiders own 12.83% of the company’s stock.

Cloudflare 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.