Cloudflare, Inc. (NYSE:NET) Shares Acquired by Ethic Inc.

Ethic Inc. raised its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 22.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,117 shares of the company's stock after acquiring an additional 5,068 shares during the quarter. Ethic Inc.'s holdings in Cloudflare were worth $3,028,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in NET. GAMMA Investing LLC raised its holdings in shares of Cloudflare by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company's stock valued at $63,000 after acquiring an additional 217 shares during the last quarter. Brookstone Capital Management acquired a new position in shares of Cloudflare during the fourth quarter valued at approximately $304,000. Grandview Asset Management LLC raised its holdings in shares of Cloudflare by 16.5% during the fourth quarter. Grandview Asset Management LLC now owns 11,972 shares of the company's stock valued at $1,289,000 after acquiring an additional 1,698 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Cloudflare by 38.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 4,781 shares of the company's stock valued at $515,000 after purchasing an additional 1,326 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its position in shares of Cloudflare by 28.3% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 6,308 shares of the company's stock valued at $679,000 after purchasing an additional 1,390 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Insider Activity

In other Cloudflare news, CEO Matthew Prince sold 2,311 shares of the firm's stock in a transaction on Thursday, April 10th. The stock was sold at an average price of $107.75, for a total value of $249,010.25. Following the sale, the chief executive officer now directly owns 413,413 shares in the company, valued at $44,545,250.75. This trade represents a 0.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Douglas James Kramer sold 9,000 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $112.83, for a total value of $1,015,470.00. Following the completion of the sale, the insider now owns 188,406 shares in the company, valued at approximately $21,257,848.98. This represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 492,492 shares of company stock worth $63,757,685. Corporate insiders own 12.83% of the company's stock.

Cloudflare Trading Up 6.5%

NET opened at $132.42 on Monday. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $177.37. The business has a fifty day simple moving average of $116.02 and a 200-day simple moving average of $117.96. The firm has a market cap of $45.69 billion, a P/E ratio of -601.91 and a beta of 1.78. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The company had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The firm's revenue was up 26.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.16 earnings per share. On average, equities analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Scotiabank upped their price target on Cloudflare from $87.00 to $110.00 and gave the company a "sector perform" rating in a research report on Tuesday, January 21st. The Goldman Sachs Group dropped their price target on Cloudflare from $183.00 to $161.00 and set a "buy" rating for the company in a research report on Friday, March 14th. Guggenheim upped their price target on Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a research report on Friday. Needham & Company LLC upped their price target on Cloudflare from $145.00 to $160.00 and gave the company a "buy" rating in a research report on Friday. Finally, Truist Financial upped their price target on Cloudflare from $120.00 to $140.00 and gave the company a "buy" rating in a research report on Tuesday, January 28th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $142.57.

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.

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