Oak Ridge Investments LLC Purchases 11,410 Shares of Cloudflare, Inc. (NYSE:NET)

Key Points

• Oak Ridge Investments LLC increased its stake in Cloudflare, Inc. by 25.0% during the first quarter, now owning 57,037 shares worth approximately $6.43 million.
• CEO Matthew Prince sold 52,384 shares of Cloudflare stock for more than $8.97 million, representing a 12.08% decrease in his ownership.
• Cloudflare reported a revenue growth of 27.8% year-over-year, with $512.32 million in quarterly revenue, exceeding analysts' estimates.

Oak Ridge Investments LLC raised its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 25.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,037 shares of the company's stock after purchasing an additional 11,410 shares during the quarter. Oak Ridge Investments LLC's holdings in Cloudflare were worth $6,428,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of NET. GAMMA Investing LLC boosted its position in Cloudflare by 86.8% during the 1st quarter. GAMMA Investing LLC now owns 1,093 shares of the company's stock valued at $123,000 after purchasing an additional 508 shares during the period. Crossmark Global Holdings Inc. boosted its position in Cloudflare by 9.6% during the 1st quarter. Crossmark Global Holdings Inc. now owns 2,635 shares of the company's stock valued at $297,000 after purchasing an additional 230 shares during the period. Amalgamated Bank boosted its position in Cloudflare by 7.0% during the 1st quarter. Amalgamated Bank now owns 21,402 shares of the company's stock valued at $2,412,000 after purchasing an additional 1,400 shares during the period. Wellington Management Group LLP boosted its position in Cloudflare by 47.0% during the 4th quarter. Wellington Management Group LLP now owns 5,930 shares of the company's stock valued at $639,000 after purchasing an additional 1,896 shares during the period. Finally, Yousif Capital Management LLC boosted its position in Cloudflare by 2.5% during the 1st quarter. Yousif Capital Management LLC now owns 3,969 shares of the company's stock valued at $447,000 after purchasing an additional 98 shares during the period. Institutional investors and hedge funds own 82.68% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on NET. Cantor Fitzgerald boosted their price target on Cloudflare from $162.00 to $199.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Mizuho boosted their price target on Cloudflare from $220.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Needham & Company LLC boosted their price target on Cloudflare from $200.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Jefferies Financial Group reduced their price target on Cloudflare from $170.00 to $150.00 and set a "hold" rating for the company in a research report on Friday, May 9th. Finally, Citigroup reiterated an "outperform" rating on shares of Cloudflare in a research report on Monday, July 28th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Cloudflare presently has a consensus rating of "Moderate Buy" and an average target price of $186.88.

Insider Activity

In other Cloudflare news, insider Michelle Zatlyn sold 25,641 shares of the business's stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $190.68, for a total value of $4,889,225.88. Following the transaction, the insider directly owned 6,390 shares of the company's stock, valued at approximately $1,218,445.20. The trade was a 80.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 34,270 shares of the business's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $200.17, for a total value of $6,859,825.90. Following the completion of the transaction, the chief financial officer directly owned 241,550 shares in the company, valued at approximately $48,351,063.50. This trade represents a 12.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 586,294 shares of company stock valued at $106,298,200. 10.89% of the stock is currently owned by company insiders.

Cloudflare Price Performance

Shares of NET traded up $5.36 during trading hours on Friday, hitting $200.74. 2,120,767 shares of the company were exchanged, compared to its average volume of 3,270,178. The company has a market cap of $69.95 billion, a price-to-earnings ratio of -590.41 and a beta of 1.84. Cloudflare, Inc. has a fifty-two week low of $74.88 and a fifty-two week high of $219.00. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63. The firm's fifty day moving average is $191.73 and its 200 day moving average is $154.85.

Cloudflare (NYSE:NET - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.21 earnings per share (EPS) 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 analyst estimates of $501.58 million. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. Cloudflare's quarterly revenue was up 27.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.20 EPS. On average, equities analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

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.