Cloudflare, Inc. (NYSE:NET) Shares Bought by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board increased its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 52.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 206,005 shares of the company's stock after purchasing an additional 71,292 shares during the period. Canada Pension Plan Investment Board owned approximately 0.06% of Cloudflare worth $22,183,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Farringdon Capital Ltd. acquired a new position in shares of Cloudflare during the fourth quarter worth about $315,000. NewEdge Advisors LLC lifted its position in Cloudflare by 121.1% in the fourth quarter. NewEdge Advisors LLC now owns 9,770 shares of the company's stock valued at $1,052,000 after purchasing an additional 5,352 shares during the period. United Capital Financial Advisors LLC increased its position in Cloudflare by 3.6% during the 4th quarter. United Capital Financial Advisors LLC now owns 3,456 shares of the company's stock worth $372,000 after purchasing an additional 121 shares during the period. CreativeOne Wealth LLC lifted its holdings in shares of Cloudflare by 0.8% in the 4th quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock valued at $752,000 after buying an additional 58 shares during the period. Finally, Mariner LLC boosted its stake in shares of Cloudflare by 1.5% in the fourth quarter. Mariner LLC now owns 105,522 shares of the company's stock valued at $11,363,000 after buying an additional 1,509 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on NET shares. Guggenheim boosted their target price on shares of Cloudflare from $57.00 to $68.00 and gave the stock a "sell" rating in a research report on Friday, February 7th. Cantor Fitzgerald lifted their price target on shares of Cloudflare from $111.00 to $149.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Citigroup upgraded Cloudflare from a "neutral" rating to a "buy" rating and upped their price target for the stock from $95.00 to $145.00 in a report on Friday, January 17th. Piper Sandler reduced their price objective on Cloudflare from $131.00 to $112.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Finally, Oppenheimer started coverage on Cloudflare in a research note on Thursday, March 20th. They set an "outperform" rating and a $150.00 price target for the company. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $134.84.

Cloudflare Trading Up 1.4 %

NYSE:NET traded up $1.66 on Friday, hitting $120.53. 1,036,164 shares of the stock were exchanged, compared to its average volume of 3,177,226. 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 fifty-two week low of $66.24 and a fifty-two week high of $177.37. The stock has a market cap of $41.59 billion, a PE ratio of -547.50 and a beta of 1.59. The stock has a fifty day moving average of $122.77 and a 200-day moving average of $114.76.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly 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%. As a group, equities analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Michelle Zatlyn sold 25,640 shares of the stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $109.03, for a total transaction of $2,795,529.20. Following the completion of the transaction, the insider now directly owns 413,413 shares in the company, valued at approximately $45,074,419.39. This represents a 5.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Janel Riley sold 4,327 shares of Cloudflare stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the sale, the chief accounting officer now owns 74,698 shares of the company's stock, valued at approximately $12,519,384.80. This trade represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 496,973 shares of company stock worth $64,559,903 over the last quarter. 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.