Allen Investment Management LLC Purchases 59,457 Shares of Cloudflare, Inc. (NYSE:NET)

Allen Investment Management LLC boosted its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 30.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 254,947 shares of the company’s stock after acquiring an additional 59,457 shares during the period. Allen Investment Management LLC owned about 0.08% of Cloudflare worth $21,117,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in NET. Riverview Trust Co purchased a new position in Cloudflare during the first quarter valued at approximately $27,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Cloudflare by 595.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Cloudflare in the second quarter valued at about $29,000. ICA Group Wealth Management LLC bought a new position in Cloudflare in the fourth quarter worth about $38,000. Finally, Versant Capital Management Inc lifted its position in shares of Cloudflare by 1,202.9% during the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after buying an additional 421 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Price Performance

Shares of Cloudflare stock opened at $78.61 on Friday. The stock has a market capitalization of $26.71 billion, a P/E ratio of -148.32 and a beta of 1.10. The business has a 50 day simple moving average of $79.69 and a two-hundred day simple moving average of $83.16. Cloudflare, Inc. has a 12 month low of $53.88 and a 12 month high of $116.00. The company has a debt-to-equity ratio of 1.46, a current ratio of 3.51 and a quick ratio of 3.51.

Cloudflare (NYSE:NET) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The company had revenue of $401.00 million for the quarter, compared to analyst estimates of $394.11 million. During the same quarter last year, the firm posted ($0.12) EPS. The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. As a group, analysts predict that Cloudflare, Inc. will post -0.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Wolfe Research assumed coverage on shares of Cloudflare in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Cantor Fitzgerald raised their price objective on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Mizuho upped their target price on Cloudflare from $88.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, July 16th. Susquehanna raised their price target on Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Finally, The Goldman Sachs Group decreased their price objective on shares of Cloudflare from $77.00 to $68.00 and set a “sell” rating for the company in a research report on Tuesday, June 4th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $92.29.

Insider Buying and Selling

In other news, COO Michelle Zatlyn sold 12,820 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $76.14, for a total transaction of $976,114.80. Following the transaction, the chief operating officer now directly owns 192,177 shares in the company, valued at approximately $14,632,356.78. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Monday, July 1st. The stock was sold at an average price of $82.65, for a total transaction of $247,950.00. Following the transaction, the insider now owns 195,303 shares in the company, valued at approximately $16,141,792.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Michelle Zatlyn sold 12,820 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total transaction of $976,114.80. Following the completion of the sale, the chief operating officer now directly owns 192,177 shares of the company’s stock, valued at approximately $14,632,356.78. The disclosure for this sale can be found here. Over the last three months, insiders have sold 597,702 shares of company stock worth $48,088,422. 12.83% of the stock is owned by insiders.

About Cloudflare

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.