Allstate Corp Makes New $962,000 Investment in Cloudflare, Inc. (NYSE:NET)

Allstate Corp acquired a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 8,934 shares of the company's stock, valued at approximately $962,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. DnB Asset Management AS grew its holdings in shares of Cloudflare by 8.0% in the fourth quarter. DnB Asset Management AS now owns 51,393 shares of the company's stock worth $5,534,000 after acquiring an additional 3,824 shares during the period. Orion Portfolio Solutions LLC bought a new stake in shares of Cloudflare during the 4th quarter valued at about $216,000. Pictet Asset Management Holding SA grew its position in Cloudflare by 454.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 879,088 shares of the company's stock valued at $94,660,000 after buying an additional 720,568 shares during the period. Norges Bank bought a new position in Cloudflare in the fourth quarter worth approximately $249,544,000. Finally, Sava Infond d.o.o. purchased a new position in shares of Cloudflare during the 4th quarter worth $65,000. Hedge funds and other institutional investors own 82.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on NET shares. The Goldman Sachs Group lowered their target price on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating on the stock in a research note on Friday, March 14th. DZ Bank lowered Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 target price for the company. in a research report on Tuesday, February 11th. Susquehanna upped their price target on shares of Cloudflare from $95.00 to $170.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. Citigroup raised Cloudflare from a "neutral" rating to a "buy" rating and lifted their target price for the company from $95.00 to $145.00 in a research report on Friday, January 17th. Finally, Royal Bank of Canada reduced their price target on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $135.64.

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Insiders Place Their Bets

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $113.98, for a total value of $5,970,728.32. Following the completion of the transaction, the chief executive officer now directly owns 10,762 shares in the company, valued at approximately $1,226,652.76. This represents a 82.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $113.81, for a total value of $1,707,150.00. Following the completion of the sale, the chief financial officer now owns 252,869 shares in the company, valued at $28,779,020.89. This represents a 5.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 627,046 shares of company stock valued at $81,158,262 in the last 90 days. 12.83% of the stock is owned by insiders.

Cloudflare Price Performance

Shares of NET stock traded up $4.19 during mid-day trading on Wednesday, hitting $119.85. 4,203,970 shares of the stock were exchanged, compared to its average volume of 3,097,318. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37. The firm has a fifty day moving average of $137.24 and a 200 day moving average of $112.34. The company has a market cap of $41.36 billion, a PE ratio of -544.77 and a beta of 1.27.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Research analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

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.