GSA Capital Partners LLP Takes Position in Cloudflare, Inc. (NYSE:NET)

Key Points

• GSA Capital Partners LLP has invested approximately $557,000 in Cloudflare, acquiring 4,945 shares in the first quarter, highlighting growing interest from institutional investors.
• Cloudflare's stock is currently down 3.5% from an opening price of $200.46, despite a market cap of $69.48 billion and quarterly revenue growth of 27.8% year-over-year.
• Analysts have mixed ratings on Cloudflare, with target prices ranging from $140.00 to $230.00, reflecting differing opinions on the company's future performance.

GSA Capital Partners LLP acquired a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 4,945 shares of the company's stock, valued at approximately $557,000.

A number of other hedge funds have also made changes to their positions in the business. GAMMA Investing LLC increased its stake in shares of Cloudflare by 86.8% during the 1st quarter. GAMMA Investing LLC now owns 1,093 shares of the company's stock worth $123,000 after purchasing an additional 508 shares in the last quarter. Crossmark Global Holdings Inc. increased its position in Cloudflare by 9.6% during the first quarter. Crossmark Global Holdings Inc. now owns 2,635 shares of the company's stock worth $297,000 after buying an additional 230 shares in the last quarter. Amalgamated Bank raised its holdings in shares of Cloudflare by 7.0% in the first quarter. Amalgamated Bank now owns 21,402 shares of the company's stock worth $2,412,000 after acquiring an additional 1,400 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Cloudflare by 47.0% in the fourth quarter. Wellington Management Group LLP now owns 5,930 shares of the company's stock valued at $639,000 after acquiring an additional 1,896 shares in the last quarter. Finally, Yousif Capital Management LLC grew its holdings in shares of Cloudflare by 2.5% during the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock worth $447,000 after buying an additional 98 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

Cloudflare Stock Performance

NYSE NET traded up $7.38 on Wednesday, hitting $215.19. The stock had a trading volume of 2,320,799 shares, compared to its average volume of 3,503,849. Cloudflare, Inc. has a one year low of $74.88 and a one year high of $215.58. The stock has a market cap of $74.59 billion, a price-to-earnings ratio of -632.91 and a beta of 1.84. The company's 50-day moving average is $186.41 and its two-hundred day moving average is $150.57. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.18 by $0.03. The firm had revenue of $512.32 million for the quarter, compared to analysts' expectations of $501.58 million. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.42%. Cloudflare's revenue for the quarter was up 27.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.20 earnings per share. On average, analysts expect that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Activity

In related news, CFO Thomas J. Seifert sold 59,130 shares of the company's stock in a transaction that occurred 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 owned 241,550 shares in the company, valued at approximately $48,382,465. This represents a 19.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michelle Zatlyn sold 35,098 shares of the firm's stock in a transaction 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 completion of the sale, the insider directly owned 6,390 shares of the company's stock, valued at approximately $1,002,143.70. This trade represents a 84.60% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 691,062 shares of company stock valued at $122,093,547. Corporate insiders own 10.89% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on NET. Bank of America upped their price objective on shares of Cloudflare from $235.00 to $240.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Piper Sandler increased their target price on Cloudflare from $151.00 to $224.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Robert W. Baird increased their price objective on shares of Cloudflare from $148.00 to $175.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Cantor Fitzgerald increased their target price on Cloudflare from $162.00 to $199.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Finally, JMP Securities boosted their price target on Cloudflare from $180.00 to $225.00 and gave the stock a "market outperform" rating in a research report on Monday, July 28th. Three analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cloudflare has a consensus rating of "Moderate Buy" and a consensus target price of $186.88.

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.