Maxi Investments CY Ltd Purchases New Position in Cloudflare, Inc. (NYSE:NET)

Key Points

• Maxi Investments CY Ltd has made a new investment of approximately $1.29 million in Cloudflare, Inc., purchasing 11,457 shares according to a recent 13F filing.
• Institutional investors hold 82.68% of Cloudflare's stock, with several firms significantly increasing their stakes, including Invesco Ltd. by 292.5% and Fred Alger Management by 856.3%.
• Cloudflare recently reported quarterly earnings with a 27.8% increase in revenue year-over-year, highlighting a profit of $0.21 EPS, surpassing estimates.

Maxi Investments CY Ltd purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 11,457 shares of the company's stock, valued at approximately $1,291,000.

A number of other hedge funds have also recently made changes to their positions in the company. Capital World Investors grew its position in Cloudflare by 0.7% in 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. Northern Trust Corp grew its position in Cloudflare by 13.5% in the fourth quarter. Northern Trust Corp now owns 1,849,143 shares of the company's stock worth $199,116,000 after acquiring an additional 219,764 shares in the last quarter. Invesco Ltd. grew its position in Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after acquiring an additional 804,059 shares in the last quarter. Fred Alger Management LLC grew its position in Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after acquiring an additional 836,591 shares in the last quarter. Finally, Bamco Inc. NY grew its position in Cloudflare by 5.5% in the fourth quarter. Bamco Inc. NY now owns 897,555 shares of the company's stock worth $96,649,000 after acquiring an additional 47,075 shares in the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, insider Michelle Zatlyn sold 35,098 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $156.83, for a total transaction of $5,504,419.34. Following the completion of the transaction, the insider 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas J. Seifert sold 59,130 shares of the firm'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 of the company's stock, valued at $48,382,465. This represents a 19.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 691,062 shares of company stock worth $122,093,547 over the last three months. Company insiders own 10.89% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NET. UBS Group upped their target price on shares of Cloudflare from $145.00 to $200.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. DZ Bank reiterated a "sell" rating and issued a $170.00 target price on shares of Cloudflare in a research report on Tuesday, July 22nd. Needham & Company LLC upped their target price on shares of Cloudflare from $200.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Mizuho boosted their price target on shares of Cloudflare from $220.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Finally, Robert W. Baird boosted their price target on shares of Cloudflare from $148.00 to $175.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Three analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Cloudflare presently has a consensus rating of "Moderate Buy" and a consensus price target of $186.88.

Cloudflare Trading Down 2.8%

NET stock traded down $5.91 during trading on Friday, reaching $204.53. The company had a trading volume of 1,766,227 shares, compared to its average volume of 3,444,557. Cloudflare, Inc. has a 52 week low of $74.88 and a 52 week high of $219.00. The company has a market cap of $70.89 billion, a P/E ratio of -601.56 and a beta of 1.84. The business has a 50 day moving average of $189.16 and a 200 day moving average of $152.24. The company has a debt-to-equity ratio of 2.63, a current ratio of 5.14 and a quick ratio of 5.14.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly 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 8.42%. The company had revenue of $512.32 million during the quarter, compared to the consensus estimate of $501.58 million. During the same period in the prior year, the firm earned $0.20 earnings per share. Cloudflare's revenue was up 27.8% on a year-over-year basis. As a group, sell-side analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal 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.