Mount Lucas Management LP Makes New $267,000 Investment in Cloudflare, Inc. (NYSE:NET)

Mount Lucas Management LP acquired a new position in Cloudflare, Inc. (NYSE:NET - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,373 shares of the company's stock, valued at approximately $267,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of NET. Vestor Capital LLC grew its position in shares of Cloudflare by 2.0% during the first quarter. Vestor Capital LLC now owns 53,082 shares of the company's stock valued at $5,982,000 after purchasing an additional 1,049 shares in the last quarter. Readystate Asset Management LP raised its stake in shares of Cloudflare by 162.8% during the first quarter. Readystate Asset Management LP now owns 93,768 shares of the company's stock valued at $10,567,000 after acquiring an additional 58,089 shares in the last quarter. KLP Kapitalforvaltning AS raised its stake in Cloudflare by 0.4% in the first quarter. KLP Kapitalforvaltning AS now owns 110,300 shares of the company's stock worth $12,430,000 after buying an additional 400 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Cloudflare in the first quarter worth $4,564,000. Finally, Choreo LLC grew its holdings in Cloudflare by 7.1% in the first quarter. Choreo LLC now owns 5,105 shares of the company's stock worth $575,000 after purchasing an additional 339 shares during the last quarter. 82.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Capital One Financial raised shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Guggenheim raised their price objective on shares of Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a report on Friday, May 9th. UBS Group raised their price objective on shares of Cloudflare from $145.00 to $200.00 and gave the company a "neutral" rating in a report on Thursday. Robert W. Baird lifted their price target on shares of Cloudflare from $148.00 to $175.00 and gave the stock a "neutral" rating in a research note on Friday. Finally, Piper Sandler reissued a "neutral" rating and set a $151.00 price objective (up from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $159.92.

Cloudflare Trading Up 3.6%

Shares of NET stock traded up $6.91 on Friday, reaching $198.49. The company had a trading volume of 2,697,354 shares, compared to its average volume of 3,709,952. The company has a current ratio of 3.20, a quick ratio of 3.20 and a debt-to-equity ratio of 0.90. The stock has a market cap of $68.80 billion, a PE ratio of -863.00 and a beta of 1.85. The company has a 50-day moving average of $179.27 and a 200-day moving average of $145.43. Cloudflare, Inc. has a 12 month low of $69.26 and a 12 month high of $200.76.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The company had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. During the same period last year, the company earned $0.16 earnings per share. The business's revenue was up 26.5% compared to the same quarter last year. On average, equities analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Thomas J. Seifert sold 41,556 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $156.78, for a total value of $6,515,149.68. Following the completion of the sale, the chief financial officer owned 241,550 shares of the company's stock, valued at approximately $37,870,209. This represents a 14.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michelle Zatlyn sold 35,098 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $156.83, for a total transaction of $5,504,419.34. Following the completion of the transaction, the insider directly owned 6,390 shares in the company, valued at $1,002,143.70. The trade was a 84.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 615,332 shares of company stock valued at $106,709,878 over the last 90 days. 10.89% of the stock is owned by company insiders.

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.