BOCHK Asset Management Ltd Takes $10.95 Million Position in Cloudflare, Inc. (NYSE:NET)

BOCHK Asset Management Ltd purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 97,155 shares of the company's stock, valued at approximately $10,948,000. Cloudflare accounts for about 6.2% of BOCHK Asset Management Ltd's portfolio, making the stock its 5th biggest position.

Other large investors have also recently made changes to their positions in the company. CreativeOne Wealth LLC grew its position in Cloudflare by 0.8% in the fourth quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company's stock worth $752,000 after acquiring an additional 58 shares in the last quarter. Spire Wealth Management grew its position in Cloudflare by 11.0% in the first quarter. Spire Wealth Management now owns 962 shares of the company's stock worth $108,000 after acquiring an additional 95 shares in the last quarter. Yousif Capital Management LLC grew its position in Cloudflare by 2.5% in the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock worth $447,000 after acquiring an additional 98 shares in the last quarter. Baxter Bros Inc. grew its position in Cloudflare by 3.8% in the fourth quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock worth $296,000 after acquiring an additional 100 shares in the last quarter. Finally, Ellevest Inc. grew its position in Cloudflare by 2.3% in the fourth quarter. Ellevest Inc. now owns 4,538 shares of the company's stock worth $489,000 after acquiring an additional 102 shares in the last quarter. 82.68% of the stock is owned by institutional investors.

Insider Buying and Selling at Cloudflare

In related news, insider Michelle Zatlyn sold 25,641 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $171.41, for a total transaction of $4,395,123.81. Following the completion of the transaction, the insider owned 6,390 shares in the company, valued at $1,095,309.90. This represents a 80.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas J. Seifert sold 10,000 shares of the company's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $180.76, for a total transaction of $1,807,600.00. Following the transaction, the chief financial officer owned 241,550 shares of the company's stock, valued at approximately $43,662,578. This trade represents a 3.98% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 478,603 shares of company stock worth $75,548,296. 10.89% of the stock is currently owned by company insiders.

Cloudflare Stock Performance

NYSE:NET traded up $1.18 during mid-day trading on Wednesday, hitting $193.99. The company's stock had a trading volume of 2,345,624 shares, compared to its average volume of 3,153,943. The business's fifty day moving average is $167.12 and its two-hundred day moving average is $139.54. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.20 and a quick ratio of 3.20. Cloudflare, Inc. has a 1 year low of $69.26 and a 1 year high of $198.01. The stock has a market cap of $67.24 billion, a price-to-earnings ratio of -843.43 and a beta of 1.85.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) 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 firm had revenue of $479.09 million for the quarter, compared to analysts' expectations of $469.49 million. During the same period in the previous year, the company earned $0.16 earnings per share. The company's revenue was up 26.5% compared to the same quarter last year. Analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. UBS Group lifted their price target on Cloudflare from $135.00 to $145.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Bank of America raised shares of Cloudflare from an "underperform" rating to a "buy" rating and lifted their price target for the company from $60.00 to $160.00 in a research note on Tuesday, March 25th. Susquehanna decreased their price target on shares of Cloudflare from $170.00 to $140.00 and set a "neutral" rating for the company in a research note on Monday, May 12th. Capital One Financial raised shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. Finally, Cowen reaffirmed a "buy" rating on shares of Cloudflare in a research note on Monday, June 16th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $145.92.

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.