Woodline Partners LP Makes New Investment in Cloudflare, Inc. (NYSE:NET)

Woodline Partners LP acquired a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 61,646 shares of the company's stock, valued at approximately $6,638,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of NET. Vident Advisory LLC grew its holdings in Cloudflare by 42.6% in the 4th quarter. Vident Advisory LLC now owns 27,591 shares of the company's stock worth $2,971,000 after buying an additional 8,239 shares in the last quarter. Sphera Management Technology Funds Ltd bought a new position in Cloudflare during the 4th quarter valued at $959,000. Triglav Skladi D.O.O. acquired a new stake in shares of Cloudflare during the 4th quarter valued at $969,000. Toronto Dominion Bank lifted its position in shares of Cloudflare by 7.0% during the 4th quarter. Toronto Dominion Bank now owns 39,763 shares of the company's stock valued at $4,282,000 after acquiring an additional 2,605 shares during the last quarter. Finally, Square Peg Capital PTY Ltd. acquired a new stake in shares of Cloudflare during the 4th quarter valued at $7,215,000. Institutional investors and hedge funds own 82.68% of the company's stock.

Cloudflare Trading Up 1.0%

Shares of NYSE:NET traded up $1.59 during mid-day trading on Thursday, reaching $163.57. 1,036,270 shares of the company's stock were exchanged, compared to its average volume of 3,155,798. The firm has a market capitalization of $56.44 billion, a price-to-earnings ratio of -743.80 and a beta of 1.78. The business's fifty day moving average price is $125.11 and its 200-day moving average price is $123.51. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly 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 return on equity of 5.52% and a negative net margin of 4.72%. The business had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. During the same quarter last year, the firm posted $0.16 EPS. Cloudflare's revenue for the quarter was up 26.5% on a year-over-year basis. On average, research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling at Cloudflare

In other news, CFO Thomas J. Seifert sold 10,000 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $120.00, for a total transaction of $1,200,000.00. Following the completion of the sale, the chief financial officer now directly owns 293,582 shares of the company's stock, valued at $35,229,840. The trade was a 3.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction dated 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 owns 413,413 shares in the company, valued at approximately $48,501,613.16. The trade was a 11.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 501,085 shares of company stock valued at $65,312,967. Corporate insiders own 12.83% of the company's stock.

Wall Street Analysts Forecast Growth

NET has been the subject of a number of research analyst reports. Jefferies Financial Group reduced their target price on Cloudflare from $170.00 to $150.00 and set a "hold" rating for the company in a report on Friday, May 9th. UBS Group increased their price objective on Cloudflare from $135.00 to $145.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Cantor Fitzgerald boosted their price objective on shares of Cloudflare from $111.00 to $149.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Bank of America upgraded shares of Cloudflare from an "underperform" rating to a "buy" rating and boosted their price objective for the stock from $60.00 to $160.00 in a research report on Tuesday, March 25th. Finally, Stifel Nicolaus upped their target price on shares of Cloudflare from $136.00 to $175.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Cloudflare presently has a consensus rating of "Hold" and an average target price of $141.79.

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.