Thoma Capital Management LLC Takes Position in Cloudflare, Inc. (NYSE:NET)

Thoma Capital Management LLC purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 6,690 shares of the company's stock, valued at approximately $720,000.

A number of other hedge funds also recently made changes to their positions in NET. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Cloudflare in the fourth quarter valued at approximately $43,000. Park Square Financial Group LLC bought a new stake in Cloudflare during the fourth quarter worth about $56,000. Larson Financial Group LLC lifted its position in Cloudflare by 1,988.5% in the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company's stock worth $58,000 after buying an additional 517 shares during the last quarter. CoreCap Advisors LLC boosted its stake in shares of Cloudflare by 218.4% in the 4th quarter. CoreCap Advisors LLC now owns 554 shares of the company's stock valued at $60,000 after purchasing an additional 380 shares in the last quarter. Finally, Sava Infond d.o.o. purchased a new stake in Cloudflare during the fourth quarter valued at about $65,000. 82.68% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

NET has been the topic of a number of recent analyst reports. The Goldman Sachs Group cut their price target on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Mizuho upgraded shares of Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 target price on the stock in a report on Wednesday, April 16th. Susquehanna reduced their target price on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a research report on Monday, May 12th. Robert W. Baird reaffirmed a "neutral" rating and set a $140.00 target price (up previously from $125.00) on shares of Cloudflare in a research note on Monday, February 3rd. Finally, Royal Bank of Canada lowered their price target on Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Three investment 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 data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $141.79.

Insider Buying and Selling at Cloudflare

In other news, CFO Thomas J. Seifert sold 10,000 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $120.00, for a total transaction of $1,200,000.00. Following the completion of the transaction, the chief financial officer now owns 293,582 shares in the company, valued at $35,229,840. This trade represents a 3.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michelle Zatlyn sold 35,098 shares of Cloudflare stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $156.83, for a total value of $5,504,419.34. Following the completion of the sale, the insider now directly owns 6,390 shares in the company, valued at approximately $1,002,143.70. The trade was a 84.60% decrease in their position. 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 ninety days. 12.83% of the stock is currently owned by company insiders.

Cloudflare Stock Performance

Shares of NYSE:NET traded up $2.05 during trading on Friday, hitting $166.21. The company's stock had a trading volume of 3,894,099 shares, compared to its average volume of 3,136,339. The company has a 50-day moving average of $126.70 and a 200-day moving average of $124.96. The firm has a market cap of $57.61 billion, a price-to-earnings ratio of -755.50 and a beta of 1.78. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month 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.

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 net margin of 4.72% and a negative return on equity of 5.52%. The firm's quarterly revenue was up 26.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.16 earnings per share. On average, sell-side analysts expect 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.