4,129 Shares in Cloudflare, Inc. (NYSE:NET) Acquired by BIT Capital GmbH

Key Points

• BIT Capital GmbH purchased 4,129 shares of Cloudflare, Inc., valued at approximately $465,000, indicating growing institutional interest in the company.
• Several analysts have revised their price targets for Cloudflare, with Needham increasing it to $240 and Wells Fargo raising it to $250, reflecting positive market sentiment.
• Insider trading activity included significant sales by Director Carl Ledbetter and CFO Thomas J. Seifert, collectively worth over $9.8 million, suggesting a notable decrease in their ownership percentage.

BIT Capital GmbH bought a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,129 shares of the company's stock, valued at approximately $465,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mather Group LLC. boosted its position in Cloudflare by 1,188.2% during the first quarter. Mather Group LLC. now owns 219 shares of the company's stock worth $25,000 after purchasing an additional 202 shares during the period. NBC Securities Inc. bought a new position in Cloudflare during the first quarter worth about $27,000. GPS Wealth Strategies Group LLC boosted its position in Cloudflare by 213.4% during the first quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after purchasing an additional 175 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in Cloudflare by 115.4% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after purchasing an additional 142 shares during the period. Finally, Gordian Capital Singapore Pte Ltd bought a new position in Cloudflare during the fourth quarter worth about $43,000. Hedge funds and other institutional investors own 82.68% of the company's stock.

Insider Activity at Cloudflare

In other news, CFO Thomas J. Seifert sold 34,270 shares of the company's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $200.17, for a total transaction of $6,859,825.90. Following the completion of the sale, the chief financial officer owned 241,550 shares of the company's stock, valued at $48,351,063.50. This represents a 12.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $171.25, for a total transaction of $8,970,760.00. Following the sale, the chief executive officer directly owned 381,213 shares of the company's stock, valued at $65,282,726.25. The trade was a 12.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 691,062 shares of company stock worth $122,093,547 over the last quarter. 10.89% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Citigroup reiterated an "outperform" rating on shares of Cloudflare in a research report on Monday, July 28th. Morgan Stanley increased their target price on shares of Cloudflare from $225.00 to $235.00 and gave the stock an "overweight" rating in a research report on Friday. Robert W. Baird raised their price objective on shares of Cloudflare from $148.00 to $175.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Scotiabank raised their price objective on shares of Cloudflare from $135.00 to $200.00 and gave the company a "sector perform" rating in a research report on Friday. Finally, JMP Securities raised their price objective on shares of Cloudflare from $180.00 to $225.00 and gave the company a "market outperform" rating in a research report on Monday, July 28th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $186.88.

Cloudflare Stock Down 1.5%

Cloudflare stock traded down $3.22 during mid-day trading on Tuesday, reaching $205.59. The stock had a trading volume of 1,254,552 shares, compared to its average volume of 3,717,797. The company has a market capitalization of $71.26 billion, a price-to-earnings ratio of -608.21 and a beta of 1.84. The company has a 50-day moving average price of $185.49 and a two-hundred day moving average price of $150.17. Cloudflare, Inc. has a one year low of $74.88 and a one year high of $215.58. The company has a debt-to-equity ratio of 2.63, a current ratio of 5.14 and a quick ratio of 5.14.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.03. The business had revenue of $512.32 million for the quarter, compared to analysts' expectations of $501.58 million. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.42%. The business's revenue for the quarter was up 27.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.20 EPS. On average, analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal 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.