Intech Investment Management LLC Grows Stock Position in Cloudflare, Inc. (NYSE:NET)

Intech Investment Management LLC boosted its position in Cloudflare, Inc. (NYSE:NET) by 4.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,242 shares of the company’s stock after buying an additional 661 shares during the quarter. Intech Investment Management LLC’s holdings in Cloudflare were worth $1,534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Stratos Wealth Partners LTD. increased its position in Cloudflare by 1.2% in the fourth quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock worth $709,000 after buying an additional 77 shares during the last quarter. Atomi Financial Group Inc. increased its position in Cloudflare by 3.3% in the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock worth $319,000 after buying an additional 94 shares during the last quarter. Chicago Partners Investment Group LLC boosted its holdings in shares of Cloudflare by 4.3% in the fourth quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company’s stock worth $293,000 after acquiring an additional 105 shares during the period. D.A. Davidson & CO. boosted its holdings in shares of Cloudflare by 0.5% in the fourth quarter. D.A. Davidson & CO. now owns 21,075 shares of the company’s stock worth $2,269,000 after acquiring an additional 106 shares during the period. Finally, Amalgamated Bank boosted its holdings in shares of Cloudflare by 0.5% in the fourth quarter. Amalgamated Bank now owns 20,002 shares of the company’s stock worth $2,154,000 after acquiring an additional 107 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NET. Guggenheim raised their price target on Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a report on Friday, February 7th. Jefferies Financial Group raised their price target on Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. Baird R W lowered Cloudflare from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Truist Financial raised their price target on Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Finally, Morgan Stanley began coverage on Cloudflare in a report on Tuesday. They issued an “overweight” rating for the company. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $131.64.

Cloudflare Price Performance

NET opened at $118.95 on Friday. The stock has a 50-day moving average price of $136.73 and a 200-day moving average price of $109.79. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $41.05 billion, a P/E ratio of -540.70 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 analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. Equities analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Thomas J. Seifert sold 10,000 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $120.00, for a total value of $1,200,000.00. Following the completion of the sale, the chief financial officer now owns 293,582 shares of the company’s stock, valued at approximately $35,229,840. The trade was a 3.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $113.73, for a total value of $5,957,632.32. Following the completion of the sale, the chief executive officer now directly owns 10,762 shares of the company’s stock, valued at approximately $1,223,962.26. This trade represents a 82.96 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 566,766 shares of company stock valued at $73,779,200. 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.