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

Allstate Corp acquired a new position in shares of Cloudflare, Inc. (NYSE:NET) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 8,934 shares of the company’s stock, valued at approximately $962,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank purchased a new position in Cloudflare during the fourth quarter worth about $249,544,000. American Century Companies Inc. raised its stake in shares of Cloudflare by 82.0% during the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after buying an additional 1,017,399 shares in the last quarter. Pictet Asset Management Holding SA lifted its holdings in shares of Cloudflare by 454.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 879,088 shares of the company’s stock valued at $94,660,000 after buying an additional 720,568 shares during the period. Geode Capital Management LLC boosted its stake in shares of Cloudflare by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after buying an additional 121,810 shares in the last quarter. Finally, Generate Investment Management Ltd acquired a new position in Cloudflare during the fourth quarter worth $12,946,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Trading Down 1.9 %

Shares of Cloudflare stock opened at $112.77 on Tuesday. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. The business’s fifty day moving average is $137.39 and its two-hundred day moving average is $112.03. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market cap of $38.91 billion, a PE ratio of -512.57 and a beta of 1.27.

Cloudflare (NYSE:NET) last released 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 return on equity of 5.52% and a negative net margin of 4.72%. Analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $117.34, for a total value of $3,008,597.60. Following the transaction, the insider now owns 413,413 shares in the company, valued at approximately $48,509,881.42. This trade represents a 5.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the sale, the insider now owns 175,688 shares of the company’s stock, valued at $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 618,046 shares of company stock valued at $80,142,792. Insiders own 12.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NET. JMP Securities raised their target price on Cloudflare from $135.00 to $180.00 and gave the company a “market outperform” rating in a report on Friday, February 7th. Wells Fargo & Company raised their price objective on shares of Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. DZ Bank lowered shares of Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 target price on the stock. in a research report on Tuesday, February 11th. Royal Bank of Canada reduced their price target on shares of Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Finally, Oppenheimer assumed coverage on Cloudflare in a report on Thursday, March 20th. They issued an “outperform” rating and a $150.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $135.64.

Cloudflare 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.