BOCHK Asset Management Ltd Makes New $10.95 Million Investment in Cloudflare, Inc. (NYSE:NET)

BOCHK Asset Management Ltd bought a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 97,155 shares of the company's stock, valued at approximately $10,948,000. Cloudflare makes up about 6.2% of BOCHK Asset Management Ltd's investment portfolio, making the stock its 5th largest holding.

Other hedge funds have also added to or reduced their stakes in the company. Capital World Investors raised its position in Cloudflare by 0.7% during the fourth quarter. Capital World Investors now owns 35,409,307 shares of the company's stock worth $3,812,942,000 after acquiring an additional 260,415 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Cloudflare by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock valued at $526,986,000 after purchasing an additional 68,661 shares during the period. Groupama Asset Managment bought a new position in Cloudflare during the fourth quarter worth about $269,200,000. Norges Bank bought a new position in Cloudflare during the fourth quarter worth about $249,544,000. Finally, American Century Companies Inc. grew its holdings in Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock worth $243,098,000 after purchasing an additional 1,017,399 shares during the period. Institutional investors own 82.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on NET shares. Guggenheim lifted their target price on Cloudflare from $68.00 to $70.00 and gave the stock a "sell" rating in a research note on Friday, May 9th. Needham & Company LLC lifted their price objective on shares of Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Piper Sandler reissued a "neutral" rating and issued a $151.00 price objective (up from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Morgan Stanley lifted their target price on shares of Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Finally, The Goldman Sachs Group reduced their target price on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating for the company in a report on Friday, March 14th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $145.92.

Cloudflare Price Performance

NET traded down $11.66 on Thursday, hitting $181.83. 3,854,016 shares of the stock were exchanged, compared to its average volume of 3,156,739. 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 12 month low of $69.26 and a 12 month high of $198.01. The firm has a market capitalization of $63.02 billion, a price-to-earnings ratio of -790.57 and a beta of 1.85. The business has a 50-day moving average of $167.12 and a two-hundred day moving average of $139.54.

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 analysts' consensus estimates of $0.17 by ($0.01). The firm had revenue of $479.09 million for the quarter, compared to the consensus estimate of $469.49 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The business's revenue was up 26.5% on a year-over-year basis. During the same period last year, the company posted $0.16 EPS. Sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Activity

In other news, CFO Thomas J. Seifert sold 10,000 shares of Cloudflare stock in a transaction on Friday, June 20th. The stock was sold at an average price of $180.76, for a total value of $1,807,600.00. Following the transaction, the chief financial officer owned 241,550 shares in the company, valued at approximately $43,662,578. This trade represents a 3.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Carl Ledbetter sold 15,000 shares of the company's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $193.94, for a total value of $2,909,100.00. Following the sale, the director owned 1,058,073 shares of the company's stock, valued at approximately $205,202,677.62. This represents a 1.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 476,292 shares of company stock valued at $75,299,286. Corporate insiders own 10.89% of the company's stock.

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.