XTX Topco Ltd Makes New $342,000 Investment in Cloudflare, Inc. (NYSE:NET)

Key Points

• XTX Topco Ltd invested approximately $342,000 in Cloudflare, Inc., acquiring 3,034 shares, as reported in its latest 13F filing.
• Several institutional investors have significantly increased their stakes in Cloudflare, with Invesco Ltd. boosting its position by 292.5%.
• Analysts have a consensus target price of $186.88 for Cloudflare, with ratings ranging from sell to strong buy across different firms.

XTX Topco Ltd bought a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 3,034 shares of the company's stock, valued at approximately $342,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Capital World Investors lifted its position in shares of Cloudflare by 0.7% in the 4th quarter. Capital World Investors now owns 35,409,307 shares of the company's stock worth $3,812,942,000 after acquiring an additional 260,415 shares during the period. Northern Trust Corp lifted its position in shares of Cloudflare by 13.5% in the 4th quarter. Northern Trust Corp now owns 1,849,143 shares of the company's stock worth $199,116,000 after acquiring an additional 219,764 shares during the period. Invesco Ltd. lifted its position in shares of Cloudflare by 292.5% in the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after acquiring an additional 804,059 shares during the period. Fred Alger Management LLC lifted its position in shares of Cloudflare by 856.3% in the 4th 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. Finally, Bamco Inc. NY lifted its position in shares of Cloudflare by 5.5% in the 4th quarter. Bamco Inc. NY now owns 897,555 shares of the company's stock worth $96,649,000 after acquiring an additional 47,075 shares during the period. Institutional investors own 82.68% of the company's stock.

Cloudflare Trading Up 0.5%

Shares of NYSE:NET traded up $0.92 during midday trading on Tuesday, hitting $202.09. The company had a trading volume of 2,247,563 shares, compared to its average volume of 3,359,190. Cloudflare, Inc. has a 12 month low of $74.88 and a 12 month high of $219.00. The company has a current ratio of 5.14, a quick ratio of 5.14 and a debt-to-equity ratio of 2.63. The stock has a market cap of $70.42 billion, a price-to-earnings ratio of -594.38 and a beta of 1.84. The firm has a fifty day simple moving average of $190.37 and a 200 day simple moving average of $153.51.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly 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. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. The business had revenue of $512.32 million for the quarter, compared to analyst estimates of $501.58 million. During the same period last year, the company earned $0.20 EPS. The firm's revenue was up 27.8% on a year-over-year basis. On average, analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Wall Street Analysts Forecast Growth

NET has been the subject of several analyst reports. DZ Bank restated a "sell" rating and set a $170.00 target price on shares of Cloudflare in a research report on Tuesday, July 22nd. JMP Securities raised their target price on Cloudflare from $180.00 to $225.00 and gave the stock a "market outperform" rating in a research report on Monday, July 28th. Scotiabank raised their target price on Cloudflare from $135.00 to $200.00 and gave the stock a "sector perform" rating in a research report on Friday, August 1st. Cantor Fitzgerald raised their target price on Cloudflare from $162.00 to $199.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Finally, Mizuho raised their target price on Cloudflare from $220.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $186.88.

Insider Buying and Selling

In other news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $171.25, for a total value of $8,970,760.00. Following the transaction, the chief executive officer directly owned 381,213 shares in the company, valued at $65,282,726.25. This trade represents a 12.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Thomas J. Seifert sold 59,130 shares of the firm's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $200.30, for a total value of $11,843,739.00. Following the completion of the transaction, the chief financial officer owned 241,550 shares in the company, valued at $48,382,465. This represents a 19.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 638,678 shares of company stock valued at $114,296,189 over the last 90 days. Company insiders own 10.89% of the company's stock.

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.