61,646 Shares in Cloudflare, Inc. (NYSE:NET) Purchased by Woodline Partners LP

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

Several other hedge funds and other institutional investors have also recently made changes to their positions in NET. Larson Financial Group LLC raised its holdings in Cloudflare by 1,988.5% in the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company's stock worth $58,000 after acquiring an additional 517 shares during the last quarter. CoreCap Advisors LLC increased its holdings 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 in the last quarter. Whittier Trust Co. raised its stake 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 purchasing an additional 329 shares during the last quarter. Sava Infond d.o.o. purchased a new position in shares of Cloudflare in the fourth quarter worth $65,000. Finally, Murphy & Mullick Capital Management Corp bought a new position in shares of Cloudflare during the fourth quarter valued at $66,000. Institutional investors own 82.68% of the company's stock.

Analyst Ratings Changes

NET has been the subject of a number of recent analyst reports. Jefferies Financial Group decreased their target price on Cloudflare from $170.00 to $150.00 and set a "hold" rating for the company in a research report on Friday, May 9th. Stifel Nicolaus lifted their price target on shares of Cloudflare from $136.00 to $175.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Piper Sandler restated a "neutral" rating and set a $151.00 price objective (up previously from $112.00) on shares of Cloudflare in a research report on Friday, May 9th. Cantor Fitzgerald lifted their target price 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. Finally, UBS Group boosted their target price on shares of Cloudflare from $135.00 to $145.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Cloudflare currently has a consensus rating of "Hold" and a consensus price target of $141.79.

Insider Buying and Selling

In other Cloudflare news, insider Michelle Zatlyn sold 25,640 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $156.72, for a total value of $4,018,300.80. Following the completion of the transaction, the insider now directly owns 6,390 shares in the company, valued at $1,001,440.80. This represents a 80.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Douglas James Kramer sold 9,000 shares of Cloudflare stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $112.83, for a total transaction of $1,015,470.00. Following the sale, the insider now owns 188,406 shares in the company, valued at approximately $21,257,848.98. The trade was a 4.56% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 511,913 shares of company stock worth $66,395,593. 12.83% of the stock is owned by corporate insiders.

Cloudflare Price Performance

Shares of NYSE NET traded up $3.73 during midday trading on Tuesday, reaching $161.77. The stock had a trading volume of 2,907,072 shares, compared to its average volume of 3,159,374. The company has a market capitalization of $55.82 billion, a price-to-earnings ratio of -735.32 and a beta of 1.78. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37. The stock has a 50-day moving average of $123.37 and a 200-day moving average of $122.97. 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 (NYSE:NET - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (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 during the quarter, compared to analysts' expectations of $469.49 million. During the same quarter in the previous year, the company posted $0.16 EPS. The company's quarterly revenue was up 26.5% on a year-over-year basis. As a group, research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS 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.