Warm Springs Advisors Inc. Takes Position in Cloudflare, Inc. (NYSE:NET)

Warm Springs Advisors Inc. purchased a new position in Cloudflare, Inc. (NYSE:NET - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 15,198 shares of the company's stock, valued at approximately $1,637,000. Cloudflare comprises 1.5% of Warm Springs Advisors Inc.'s investment portfolio, making the stock its 22nd biggest position.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NET. Groupama Asset Managment bought a new stake in Cloudflare in the 4th quarter worth approximately $269,200,000. Norges Bank bought a new stake in shares of Cloudflare in the fourth quarter worth $249,544,000. American Century Companies Inc. increased its position in Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock valued at $243,098,000 after acquiring an additional 1,017,399 shares during the last quarter. Fred Alger Management LLC lifted its holdings in Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock valued at $100,604,000 after acquiring an additional 836,591 shares during the period. Finally, Invesco Ltd. boosted its position in Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after purchasing an additional 804,059 shares during the last quarter. 82.68% of the stock is owned by institutional investors.

Insider Activity at Cloudflare

In other Cloudflare news, insider Michelle Zatlyn sold 25,640 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $156.72, for a total transaction of $4,018,300.80. Following the sale, the insider now directly owns 6,390 shares in the company, valued at $1,001,440.80. This represents a 80.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Thomas J. Seifert sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $120.00, for a total value of $1,200,000.00. Following the completion of the sale, the chief financial officer now directly owns 293,582 shares of the company's stock, valued at $35,229,840. The trade was a 3.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 501,085 shares of company stock valued at $65,312,967 over the last 90 days. 12.83% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NET. Susquehanna reduced their price target on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a research report on Monday, May 12th. Jefferies Financial Group reduced their target price on shares of Cloudflare from $170.00 to $150.00 and set a "hold" rating for the company in a report on Friday, May 9th. Needham & Company LLC increased their price target on shares of Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Mizuho raised shares of Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 price objective for the company in a research report on Wednesday, April 16th. Finally, Stifel Nicolaus upped their price objective on Cloudflare from $136.00 to $175.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cloudflare has a consensus rating of "Hold" and a consensus target price of $141.79.

Cloudflare Price Performance

Shares of Cloudflare stock traded up $2.57 during trading on Thursday, reaching $164.55. 1,677,422 shares of the stock traded hands, compared to its average volume of 3,844,329. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The business has a fifty day simple moving average of $125.11 and a two-hundred day simple moving average of $123.51. The company has a market capitalization of $56.78 billion, a price-to-earnings ratio of -747.14 and a beta of 1.78.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). The firm had revenue of $479.09 million for the quarter, compared to analysts' expectations of $469.49 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The business's quarterly revenue was up 26.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.16 EPS. Sell-side analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current year.

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.