2,832 Shares in Cloudflare, Inc. (NYSE:NET) Bought by JT Stratford LLC

JT Stratford LLC acquired a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,832 shares of the company's stock, valued at approximately $305,000.

Several other hedge funds have also recently added to or reduced their stakes in NET. Woodline Partners LP bought a new stake in shares of Cloudflare in the 4th quarter valued at about $6,638,000. Vident Advisory LLC increased its stake in Cloudflare by 42.6% in the fourth quarter. Vident Advisory LLC now owns 27,591 shares of the company's stock valued at $2,971,000 after purchasing an additional 8,239 shares in the last quarter. Sphera Management Technology Funds Ltd acquired a new stake in Cloudflare in the fourth quarter worth $959,000. Triglav Skladi D.O.O. bought a new position in shares of Cloudflare during the fourth quarter worth $969,000. Finally, Toronto Dominion Bank grew its holdings in shares of Cloudflare by 7.0% in the 4th quarter. Toronto Dominion Bank now owns 39,763 shares of the company's stock valued at $4,282,000 after buying an additional 2,605 shares during the period. Institutional investors and hedge funds own 82.68% of the company's stock.

Analysts Set New Price Targets

NET has been the topic of several research analyst reports. Bank of America raised Cloudflare from an "underperform" rating to a "buy" rating and raised their price objective for the stock from $60.00 to $160.00 in a research note on Tuesday, March 25th. Truist Financial lifted their price objective on Cloudflare from $120.00 to $140.00 and gave the company a "buy" rating in a report on Tuesday, January 28th. Stifel Nicolaus increased their target price on Cloudflare from $136.00 to $175.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Needham & Company LLC lifted their price target on shares of Cloudflare from $145.00 to $160.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Finally, 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. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $141.79.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of Cloudflare 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 completion of the sale, the chief executive officer now owns 413,413 shares of the company's stock, valued at approximately $59,279,290.07. The trade was a 11.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $120.00, for a total value of $1,200,000.00. Following the sale, the chief financial officer now directly owns 293,582 shares of the company's stock, valued at approximately $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. In the last ninety days, insiders sold 564,297 shares of company stock worth $73,906,935. Insiders own 12.83% of the company's stock.

Cloudflare Stock Performance

Shares of NYSE NET opened at $158.07 on Friday. The stock has a market capitalization of $54.54 billion, a PE ratio of -718.49 and a beta of 1.78. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $177.37. The stock has a 50 day moving average price of $121.68 and a 200 day moving average price of $121.62. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37.

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

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.

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