Bearing Point Capital LLC Has $4.20 Million Stake in Cloudflare, Inc. (NYSE:NET)

Key Points

• Bearing Point Capital LLC increased its stake in Cloudflare, Inc. by 30.4%, owning 37,224 shares valued at approximately $4.2 million as of the latest reporting period.
• Hedge funds now own 82.68% of Cloudflare's stock, with notable purchases including Groupama Asset Management and Fred Alger Management LLC, which raised their positions significantly.
• Cloudflare reported $0.16 EPS for its latest quarter, missing analyst estimates, but achieved a 26.5% increase in year-over-year revenue to $479.09 million.

Bearing Point Capital LLC boosted its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 30.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 37,224 shares of the company's stock after buying an additional 8,668 shares during the quarter. Bearing Point Capital LLC's holdings in Cloudflare were worth $4,195,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NET. GAMMA Investing LLC boosted its holdings in shares of Cloudflare by 86.8% in the 1st quarter. GAMMA Investing LLC now owns 1,093 shares of the company's stock valued at $123,000 after purchasing an additional 508 shares during the last quarter. LPL Financial LLC increased its stake in Cloudflare by 3.4% during the 4th quarter. LPL Financial LLC now owns 122,171 shares of the company's stock worth $13,155,000 after buying an additional 3,989 shares during the period. Crossmark Global Holdings Inc. increased its position in shares of Cloudflare by 9.6% in the 1st quarter. Crossmark Global Holdings Inc. now owns 2,635 shares of the company's stock worth $297,000 after purchasing an additional 230 shares during the last quarter. Amalgamated Bank lifted its position in shares of Cloudflare by 7.0% during the first quarter. Amalgamated Bank now owns 21,402 shares of the company's stock worth $2,412,000 after purchasing an additional 1,400 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Cloudflare by 47.0% during the fourth quarter. Wellington Management Group LLP now owns 5,930 shares of the company's stock worth $639,000 after purchasing an additional 1,896 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NET has been the subject of a number of recent research reports. Capital One Financial raised shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Citigroup reaffirmed an "outperform" rating on shares of Cloudflare in a research note on Monday. Cowen reiterated a "buy" rating on shares of Cloudflare in a report on Monday, June 16th. UBS Group boosted their price target on shares of Cloudflare from $145.00 to $200.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Finally, DZ Bank reiterated a "sell" rating and issued a $170.00 price objective on shares of Cloudflare in a research note on Tuesday, July 22nd. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $161.72.

Cloudflare Price Performance

Shares of NET traded up $2.61 during trading hours on Wednesday, hitting $202.04. 1,652,021 shares of the stock were exchanged, compared to its average volume of 3,687,484. The stock's 50-day moving average price is $181.77 and its two-hundred day moving average price is $147.40. The company has a market cap of $70.03 billion, a price-to-earnings ratio of -879.35 and a beta of 1.85. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. Cloudflare, Inc. has a 12-month low of $69.26 and a 12-month high of $203.08.

Cloudflare (NYSE:NET - Get Free Report) last issued 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). Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The company had revenue of $479.09 million for the quarter, compared to analysts' expectations of $469.49 million. During the same quarter last year, the company earned $0.16 EPS. Cloudflare's revenue for the quarter was up 26.5% compared to the same quarter last year. Research analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insiders Place Their Bets

In other Cloudflare news, Director Carl Ledbetter sold 15,000 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $199.85, for a total value of $2,997,750.00. Following the sale, the director owned 1,043,073 shares of the company's stock, valued at $208,458,139.05. This represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $184.58, for a total value of $9,669,038.72. Following the completion of the sale, the chief executive officer directly owned 381,213 shares of the company's stock, valued at approximately $70,364,295.54. This represents a 12.08% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 691,062 shares of company stock worth $121,871,367. Corporate insiders own 10.89% of the company's stock.

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.