Ring Mountain Capital LLC Makes New $1.44 Million Investment in Cloudflare, Inc. (NYSE:NET)

Ring Mountain Capital LLC bought a new position in Cloudflare, Inc. (NYSE:NET) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 13,328 shares of the company’s stock, valued at approximately $1,435,000. Cloudflare accounts for approximately 1.0% of Ring Mountain Capital LLC’s holdings, making the stock its 23rd largest position.

Several other large investors have also recently added to or reduced their stakes in NET. Capital Performance Advisors LLP bought a new position in shares of Cloudflare in the third quarter worth $38,000. Quarry LP grew its stake in shares of Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after purchasing an additional 133 shares in the last quarter. Versant Capital Management Inc grew 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 purchasing an additional 170 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Cloudflare by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after purchasing an additional 217 shares in the last quarter. Finally, Quest Partners LLC bought a new position in shares of Cloudflare in the third quarter worth $54,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Stock Down 1.7 %

NET opened at $142.88 on Tuesday. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37. The business has a 50-day moving average of $133.31 and a 200-day moving average of $105.77. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company has a market capitalization of $49.04 billion, a PE ratio of -649.45 and a beta of 1.12.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Equities research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on NET shares. Stifel Nicolaus raised their target price on Cloudflare from $136.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Guggenheim raised their target price on Cloudflare from $57.00 to $68.00 and gave the company a “sell” rating in a research note on Friday, February 7th. Wells Fargo & Company raised their target price on Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. Piper Sandler raised their target price on Cloudflare from $92.00 to $153.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Finally, Cantor Fitzgerald upped their target price on Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $136.28.

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $113.00, for a total transaction of $5,919,392.00. Following the transaction, the chief executive officer now owns 10,762 shares of the company’s stock, valued at approximately $1,216,106. This represents a 82.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $109.90, for a total value of $1,648,500.00. Following the transaction, the chief financial officer now directly owns 252,869 shares in the company, valued at approximately $27,790,303.10. This represents a 5.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 638,046 shares of company stock valued at $81,243,344 in the last three months. Corporate insiders own 12.83% of the company’s stock.

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.