Envestnet Asset Management Inc. Sells 31,579 Shares of Cloudflare, Inc. (NYSE:NET)

Posted by Defense World Staff on Feb 26th, 2023

Envestnet Asset Management Inc. decreased its position in Cloudflare, Inc. (NYSE:NET – Get Rating) by 11.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 239,339 shares of the company’s stock after selling 31,579 shares during the period. Envestnet Asset Management Inc. owned 0.07% of Cloudflare worth $13,238,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Quadrant Capital Group LLC boosted its holdings in Cloudflare by 1,036.7% during the third quarter. Quadrant Capital Group LLC now owns 557 shares of the company’s stock worth $31,000 after buying an additional 508 shares during the last quarter. Antonetti Capital Management LLC bought a new position in Cloudflare during the second quarter worth about $35,000. TCI Wealth Advisors Inc. bought a new position in Cloudflare during the third quarter worth about $46,000. Spire Wealth Management boosted its holdings in Cloudflare by 378.2% during the third quarter. Spire Wealth Management now owns 1,143 shares of the company’s stock worth $63,000 after buying an additional 904 shares during the last quarter. Finally, SeaCrest Wealth Management LLC bought a new position in Cloudflare during the second quarter worth about $52,000. Institutional investors own 69.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on NET shares. JMP Securities reduced their target price on Cloudflare from $150.00 to $90.00 and set a “market outperform” rating on the stock in a report on Friday, November 4th. JPMorgan Chase & Co. upgraded Cloudflare from an “underweight” rating to a “neutral” rating and set a $42.00 price objective on the stock in a report on Monday, November 28th. Needham & Company LLC lifted their price objective on Cloudflare from $70.00 to $77.00 and gave the company a “buy” rating in a report on Friday, February 10th. Royal Bank of Canada lifted their price objective on Cloudflare from $60.00 to $70.00 and gave the company an “outperform” rating in a report on Friday, February 10th. Finally, Cowen cut their price objective on Cloudflare from $100.00 to $75.00 in a report on Friday, November 4th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $69.96.

Insiders Place Their Bets

In other Cloudflare news, CFO Thomas J. Seifert sold 15,209 shares of the business’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $64.65, for a total transaction of $983,261.85. Following the transaction, the chief financial officer now owns 61,355 shares of the company’s stock, valued at approximately $3,966,600.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, General Counsel Douglas James Kramer sold 3,500 shares of Cloudflare stock in a transaction that occurred on Friday, January 27th. The stock was sold at an average price of $50.00, for a total transaction of $175,000.00. Following the completion of the transaction, the general counsel now directly owns 55,644 shares in the company, valued at approximately $2,782,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 15,209 shares of Cloudflare stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $64.65, for a total value of $983,261.85. Following the transaction, the chief financial officer now owns 61,355 shares of the company’s stock, valued at $3,966,600.75. The disclosure for this sale can be found here. Insiders have sold 475,494 shares of company stock valued at $24,308,287 in the last 90 days. 15.99% of the stock is currently owned by insiders.

Cloudflare Stock Down 4.1 %

NYSE:NET opened at $59.20 on Friday. The firm has a market capitalization of $19.45 billion, a price-to-earnings ratio of -98.67 and a beta of 1.06. Cloudflare, Inc. has a twelve month low of $37.37 and a twelve month high of $132.45. The stock’s 50 day moving average price is $51.09 and its two-hundred day moving average price is $54.16. The company has a quick ratio of 5.35, a current ratio of 5.35 and a debt-to-equity ratio of 2.42.

Cloudflare Company Profile

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CloudFlare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company offers 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.