Invesco Ltd. Acquires 804,059 Shares of Cloudflare, Inc. (NYSE:NET)

Invesco Ltd. raised its holdings in Cloudflare, Inc. (NYSE:NET) by 292.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,078,921 shares of the company’s stock after acquiring an additional 804,059 shares during the quarter. Invesco Ltd. owned approximately 0.31% of Cloudflare worth $116,178,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Larson Financial Group LLC lifted its stake in Cloudflare by 1,988.5% in the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock worth $58,000 after acquiring an additional 517 shares during the period. Versant Capital Management Inc lifted its position in shares of Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after purchasing an additional 170 shares during the period. GAMMA Investing LLC increased its holdings in Cloudflare by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after buying an additional 217 shares during the period. Sava Infond d.o.o. bought a new position in Cloudflare in the fourth quarter worth approximately $65,000. Finally, Whittier Trust Co. lifted its holdings in Cloudflare by 120.5% during the fourth quarter. Whittier Trust Co. now owns 602 shares of the company’s stock worth $65,000 after buying an additional 329 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Performance

Cloudflare stock opened at $105.94 on Friday. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company has a market capitalization of $36.56 billion, a price-to-earnings ratio of -481.56 and a beta of 1.59. The firm’s fifty day moving average price is $131.85 and its 200 day moving average price is $113.49.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. On average, research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analysts Set New Price Targets

NET has been the subject of several analyst reports. Stifel Nicolaus increased their price target on shares of Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Robert W. Baird restated a “neutral” rating and issued a $140.00 target price (up from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. Wells Fargo & Company upped their price target on Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, January 27th. Jefferies Financial Group increased their price objective on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Finally, DZ Bank downgraded Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 target price on the stock. in a research note on Tuesday, February 11th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $134.88.

Insider Activity at Cloudflare

In other news, insider Michelle Zatlyn sold 35,099 shares of Cloudflare stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $164.84, for a total transaction of $5,785,719.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew Prince sold 2,311 shares of Cloudflare stock in a transaction on Thursday, April 10th. The shares were sold at an average price of $107.75, for a total value of $249,010.25. Following the sale, the chief executive officer now directly owns 413,413 shares in the company, valued at $44,545,250.75. The trade was a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 561,973 shares of company stock valued at $73,056,260 in the last quarter. Insiders own 12.83% of the company’s stock.

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.