EFG Asset Management Americas Corp. Purchases 8,495 Shares of Cloudflare, Inc. (NYSE:NET)

EFG Asset Management Americas Corp. lifted its position in shares of Cloudflare, Inc. (NYSE:NET) by 44.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,418 shares of the company’s stock after acquiring an additional 8,495 shares during the period. EFG Asset Management Americas Corp.’s holdings in Cloudflare were worth $2,271,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Baillie Gifford & Co. grew its position in Cloudflare by 8.5% in the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after purchasing an additional 2,575,396 shares during the period. Vanguard Group Inc. grew its position in Cloudflare by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 28,572,053 shares of the company’s stock worth $2,766,632,000 after purchasing an additional 412,864 shares during the period. Capital World Investors grew its position in Cloudflare by 2.1% in the 1st quarter. Capital World Investors now owns 28,128,522 shares of the company’s stock worth $2,723,685,000 after purchasing an additional 584,566 shares during the period. 1832 Asset Management L.P. grew its position in Cloudflare by 121.2% in the 4th quarter. 1832 Asset Management L.P. now owns 2,916,600 shares of the company’s stock worth $242,836,000 after purchasing an additional 1,597,900 shares during the period. Finally, Norges Bank bought a new stake in Cloudflare in the 4th quarter worth approximately $221,858,000. Institutional investors own 82.68% of the company’s stock.

Insider Buying and Selling at Cloudflare

In other news, COO Michelle Zatlyn sold 102,580 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $82.52, for a total value of $8,464,901.60. Following the completion of the sale, the chief operating officer now owns 211,394 shares of the company’s stock, valued at approximately $17,444,232.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $72.04, for a total transaction of $3,773,743.36. Following the completion of the sale, the chief executive officer now owns 8,742 shares of the company’s stock, valued at $629,773.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michelle Zatlyn sold 102,580 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $82.52, for a total transaction of $8,464,901.60. Following the sale, the chief operating officer now directly owns 211,394 shares of the company’s stock, valued at approximately $17,444,232.88. The disclosure for this sale can be found here. Insiders sold a total of 684,816 shares of company stock valued at $54,392,553 in the last three months. Company insiders own 12.83% of the company’s stock.

Cloudflare Trading Down 3.0 %

NYSE:NET traded down $2.35 during mid-day trading on Friday, hitting $76.05. 1,927,634 shares of the stock traded hands, compared to its average volume of 3,351,029. The stock has a market capitalization of $25.84 billion, a price-to-earnings ratio of -143.45 and a beta of 1.10. Cloudflare, Inc. has a 52 week low of $53.88 and a 52 week high of $116.00. The firm’s 50 day moving average is $80.41 and its two-hundred day moving average is $83.86. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $401.00 million during the quarter, compared to analysts’ expectations of $394.11 million. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The firm’s quarterly revenue was up 30.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.12) EPS. On average, equities research analysts predict that Cloudflare, Inc. will post -0.14 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on NET shares. Susquehanna lifted their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, August 5th. Wolfe Research started coverage on shares of Cloudflare in a research note on Tuesday, July 16th. They set a “peer perform” rating on the stock. Guggenheim lifted their target price on shares of Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a research note on Friday, August 2nd. UBS Group upgraded shares of Cloudflare from a “sell” rating to a “neutral” rating and lifted their target price for the company from $76.00 to $82.00 in a research note on Tuesday, June 25th. Finally, Scotiabank assumed coverage on shares of Cloudflare in a research note on Monday, July 8th. They set a “sector perform” rating and a $85.00 target price on the stock. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Cloudflare currently has an average rating of “Hold” and an average target price of $92.29.

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.