Cinctive Capital Management LP Takes $13.13 Million Position in Cloudflare, Inc. (NYSE:NET)

Cinctive Capital Management LP acquired a new position in Cloudflare, Inc. (NYSE:NET) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 121,891 shares of the company’s stock, valued at approximately $13,125,000.

Other hedge funds have also recently bought and sold shares of the company. Bryce Point Capital LLC acquired a new stake in shares of Cloudflare in the fourth quarter worth about $1,273,000. Groupama Asset Managment bought a new position in shares of Cloudflare in the 4th quarter valued at approximately $269,200,000. OV Management LLC lifted its holdings in Cloudflare by 6.0% in the 4th quarter. OV Management LLC now owns 8,144 shares of the company’s stock worth $877,000 after purchasing an additional 458 shares during the last quarter. Trexquant Investment LP boosted its position in Cloudflare by 127.7% during the fourth quarter. Trexquant Investment LP now owns 260,210 shares of the company’s stock worth $28,019,000 after purchasing an additional 145,942 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Cloudflare by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company’s stock valued at $526,986,000 after purchasing an additional 68,661 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now owns 175,688 shares in the company, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Thomas J. Seifert sold 15,000 shares of the business’s 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 transaction, the chief financial officer now owns 252,869 shares in the company, valued at approximately $28,779,020.89. This trade represents a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 627,046 shares of company stock worth $81,158,262 over the last three months. 12.83% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on NET shares. Morgan Stanley assumed coverage on shares of Cloudflare in a research note on Tuesday, March 18th. They issued an “overweight” rating for the company. JMP Securities boosted their target price on shares of Cloudflare from $135.00 to $180.00 and gave the stock a “market outperform” rating in a research report on Friday, February 7th. Cantor Fitzgerald raised their price target on Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Bank of America upgraded Cloudflare from an “underperform” rating to a “buy” rating and lifted their price objective for the stock from $60.00 to $160.00 in a research note on Tuesday, March 25th. Finally, Robert W. Baird restated a “neutral” rating and set a $140.00 target price (up previously from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $135.64.

Cloudflare Stock Performance

NYSE NET opened at $115.60 on Wednesday. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a market cap of $39.89 billion, a P/E ratio of -525.47 and a beta of 1.27. The company’s 50-day simple moving average is $137.39 and its 200 day simple moving average is $112.03.

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

Cloudflare 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.