Assetmark Inc. Acquires 30,511 Shares of Cloudflare, Inc. (NYSE:NET)

Assetmark Inc. raised its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 14,668.8% during the fourth quarter, HoldingsChannel reports. The fund owned 30,719 shares of the company’s stock after purchasing an additional 30,511 shares during the quarter. Assetmark Inc.’s holdings in Cloudflare were worth $3,308,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Janney Montgomery Scott LLC grew its position in shares of Cloudflare by 29.5% during the 3rd quarter. Janney Montgomery Scott LLC now owns 27,023 shares of the company’s stock valued at $2,186,000 after purchasing an additional 6,156 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Cloudflare during the 3rd quarter valued at $38,000. State of New Jersey Common Pension Fund D grew its position in shares of Cloudflare by 0.7% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 110,832 shares of the company’s stock valued at $8,965,000 after purchasing an additional 786 shares in the last quarter. Los Angeles Capital Management LLC grew its position in shares of Cloudflare by 70.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 280,826 shares of the company’s stock valued at $22,716,000 after purchasing an additional 116,130 shares in the last quarter. Finally, Lountzis Asset Management LLC grew its position in shares of Cloudflare by 4.0% during the 3rd quarter. Lountzis Asset Management LLC now owns 29,663 shares of the company’s stock valued at $2,399,000 after purchasing an additional 1,140 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Insider Activity

In related news, CAO Janel Riley sold 4,327 shares of the stock in a transaction dated 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 directly owns 74,698 shares of the company’s stock, valued at $12,519,384.80. This represents a 5.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $112.68, for a total transaction of $2,889,115.20. Following the completion of the transaction, the chief operating officer now directly owns 172,959 shares of the company’s stock, valued at approximately $19,489,020.12. The trade was a 12.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 623,046 shares of company stock valued at $79,594,844. Insiders own 12.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NET. Oppenheimer lowered shares of Cloudflare from an “outperform” rating to a “market perform” rating in a research report on Friday, February 7th. JPMorgan Chase & Co. boosted their price target on shares of Cloudflare from $110.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Wells Fargo & Company upped their target price on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, January 27th. Guggenheim upped their target price 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. Finally, Scotiabank upped their target price on shares of Cloudflare from $87.00 to $110.00 and gave the stock a “sector perform” rating in a research report on Tuesday, January 21st. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $136.28.

Cloudflare Stock Performance

Shares of NYSE:NET opened at $126.57 on Monday. The company has a market cap of $43.67 billion, a price-to-earnings ratio of -575.30 and a beta of 1.27. The company has a 50-day moving average price of $135.81 and a 200-day moving average price of $107.51. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37.

Cloudflare (NYSE:NET) last issued its quarterly earnings data 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%. As a group, equities analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

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.