Wellington Management Group LLP Grows Position in Cloudflare, Inc. (NYSE:NET)

Wellington Management Group LLP increased its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 47.0% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 5,930 shares of the company's stock after buying an additional 1,896 shares during the quarter. Wellington Management Group LLP's holdings in Cloudflare were worth $639,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of NET. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Cloudflare in the 4th quarter worth $43,000. Park Square Financial Group LLC purchased a new stake in shares of Cloudflare during the 4th quarter valued at about $56,000. Larson Financial Group LLC increased its position in shares of Cloudflare by 1,988.5% during the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company's stock valued at $58,000 after purchasing an additional 517 shares during the last quarter. CoreCap Advisors LLC lifted its stake in shares of Cloudflare by 218.4% in the 4th quarter. CoreCap Advisors LLC now owns 554 shares of the company's stock worth $60,000 after purchasing an additional 380 shares during the period. Finally, Whittier Trust Co. boosted its holdings in shares of Cloudflare by 120.5% in the fourth quarter. Whittier Trust Co. now owns 602 shares of the company's stock worth $65,000 after buying an additional 329 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

Insider Transactions at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $117.32, for a total transaction of $6,145,690.88. Following the completion of the transaction, the chief executive officer now directly owns 413,413 shares of the company's stock, valued at $48,501,613.16. The trade was a 11.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michelle Zatlyn sold 25,641 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $171.41, for a total transaction of $4,395,123.81. Following the transaction, the insider now owns 6,390 shares in the company, valued at $1,095,309.90. This trade represents a 80.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 555,368 shares of company stock worth $74,642,157 in the last three months. Insiders own 12.83% of the company's stock.

Cloudflare Price Performance

Shares of Cloudflare stock opened at $179.70 on Friday. The firm has a market cap of $62.29 billion, a PE ratio of -816.82 and a beta of 1.78. The stock has a 50 day moving average of $132.42 and a 200 day moving average of $127.53. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 12 month low of $69.26 and a 12 month high of $181.81.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The firm had revenue of $479.09 million for the quarter, compared to the consensus estimate of $469.49 million. During the same quarter in the prior year, the company posted $0.16 earnings per share. The firm's revenue was up 26.5% compared to the same quarter last year. On average, research analysts expect that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on NET shares. Guggenheim increased their price target on shares of Cloudflare from $68.00 to $70.00 and gave the stock a "sell" rating in a research report on Friday, May 9th. CICC Research raised Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 target price on the stock in a report on Monday, May 12th. The Goldman Sachs Group cut their price target on Cloudflare from $183.00 to $161.00 and set a "buy" rating for the company in a report on Friday, March 14th. Piper Sandler restated a "neutral" rating and issued a $151.00 price target (up previously from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Finally, Susquehanna lowered their price objective on Cloudflare from $170.00 to $140.00 and set a "neutral" rating on the stock in a research report on Monday, May 12th. Three analysts have rated the stock with a sell rating, ten have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $145.92.

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.

Want to see what other hedge funds are holding NET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cloudflare, Inc. (NYSE:NET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.