Blueshift Asset Management LLC Increases Holdings in Cloudflare, Inc. (NYSE:NET)

Key Points

• Blueshift Asset Management LLC increased its holdings in Cloudflare, Inc. by 36.0%, owning 9,908 shares valued at approximately $1.12 million as of the latest SEC filing.
• Insider trading activity has seen CFO Thomas J. Seifert sell a total of 93,400 shares in July, leading to a significant decline in his ownership position by 12.42% and 19.67% in separate transactions.
• Multiple hedge funds have recently adjusted their stakes in Cloudflare, with 82.68% of the stock now owned by institutional investors, indicating a strong institutional interest in the company.

Blueshift Asset Management LLC raised its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 36.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,908 shares of the company's stock after acquiring an additional 2,623 shares during the period. Blueshift Asset Management LLC's holdings in Cloudflare were worth $1,117,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in NET. LPL Financial LLC boosted its stake in Cloudflare by 3.4% in the fourth quarter. LPL Financial LLC now owns 122,171 shares of the company's stock valued at $13,155,000 after acquiring an additional 3,989 shares in the last quarter. Orion Portfolio Solutions LLC acquired a new stake in Cloudflare during the fourth quarter worth about $216,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Cloudflare by 339.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 232,136 shares of the company's stock valued at $24,996,000 after purchasing an additional 179,303 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in shares of Cloudflare by 3.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 5,032 shares of the company's stock worth $582,000 after acquiring an additional 155 shares during the period. Finally, O Shaughnessy Asset Management LLC boosted its position in Cloudflare by 16.6% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 23,992 shares of the company's stock worth $2,583,000 after purchasing an additional 3,411 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors.

Insider Activity at Cloudflare

In related 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 transaction, the chief financial officer owned 241,550 shares in the company, valued at $48,351,063.50. This represents a 12.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 59,130 shares of Cloudflare stock in a transaction on Monday, July 28th. The shares were sold at an average price of $200.30, for a total value of $11,843,739.00. Following the completion of the sale, the chief financial officer directly owned 241,550 shares of the company's stock, valued at $48,382,465. This trade represents a 19.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 688,062 shares of company stock valued at $121,498,887. Corporate insiders own 10.89% of the company's stock.

Cloudflare Trading Up 3.3%

NYSE NET opened at $207.57 on Friday. Cloudflare, Inc. has a 1-year low of $69.26 and a 1-year high of $210.98. The firm's fifty day simple moving average is $182.66 and its 200-day simple moving average is $147.77. 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 company has a market capitalization of $71.95 billion, a PE ratio of -902.48 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.03. Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The business had revenue of $512.32 million during the quarter, compared to analysts' expectations of $501.58 million. During the same period in the previous year, the company earned $0.20 earnings per share. Cloudflare's revenue for the quarter was up 27.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NET has been the subject of several research reports. Wells Fargo & Company boosted their price objective on Cloudflare from $200.00 to $225.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. DZ Bank reiterated a "sell" rating and issued a $170.00 target price on shares of Cloudflare in a report on Tuesday, July 22nd. Robert W. Baird raised their price objective on Cloudflare from $148.00 to $175.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Mizuho boosted their target price on Cloudflare from $155.00 to $220.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. 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 note on Monday. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cloudflare currently has a consensus rating of "Moderate Buy" and a consensus target price of $161.72.

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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