Cloudflare, Inc. (NYSE:NET) Holdings Boosted by Marshall Wace LLP

Marshall Wace LLP lifted its stake in shares of Cloudflare, Inc. (NYSE:NET) by 123.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,548,535 shares of the company’s stock after purchasing an additional 855,334 shares during the quarter. Marshall Wace LLP owned about 0.46% of Cloudflare worth $128,265,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in NET. Baillie Gifford & Co. lifted its stake in Cloudflare by 8.5% in the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock valued at $2,710,419,000 after buying an additional 2,575,396 shares during the last quarter. Vanguard Group Inc. grew its position in Cloudflare by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock worth $2,766,632,000 after purchasing an additional 412,864 shares during the last quarter. Capital World Investors increased 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 valued at $2,723,685,000 after purchasing an additional 584,566 shares during the period. 1832 Asset Management L.P. raised its holdings in shares of Cloudflare by 121.2% during the fourth quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock valued at $242,836,000 after buying an additional 1,597,900 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Cloudflare by 1.2% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock worth $137,616,000 after buying an additional 19,446 shares during the period. Institutional investors own 82.68% of the company’s stock.

Insider Activity at Cloudflare

In other news, Director Carl Ledbetter sold 8,030 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $79.89, for a total transaction of $641,516.70. Following the completion of the transaction, the director now directly owns 1,084,364 shares in the company, valued at $86,629,839.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Carl Ledbetter sold 8,030 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $79.89, for a total transaction of $641,516.70. Following the transaction, the director now owns 1,084,364 shares in the company, valued at approximately $86,629,839.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Janel Riley sold 3,495 shares of Cloudflare stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $81.65, for a total value of $285,366.75. Following the sale, the chief accounting officer now directly owns 80,183 shares in the company, valued at $6,546,941.95. The disclosure for this sale can be found here. Insiders sold a total of 572,062 shares of company stock worth $46,086,211 in the last 90 days. 12.83% of the stock is owned by company insiders.

Analysts Set New Price Targets

NET has been the topic of several recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $135.00 target price on shares of Cloudflare in a research note on Friday, August 2nd. Susquehanna upped their price objective on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. UBS Group raised shares of Cloudflare from a “sell” rating to a “neutral” rating and raised their target price for the company from $76.00 to $82.00 in a research note on Tuesday, June 25th. Piper Sandler upped their price target on shares of Cloudflare from $82.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Finally, Wolfe Research assumed coverage on shares of Cloudflare in a report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $92.29.

Cloudflare Stock Up 3.8 %

Cloudflare stock opened at $85.62 on Tuesday. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. Cloudflare, Inc. has a 1-year low of $53.88 and a 1-year high of $116.00. The firm’s fifty day simple moving average is $79.50 and its 200-day simple moving average is $82.21. The company has a market capitalization of $29.09 billion, a P/E ratio of -161.54 and a beta of 1.10.

Cloudflare (NYSE:NET) last posted its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The firm 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 company’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.12) EPS. Sell-side analysts forecast that Cloudflare, Inc. will post -0.12 earnings per share for the current fiscal year.

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.