Pier 88 Investment Partners LLC grew its holdings in Cloudflare, Inc. (NYSE:NET – Free Report) by 100.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 43,330 shares of the company’s stock after purchasing an additional 21,690 shares during the quarter. Cloudflare makes up approximately 0.9% of Pier 88 Investment Partners LLC’s holdings, making the stock its 24th biggest holding. Pier 88 Investment Partners LLC’s holdings in Cloudflare were worth $3,608,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of NET. Norges Bank bought a new position in shares of Cloudflare in the 4th quarter valued at about $221,858,000. Vanguard Group Inc. raised its position in shares of Cloudflare by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 27,418,275 shares of the company’s stock valued at $1,728,448,000 after acquiring an additional 395,363 shares during the period. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of Cloudflare in the 4th quarter valued at approximately $27,288,000. Los Angeles Capital Management LLC raised its position in shares of Cloudflare by 5,451.7% in the 4th quarter. Los Angeles Capital Management LLC now owns 188,370 shares of the company’s stock valued at $15,684,000 after acquiring an additional 184,977 shares during the period. Finally, QRG Capital Management Inc. acquired a new stake in shares of Cloudflare in the 3rd quarter valued at approximately $9,165,000. Institutional investors own 82.68% of the company’s stock.
Cloudflare Stock Up 0.8 %
Shares of NYSE:NET traded up $0.57 during midday trading on Friday, hitting $74.19. The stock had a trading volume of 1,745,322 shares, compared to its average volume of 3,927,981. Cloudflare, Inc. has a 12 month low of $53.88 and a 12 month high of $116.00. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.61. The business’s 50-day simple moving average is $86.64 and its 200-day simple moving average is $85.15. The company has a market cap of $25.21 billion, a P/E ratio of -139.98 and a beta of 1.15.
Cloudflare (NYSE:NET – Get Free Report) last released its earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 12.78%. The business had revenue of $378.60 million during the quarter, compared to analysts’ expectations of $372.93 million. On average, sell-side analysts forecast that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal year.
Insider Buying and Selling at Cloudflare
In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $99.64, for a total value of $298,920.00. Following the transaction, the insider now directly owns 205,238 shares in the company, valued at $20,449,914.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $99.64, for a total value of $298,920.00. Following the transaction, the insider now directly owns 205,238 shares in the company, valued at $20,449,914.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Maria S. Eitel sold 6,875 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $98.51, for a total transaction of $677,256.25. Following the completion of the transaction, the director now owns 23,513 shares in the company, valued at $2,316,265.63. The disclosure for this sale can be found here. Insiders have sold a total of 737,710 shares of company stock worth $64,674,930 over the last ninety days. Insiders own 12.83% of the company’s stock.
Analyst Ratings Changes
NET has been the topic of a number of analyst reports. DZ Bank upgraded shares of Cloudflare from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a research report on Tuesday, May 7th. Susquehanna cut their price target on shares of Cloudflare from $115.00 to $80.00 and set a “neutral” rating on the stock in a research report on Monday, May 6th. Mizuho dropped their target price on shares of Cloudflare from $95.00 to $88.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. JMP Securities restated a “market outperform” rating and set a $120.00 target price on shares of Cloudflare in a report on Tuesday, May 14th. Finally, Oppenheimer dropped their target price on shares of Cloudflare from $122.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare presently has a consensus rating of “Hold” and a consensus price target of $91.87.
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.