Capital Market Strategies LLC Takes Position in Cloudflare, Inc. (NYSE:NET)

Capital Market Strategies LLC purchased a new position in shares of Cloudflare, Inc. (NYSE:NET) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 6,011 shares of the company’s stock, valued at approximately $647,000.

A number of other institutional investors have also recently bought and sold shares of the business. CVA Family Office LLC boosted its holdings in shares of Cloudflare by 121.3% during the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after buying an additional 171 shares during the period. Quarry LP lifted its holdings in shares of Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after buying an additional 146 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Cloudflare in the third quarter valued at about $38,000. 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 valued at $59,000 after acquiring an additional 170 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in Cloudflare by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after acquiring an additional 217 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Analyst Ratings Changes

NET has been the topic of several recent research reports. Wells Fargo & Company raised their target price on shares of Cloudflare from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. BNP Paribas initiated coverage on Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective on the stock. Piper Sandler upped their price objective on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Morgan Stanley raised Cloudflare from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $92.00 to $130.00 in a report on Monday, December 2nd. Finally, The Goldman Sachs Group upgraded shares of Cloudflare from a “sell” rating to a “buy” rating and raised their price target for the company from $77.00 to $140.00 in a research note on Thursday. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $101.37.

Cloudflare Stock Down 1.2 %

NET stock traded down $1.43 during trading on Monday, reaching $113.30. 1,200,283 shares of the stock were exchanged, compared to its average volume of 2,750,178. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $119.42. The firm’s 50 day moving average is $102.82 and its 200 day moving average is $89.16. The firm has a market cap of $38.88 billion, a P/E ratio of -435.77 and a beta of 1.10.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). The company had revenue of $430.08 million for the quarter, compared to analysts’ expectations of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. As a group, research analysts forecast that Cloudflare, Inc. will post -0.1 EPS for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, COO Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $82.60, for a total transaction of $2,117,864.00. Following the transaction, the chief operating officer now directly owns 192,177 shares in the company, valued at approximately $15,873,820.20. This trade represents a 11.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $90.92, for a total transaction of $4,762,753.28. Following the completion of the sale, the chief executive officer now owns 10,761 shares of the company’s stock, valued at approximately $978,390.12. This represents a 82.96 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 550,492 shares of company stock valued at $54,916,040. 12.83% of the stock is owned by corporate insiders.

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.