Envestnet Asset Management Inc. Grows Stock Holdings in Cloudflare, Inc. (NYSE:NET)

Envestnet Asset Management Inc. raised its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 21.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 200,514 shares of the company's stock after purchasing an additional 34,765 shares during the quarter. Envestnet Asset Management Inc. owned 0.06% of Cloudflare worth $21,591,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Hartline Investment Corp lifted its stake in Cloudflare by 1.5% during the 4th quarter. Hartline Investment Corp now owns 264,336 shares of the company's stock valued at $28,464,000 after acquiring an additional 3,957 shares during the period. Birchcreek Wealth Management LLC purchased a new stake in shares of Cloudflare in the fourth quarter worth about $215,000. Strategic Blueprint LLC purchased a new position in Cloudflare during the fourth quarter valued at approximately $265,000. Clarendon Private LLC acquired a new stake in shares of Cloudflare during the 4th quarter worth approximately $293,000. Finally, Savant Capital LLC purchased a new position in shares of Cloudflare during the 4th quarter valued at approximately $237,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cloudflare news, CAO Janel Riley sold 4,327 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the transaction, the chief accounting officer now owns 74,698 shares of the company's stock, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Thomas J. Seifert sold 31,136 shares of the company's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $120.10, for a total value of $3,739,433.60. Following the sale, the chief financial officer now directly owns 252,869 shares in the company, valued at $30,369,566.90. This represents a 10.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 579,389 shares of company stock valued at $74,559,343. Corporate insiders own 12.83% of the company's stock.

Analyst Upgrades and Downgrades

NET has been the topic of several analyst reports. Oppenheimer started coverage on shares of Cloudflare in a research report on Thursday, March 20th. They set an "outperform" rating and a $150.00 price target on the stock. JMP Securities raised their price objective on Cloudflare from $135.00 to $180.00 and gave the company a "market outperform" rating in a report on Friday, February 7th. Mizuho raised Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 target price for the company in a research note on Wednesday. Scotiabank increased their price objective on shares of Cloudflare from $87.00 to $110.00 and gave the company a "sector perform" rating in a report on Tuesday, January 21st. Finally, Guggenheim upped their price target on shares of Cloudflare from $57.00 to $68.00 and gave the stock a "sell" rating in a research report on Friday, February 7th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $134.84.

Cloudflare Trading Down 1.6 %

Shares of NYSE NET traded down $1.74 during mid-day trading on Friday, reaching $107.81. 1,931,754 shares of the company's stock were exchanged, compared to its average volume of 3,182,378. The firm has a market capitalization of $37.20 billion, a price-to-earnings ratio of -490.03 and a beta of 1.59. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37. The company's 50-day moving average is $126.73 and its 200-day moving average is $114.45. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (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%. Analysts expect that Cloudflare, Inc. will post -0.11 EPS 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.