Fidelity Management & Research Co.. recently announced the acquisition of new stake in Cloudflare Inc. (NYSE:NET). The institutional investor has increased its shareholding in the Technology company by 12.61% to 24.16 million shares with purchase of 2.71 million shares. This fresh investment now brings its stake to 14.64% valued currently at $1.01 billion. In addition, Baillie Gifford & Co. raised its holdings by 4.61 million to 18.85 million shares. And The Vanguard Group, Inc. has lifted its position by 169.15% or 5.75 million shares – to 9.15 million shares.
With over 4.98 million Cloudflare Inc. (NET) shares trading Tuesday and a closing price of $39.74 on the day, the dollar volume was approximately $197.97 million. The shares have shown a positive weekly performance of 1.82% and its price on 09/01/20 gained nearly 3.87%. Currently, there are 299.32M common shares owned by the public and among those 146.63M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 15 analysts who have offered their price forecasts for NET have a consensus price objective of $46.77. The analysts have set the share’s price value over the next 12 months at a high of $55.00 and a low of $30.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Cloudflare Inc. stock is 2.00 for the next 12 months. The average price target is 14.22% above its last price level and an upside to the estimated low will see the stock lose -32.47% over that period. But an upside of 27.75% will see the stock hit the forecast high price target while mean target price for the stock is $48.00.
Insiders at the company have transacted a total of 109 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 37 of these insider trades were purchases, accounting for 6,491,673 shares. Insider sales of the common stock occurred on 72 occasions, with total insider shares sold totaling 22,423,563 shares.
The top 3 mutual fund holders in Cloudflare Inc. are Fidelity Contrafund, Fidelity Growth Company Fund, and Vanguard Total Stock Market Index. Fidelity Contrafund owns 6.5 million shares of the company’s stock, all valued at over $270.6 million. The company sold 20875.0 shares recently to bring their total holdings to about 3.94% of the shares outstanding. Fidelity Growth Company Fund sold 12403.0 shares to see its total holdings shrink to 5.56 million shares valued at over $231.35 million and representing 3.37% of the shares outstanding. Vanguard Total Stock Market Index sold 21248.0 shares to bring its total holdings to over 3.28 million shares at a value of $136.53 million. Vanguard Total Stock Market Index now owns shares totaling to 1.99% of the shares outstanding.
Shares of Cloudflare Inc. (NYSE: NET) opened at $38.94, up $0.68 from a prior closing price of $38.26. However, the script later closed the day at $39.74, up 3.87%. The company’s stock has a 5-day price change of 1.82% and 35.26% over the past three months. It has a 12-month low price of $14.50 and touched a high of $45.28 over the same period. Currently, 4.98 million shares have been traded, compared to an average intraday trading volume of 5.86 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.56%, 3.72%, and 52.86% respectively.
Institutional ownership of Cloudflare Inc. (NYSE: NET) shares accounts for 80.30% of the company’s 299.32M shares outstanding. Mutual fund holders own 32.97%, while other institutional holders and individual stakeholders account for 36.96% and 24.44% respectively.
It has a market capitalization of $12.17B. The earnings-per-share (ttm) stands at -$0.53. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.72% over the week and 5.03% over the month.
Analysts forecast that Cloudflare Inc. (NET) will achieve an EPS of -$0.05 for the current quarter, -$0.05 for the next quarter and -$0.13 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.06 while analysts give the company a high EPS estimate of -$0.05. Comparatively, EPS for the current quarter was -$0.15 a year ago. Earnings per share for the fiscal year are expected to decrease by -143.40%, and 23.50% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 15 brokerage firm advisors rate Cloudflare Inc. (NET) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 4 of the 15 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the NET, a number of firms have released research notes about the stock. Needham stated their Buy rating for the stock in a research note on August 07, 2020, with the firm’s price target at $47-$50. Jefferies coverage for the Cloudflare Inc. (NET) stock in a research note released on July 28, 2020 offered a Buy rating with a price target of $50. Needham was of a view on July 22, 2020 that the stock is Buy, while William Blair gave the stock Outperform rating on July 17, 2020, issuing a price target of. JP Morgan on their part issued Overweight rating on July 10, 2020.