Allstate Corp Acquires Shares of 8,934 Cloudflare, Inc. (NYSE:NET)

Allstate Corp bought a new position in Cloudflare, Inc. (NYSE:NET) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 8,934 shares of the company’s stock, valued at approximately $962,000.

Other large investors have also modified their holdings of the company. Quarry LP increased its stake in Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after buying an additional 133 shares during the period. Larson Financial Group LLC increased its position in shares of Cloudflare by 1,988.5% during 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 last quarter. Versant Capital Management Inc lifted its stake in shares of Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after acquiring an additional 170 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Cloudflare by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after purchasing an additional 217 shares during the last quarter. Finally, Whittier Trust Co. grew its stake in Cloudflare by 120.5% during the 4th quarter. Whittier Trust Co. now owns 602 shares of the company’s stock valued at $65,000 after purchasing an additional 329 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on NET shares. Cantor Fitzgerald increased their target price on Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Scotiabank increased their price objective on shares of Cloudflare from $87.00 to $110.00 and gave the company a “sector perform” rating in a research note on Tuesday, January 21st. DZ Bank downgraded shares of Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 target price for the company. in a research report on Tuesday, February 11th. Jefferies Financial Group increased their price target on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Finally, Morgan Stanley began coverage on Cloudflare in a report on Tuesday, March 18th. They issued an “overweight” rating for the company. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Cloudflare has an average rating of “Hold” and a consensus target price of $135.64.

Insider Buying and Selling

In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $113.98, for a total value of $5,970,728.32. Following the completion of the transaction, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,226,652.76. This trade represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Janel Riley sold 4,327 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total transaction of $725,205.20. Following the transaction, the chief accounting officer now owns 74,698 shares in the company, valued at $12,519,384.80. This represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 618,046 shares of company stock valued at $80,142,792 over the last 90 days. 12.83% of the stock is currently owned by company insiders.

Cloudflare Price Performance

Shares of NYSE:NET opened at $112.77 on Tuesday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm’s 50 day moving average is $137.39 and its two-hundred day moving average is $112.03. The firm has a market capitalization of $38.91 billion, a P/E ratio of -512.57 and a beta of 1.27. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $177.37.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share 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%. Analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

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.