Draper Asset Management LLC Grows Holdings in Cloudflare, Inc. (NYSE:NET)

Draper Asset Management LLC lifted its stake in Cloudflare, Inc. (NYSE:NET) by 5.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,804 shares of the company’s stock after purchasing an additional 750 shares during the quarter. Cloudflare accounts for approximately 1.6% of Draper Asset Management LLC’s holdings, making the stock its 10th biggest position. Draper Asset Management LLC’s holdings in Cloudflare were worth $1,567,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of NET. Dimensional Fund Advisors LP raised its position in shares of Cloudflare by 112.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 37,432 shares of the company’s stock worth $2,844,000 after purchasing an additional 19,809 shares during the last quarter. Comerica Bank increased its position in shares of Cloudflare by 17.0% during the 1st quarter. Comerica Bank now owns 4,253 shares of the company’s stock valued at $352,000 after purchasing an additional 618 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Cloudflare by 32.6% during the 1st quarter. Daiwa Securities Group Inc. now owns 9,584 shares of the company’s stock valued at $673,000 after acquiring an additional 2,354 shares during the period. Victory Capital Management Inc. grew its stake in shares of Cloudflare by 28.4% during the 1st quarter. Victory Capital Management Inc. now owns 81,243 shares of the company’s stock valued at $5,708,000 after acquiring an additional 17,989 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in shares of Cloudflare by 5.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 31,356 shares of the company’s stock valued at $2,203,000 after acquiring an additional 1,575 shares during the period. 66.94% of the stock is owned by hedge funds and other institutional investors.

NET has been the subject of several recent analyst reports. Cowen upped their price target on Cloudflare from $124.00 to $135.00 and gave the stock an “outperform” rating in a research note on Friday, August 6th. Oppenheimer increased their price target on Cloudflare from $100.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, August 6th. Truist Securities increased their price target on Cloudflare from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday, August 6th. Royal Bank of Canada increased their target price on Cloudflare from $100.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, August 6th. Finally, Truist increased their price target on Cloudflare from $110.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, August 6th. Six analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, Cloudflare has an average rating of “Buy” and a consensus price target of $110.13.

In other Cloudflare news, CAO Paul D. Underwood sold 36,000 shares of Cloudflare stock in a transaction that occurred on Wednesday, August 18th. The stock was sold at an average price of $117.98, for a total value of $4,247,280.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Douglas James Kramer sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 1st. The stock was sold at an average price of $120.99, for a total value of $1,209,900.00. Following the transaction, the general counsel now owns 42,652 shares of the company’s stock, valued at $5,160,465.48. The disclosure for this sale can be found here. Insiders sold a total of 733,020 shares of company stock valued at $82,157,992 over the last ninety days. 20.69% of the stock is currently owned by company insiders.

Shares of NYSE:NET traded up $1.62 on Wednesday, hitting $128.38. 51,838 shares of the company’s stock were exchanged, compared to its average volume of 3,832,730. The firm’s 50-day moving average is $118.50 and its 200 day moving average is $93.73. The company has a market capitalization of $40.11 billion, a PE ratio of -280.99 and a beta of 0.03. Cloudflare, Inc. has a 1-year low of $34.53 and a 1-year high of $132.09. The company has a debt-to-equity ratio of 0.50, a quick ratio of 5.72 and a current ratio of 5.72.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, August 5th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.04. The firm had revenue of $152.43 million during the quarter, compared to analysts’ expectations of $146.22 million. Cloudflare had a negative return on equity of 12.61% and a negative net margin of 25.63%. On average, analysts anticipate that Cloudflare, Inc. will post -0.46 EPS for the current fiscal year.

Cloudflare Profile

CloudFlare, Inc operates a cloud platform that delivers a range of network 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 Internet of Things (IoT) devices.

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Institutional Ownership by Quarter for Cloudflare (NYSE:NET)

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