Bridgewater Advisors Inc. Takes $708,000 Position in Cloudflare, Inc. (NYSE:NET)

Bridgewater Advisors Inc. bought a new position in Cloudflare, Inc. (NYSE:NET - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,796 shares of the company's stock, valued at approximately $708,000.

Other large investors also recently made changes to their positions in the company. Capital World Investors boosted its position in Cloudflare by 0.7% during the 4th 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 during the period. Geode Capital Management LLC grew its holdings in shares of Cloudflare by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock worth $526,986,000 after purchasing an additional 68,661 shares in the last quarter. Groupama Asset Managment acquired a new stake in Cloudflare during the fourth quarter valued at approximately $269,200,000. Norges Bank bought a new position in shares of Cloudflare during the fourth quarter valued at $249,544,000. Finally, American Century Companies Inc. increased its holdings in shares of 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 buying an additional 1,017,399 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $152.68, for a total value of $7,997,989.12. Following the sale, the chief executive officer owned 10,426 shares of the company's stock, valued at $1,591,841.68. The trade was a 83.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michelle Zatlyn sold 35,098 shares of the business's 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 transaction, the insider owned 6,390 shares in the company, valued at $1,002,143.70. The trade was a 84.60% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 529,780 shares of company stock valued at $89,493,752. 10.89% of the stock is currently owned by corporate insiders.

Cloudflare Trading Up 1.0%

NYSE:NET traded up $1.92 on Thursday, reaching $191.73. The company's stock had a trading volume of 2,506,040 shares, compared to its average volume of 3,170,575. Cloudflare, Inc. has a 12-month low of $69.26 and a 12-month high of $198.01. The stock has a 50 day moving average price of $173.25 and a 200 day moving average price of $142.04. The firm has a market cap of $66.45 billion, a price-to-earnings ratio of -833.24 and a beta of 1.85. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.16 EPS 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 analyst estimates of $469.49 million. Cloudflare had a negative return on equity of 6.31% and a negative net margin of 4.62%. The firm's revenue for the quarter was up 26.5% on a year-over-year basis. During the same quarter last year, the company earned $0.16 earnings per share. On average, equities analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on NET. CICC Research raised Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 target price on the stock 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 report on Thursday, May 8th. Bank of America upgraded shares of Cloudflare from an "underperform" rating to a "buy" rating and increased their target price for the stock from $60.00 to $160.00 in a research report on Tuesday, March 25th. Piper Sandler reissued a "neutral" rating and set a $151.00 price target (up previously from $112.00) on shares of Cloudflare in a report on Friday, May 9th. Finally, Guggenheim raised their price target on shares of Cloudflare from $68.00 to $70.00 and gave the company a "sell" rating in a research note on Friday, May 9th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $152.32.

About Cloudflare

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.