Harvest Fund Management Co. Ltd Has $538,000 Position in Cloudflare, Inc. (NYSE:NET)

Key Points

• Harvest Fund Management Co. Ltd reduced its stake in Cloudflare, Inc. by 52.5% in the first quarter, now owning 4,780 shares valued at approximately $538,000 after selling 5,282 shares.
• Institutional investors, including Banque Cantonale Vaudoise and Federated Hermes Inc., have made significant investments in Cloudflare, with hedge funds owning 82.68% of the company's stock.
• Despite selling shares, Cloudflare's recent analyst ratings are predominantly positive, with a consensus rating of "Moderate Buy" and an average target price of $161.72.

Harvest Fund Management Co. Ltd decreased its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 52.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,780 shares of the company's stock after selling 5,282 shares during the period. Harvest Fund Management Co. Ltd's holdings in Cloudflare were worth $538,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mather Group LLC. lifted its position in Cloudflare by 1,188.2% during the 1st quarter. Mather Group LLC. now owns 219 shares of the company's stock worth $25,000 after acquiring an additional 202 shares during the last quarter. NBC Securities Inc. acquired a new position in Cloudflare during the 1st quarter worth $27,000. GPS Wealth Strategies Group LLC increased its holdings in shares of Cloudflare by 213.4% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company's stock worth $29,000 after purchasing an additional 175 shares during the period. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Cloudflare by 115.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company's stock worth $30,000 after purchasing an additional 142 shares during the period. Finally, Global Financial Private Client LLC increased its holdings in shares of Cloudflare by 38,100.0% during the 1st quarter. Global Financial Private Client LLC now owns 382 shares of the company's stock worth $43,000 after purchasing an additional 381 shares during the period. Institutional investors and hedge funds own 82.68% of the company's stock.

Insider Activity at Cloudflare

In other 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 transaction of $11,843,739.00. Following the transaction, the chief financial officer directly owned 241,550 shares in the company, valued at approximately $48,382,465. This represents a 19.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michelle Zatlyn sold 35,098 shares of the company'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 transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 688,062 shares of company stock valued at $121,498,887 over the last ninety days. Company insiders own 10.89% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Citigroup restated an "outperform" rating on shares of Cloudflare in a report on Monday, July 28th. UBS Group boosted their price objective on shares of Cloudflare from $145.00 to $200.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. Stifel Nicolaus boosted their price objective on shares of Cloudflare from $175.00 to $230.00 and gave the stock a "buy" rating in a report on Friday. Cantor Fitzgerald upped their target price on shares of Cloudflare from $162.00 to $199.00 and gave the company a "neutral" rating in a research note on Friday. Finally, Oppenheimer reissued an "outperform" rating and issued a $200.00 target price (up previously from $165.00) on shares of Cloudflare in a research note on Thursday, June 5th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $186.88.

Cloudflare Trading Down 3.5%

Cloudflare stock traded down $7.22 during trading hours on Friday, hitting $200.46. 6,447,007 shares of the stock were exchanged, compared to its average volume of 3,077,286. Cloudflare, Inc. has a 12 month low of $69.26 and a 12 month high of $211.27. The business's 50-day moving average is $184.49 and its two-hundred day moving average is $149.29. 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 (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.03. Cloudflare had a negative net margin of 6.22% and a negative return on equity of 8.59%. The company had revenue of $512.32 million for the quarter, compared to analyst estimates of $501.58 million. During the same period in the prior year, the business earned $0.20 earnings per share. Cloudflare's quarterly revenue was up 27.8% on a year-over-year basis. On average, sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

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.