Pier 88 Investment Partners LLC Boosts Holdings in Cloudflare, Inc. (NYSE:NET)

Pier 88 Investment Partners LLC lifted its stake in shares of Cloudflare, Inc. (NYSE:NET) by 1.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 15,920 shares of the company’s stock after buying an additional 300 shares during the period. Pier 88 Investment Partners LLC’s holdings in Cloudflare were worth $1,714,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of NET. Hartline Investment Corp grew its position in shares of Cloudflare by 1.5% in the 4th quarter. Hartline Investment Corp now owns 264,336 shares of the company’s stock worth $28,464,000 after buying an additional 3,957 shares during the period. Birchcreek Wealth Management LLC purchased a new position in Cloudflare in the 4th quarter worth about $215,000. Strategic Blueprint LLC bought a new stake in shares of Cloudflare in the fourth quarter worth approximately $265,000. Clarendon Private LLC bought a new position in Cloudflare during the fourth quarter valued at approximately $293,000. Finally, Savant Capital LLC purchased a new stake in Cloudflare in the fourth quarter worth approximately $237,000. 82.68% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the completion of the sale, the chief financial officer now owns 252,869 shares in the company, valued at $28,779,020.89. This trade represents a 5.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the transaction, the insider now owns 175,688 shares in the company, valued at $23,131,082.08. This represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 618,046 shares of company stock valued at $80,142,792. Insiders own 12.83% of the company’s stock.

Wall Street Analysts Forecast Growth

NET has been the subject of a number of research reports. Bank of America upgraded shares of Cloudflare from an “underperform” rating to a “buy” rating and boosted their target price for the company from $60.00 to $160.00 in a research note on Tuesday, March 25th. Truist Financial increased their target price on Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a report on Tuesday, January 28th. Piper Sandler cut their price target on Cloudflare from $153.00 to $131.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Guggenheim raised their price objective on shares of Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a report on Friday, February 7th. Finally, Baird R W downgraded shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $135.64.

Cloudflare Trading Down 3.1 %

Shares of NET opened at $114.89 on Monday. The company’s fifty day simple moving average is $137.47 and its 200-day simple moving average is $111.56. The company has a market cap of $39.64 billion, a P/E ratio of -522.21 and a beta of 1.27. 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 $177.37.

Cloudflare (NYSE:NET) last posted its quarterly earnings data 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%. As a group, analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

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.