40,503 Shares in Cloudflare, Inc. (NYSE:NET) Purchased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 40,503 shares of the company's stock, valued at approximately $4,564,000.

A number of other hedge funds also recently bought and sold shares of NET. Capital World Investors increased its position in shares of Cloudflare by 0.7% during the fourth 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. Geode Capital Management LLC raised its holdings in Cloudflare by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 4,903,219 shares of the company's stock worth $526,986,000 after purchasing an additional 68,661 shares in the last quarter. Groupama Asset Managment bought a new position in Cloudflare in the fourth quarter worth about $269,200,000. Norges Bank bought a new position in Cloudflare in the fourth quarter worth about $249,544,000. Finally, Northern Trust Corp grew its holdings in Cloudflare by 13.5% in the fourth quarter. Northern Trust Corp now owns 1,849,143 shares of the company's stock worth $199,116,000 after purchasing an additional 219,764 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

Insider Activity

In other news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $152.68, for a total transaction of $7,997,989.12. Following the transaction, the chief executive officer directly owned 10,426 shares in the company, valued at $1,591,841.68. The trade was a 83.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Thomas J. Seifert sold 41,556 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $156.78, for a total transaction of $6,515,149.68. Following the transaction, the chief financial officer owned 241,550 shares in the company, valued at approximately $37,870,209. This trade represents a 14.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 625,332 shares of company stock valued at $107,911,278. 10.89% of the stock is owned by insiders.

Cloudflare Stock Performance

NYSE NET traded up $2.29 during trading on Thursday, reaching $191.44. The company's stock had a trading volume of 2,091,882 shares, compared to its average volume of 3,711,866. The company has a debt-to-equity ratio of 0.90, a quick ratio of 3.20 and a current ratio of 3.20. The firm has a market cap of $66.36 billion, a price-to-earnings ratio of -832.37 and a beta of 1.85. Cloudflare, Inc. has a twelve month low of $69.26 and a twelve month high of $200.76. The business's fifty day moving average price is $178.49 and its 200-day moving average price is $144.89.

Cloudflare (NYSE:NET - Get Free Report) last released its 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). The company had revenue of $479.09 million during the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The company's revenue for the quarter was up 26.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 EPS. As a group, analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Jefferies Financial Group cut their price target on shares of Cloudflare from $170.00 to $150.00 and set a "hold" rating on the stock in a report on Friday, May 9th. Wells Fargo & Company lifted their price objective on shares of Cloudflare from $200.00 to $225.00 and gave the stock an "overweight" rating in a research note on Monday. Capital One Financial upgraded shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. DZ Bank downgraded shares of Cloudflare from a "strong-buy" rating to a "strong sell" rating and set a $170.00 price objective for the company. in a research note on Tuesday. Finally, CICC Research upgraded shares of Cloudflare from a "market perform" rating to an "outperform" rating and set a $154.00 price objective for the company in a research note on Monday, May 12th. Three equities 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 assigned a strong buy rating to the company's stock. According to MarketBeat.com, Cloudflare presently has an average rating of "Moderate Buy" and an average target price of $158.52.

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.