Frontier Capital Management Co. LLC Raises Stake in Cloudflare, Inc. (NYSE:NET)

Frontier Capital Management Co. LLC grew its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 258.0% during the 4th quarter, HoldingsChannel reports. The fund owned 9,411 shares of the company’s stock after acquiring an additional 6,782 shares during the quarter. Frontier Capital Management Co. LLC’s holdings in Cloudflare were worth $1,013,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Larson Financial Group LLC raised its position in Cloudflare by 1,988.5% in the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after purchasing an additional 517 shares during the period. CoreCap Advisors LLC lifted its stake in shares of Cloudflare by 218.4% in the 4th quarter. CoreCap Advisors LLC now owns 554 shares of the company’s stock valued at $60,000 after acquiring an additional 380 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after acquiring an additional 217 shares during the last quarter. Whittier Trust Co. grew its position in Cloudflare by 120.5% during the 4th quarter. Whittier Trust Co. now owns 602 shares of the company’s stock worth $65,000 after acquiring an additional 329 shares during the last quarter. Finally, Sava Infond d.o.o. purchased a new position in Cloudflare in the 4th quarter worth approximately $65,000. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Stock Performance

Shares of NET opened at $132.42 on Friday. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $177.37. 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 has a market cap of $45.69 billion, a P/E ratio of -601.91 and a beta of 1.78. The business’s 50 day moving average price is $116.02 and its 200-day moving average price is $117.55.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The company had revenue of $479.09 million during the quarter, compared to analysts’ expectations of $469.49 million. Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company’s revenue was up 26.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.16 earnings per share. Equities research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on NET shares. Robert W. Baird reissued a “neutral” rating and set a $140.00 price objective (up previously from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. Citigroup raised shares of Cloudflare from a “neutral” rating to a “buy” rating and raised their price target for the stock from $95.00 to $145.00 in a report on Friday, January 17th. Mizuho upgraded shares of Cloudflare from a “neutral” rating to an “outperform” rating and set a $135.00 target price for the company in a report on Wednesday, April 16th. Bank of America raised Cloudflare from an “underperform” rating to a “buy” rating and raised their target price for the stock from $60.00 to $160.00 in a research note on Tuesday, March 25th. Finally, Guggenheim upped their price target on Cloudflare from $68.00 to $70.00 and gave the company a “sell” rating in a research report on Friday. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $142.57.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $143.39, for a total transaction of $7,511,341.76. Following the completion of the sale, the chief executive officer now owns 413,413 shares of the company’s stock, valued at $59,279,290.07. This trade represents a 11.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michelle Zatlyn sold 35,099 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $164.84, for a total value of $5,785,719.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 492,492 shares of company stock worth $63,757,685. 12.83% of the stock is owned by corporate insiders.

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.