Maxi Investments CY Ltd Makes New Investment 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 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 11,457 shares of the company's stock, valued at approximately $1,291,000.

A number of other hedge funds also recently added to or reduced their stakes in NET. Fred Alger Management LLC grew its stake in shares of 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 during the period. Invesco Ltd. boosted its holdings 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 purchasing an additional 804,059 shares during the last quarter. Alfreton Capital LLP purchased a new stake in Cloudflare during the 1st quarter valued at $48,457,000. Allspring Global Investments Holdings LLC purchased a new stake in Cloudflare during the 1st quarter valued at $39,898,000. Finally, Massachusetts Financial Services Co. MA bought a new position in shares of Cloudflare during the 1st quarter valued at $35,915,000. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

Cloudflare Price Performance

Shares of NET traded up $7.38 during mid-day trading on Wednesday, hitting $215.19. 2,320,799 shares of the stock were exchanged, compared to its average volume of 3,503,849. The company has a debt-to-equity ratio of 2.63, a quick ratio of 5.14 and a current ratio of 5.14. The company has a market cap of $74.59 billion, a PE ratio of -632.91 and a beta of 1.84. Cloudflare, Inc. has a 52-week low of $74.88 and a 52-week high of $215.58. The firm has a 50-day moving average of $187.48 and a two-hundred day moving average of $151.01.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.03. The company 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 quarterly revenue was up 27.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.20 earnings per share. On average, equities analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on NET. DZ Bank reiterated a "sell" rating and set a $170.00 price objective on shares of Cloudflare in a research report on Tuesday, July 22nd. Citigroup reaffirmed an "outperform" rating on shares of Cloudflare in a research report on Monday, July 28th. Needham & Company LLC boosted their target price on shares of Cloudflare from $200.00 to $240.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Mizuho upped their target price on shares of Cloudflare from $220.00 to $240.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Finally, Jefferies Financial Group cut their price objective on shares of Cloudflare from $170.00 to $150.00 and set a "hold" rating for the company in a research report on Friday, May 9th. Three analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $186.88.

Insider Transactions at Cloudflare

In other news, CFO Thomas J. Seifert sold 34,270 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $200.17, for a total value of $6,859,825.90. Following the completion of the sale, the chief financial officer directly owned 241,550 shares of the company's stock, valued at $48,351,063.50. This trade represents a 12.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Carl Ledbetter sold 15,000 shares of the business's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $199.85, for a total value of $2,997,750.00. Following the transaction, the director directly owned 1,043,073 shares in the company, valued at approximately $208,458,139.05. This represents a 1.42% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 691,062 shares of company stock worth $122,093,547. 10.89% of the stock is currently owned by corporate insiders.

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.