Investment Management Corp of Ontario Increases Position in Cloudflare, Inc. (NYSE:NET)

Investment Management Corp of Ontario raised its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 24.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,408 shares of the company's stock after acquiring an additional 2,414 shares during the quarter. Investment Management Corp of Ontario's holdings in Cloudflare were worth $1,336,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in NET. Capital World Investors raised its holdings in shares of Cloudflare by 0.7% in the fourth quarter. Capital World Investors now owns 35,409,307 shares of the company's stock worth $3,812,942,000 after buying an additional 260,415 shares during the period. Geode Capital Management LLC grew its stake in shares of Cloudflare by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock worth $526,986,000 after acquiring an additional 68,661 shares during the last quarter. Groupama Asset Managment acquired a new position in Cloudflare during the 4th quarter valued at approximately $269,200,000. Norges Bank acquired a new stake in Cloudflare during the 4th quarter worth about $249,544,000. Finally, American Century Companies Inc. raised its position in Cloudflare by 82.0% during the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after buying an additional 1,017,399 shares during the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $143.39, for a total transaction of $7,511,341.76. Following the transaction, the chief executive officer now directly owns 413,413 shares in the company, valued at $59,279,290.07. The trade was a 11.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michelle Zatlyn sold 25,640 shares of the firm's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $107.29, for a total transaction of $2,750,915.60. Following the completion of the sale, the insider now owns 413,413 shares of the company's stock, valued at approximately $44,355,080.77. The trade was a 5.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 597,260 shares of company stock valued at $79,553,032 in the last ninety days. Insiders own 12.83% of the company's stock.

Analyst Upgrades and Downgrades

NET has been the subject of a number of recent research reports. Needham & Company LLC lifted their price objective on Cloudflare from $145.00 to $160.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Cantor Fitzgerald boosted their price target on Cloudflare from $111.00 to $149.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Scotiabank raised their price objective on shares of Cloudflare from $87.00 to $110.00 and gave the stock a "sector perform" rating in a research note on Tuesday, January 21st. Capital One Financial raised shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Finally, JMP Securities upped their price objective 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. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $141.79.

Cloudflare Trading Up 2.8%

Shares of NET traded up $4.26 during trading on Friday, reaching $157.06. 5,364,182 shares of the company traded hands, compared to its average volume of 3,145,332. The stock has a 50-day simple moving average of $117.65 and a 200-day simple moving average of $119.24. The stock has a market cap of $54.20 billion, a PE ratio of -713.89 and a beta of 1.78. 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.

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