Fred Alger Management LLC Purchases 836,591 Shares of Cloudflare, Inc. (NYSE:NET)

Fred Alger Management LLC increased its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 856.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 934,286 shares of the company's stock after acquiring an additional 836,591 shares during the period. Fred Alger Management LLC owned about 0.27% of Cloudflare worth $100,604,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of NET. Larson Financial Group LLC raised its stake in Cloudflare by 1,988.5% during the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company's stock worth $58,000 after buying an additional 517 shares during the last quarter. CoreCap Advisors LLC raised its position 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 acquiring an additional 380 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company's stock valued at $63,000 after purchasing an additional 217 shares during the period. Whittier Trust Co. boosted its position in shares of Cloudflare by 120.5% during the 4th quarter. Whittier Trust Co. now owns 602 shares of the company's stock valued at $65,000 after purchasing an additional 329 shares in the last quarter. Finally, Sava Infond d.o.o. acquired a new stake in Cloudflare during the fourth quarter worth approximately $65,000. Institutional investors and hedge funds own 82.68% of the company's stock.

Cloudflare Stock Down 0.4 %

Cloudflare stock opened at $121.86 on Thursday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $42.05 billion, a P/E ratio of -553.90 and a beta of 1.78. The firm has a 50 day moving average price of $116.55 and a 200-day moving average price of $117.02. 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 released its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, equities analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling

In other news, CAO Janel Riley sold 4,327 shares of Cloudflare stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the transaction, the chief accounting officer now directly owns 74,698 shares in the company, valued at approximately $12,519,384.80. The trade was a 5.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 2,311 shares of the stock in a transaction dated Thursday, April 10th. The stock was sold at an average price of $107.75, for a total value of $249,010.25. Following the sale, the chief executive officer now directly owns 413,413 shares in the company, valued at $44,545,250.75. This trade represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 492,492 shares of company stock valued at $63,757,685. 12.83% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on NET. DZ Bank cut Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 price target on the stock. in a report on Tuesday, February 11th. Wells Fargo & Company raised their price target on shares of Cloudflare from $135.00 to $150.00 and gave the stock an "overweight" rating in a report on Monday, January 27th. Guggenheim upped their price objective on shares of Cloudflare from $57.00 to $68.00 and gave the company a "sell" rating in a report on Friday, February 7th. UBS Group decreased their target price on Cloudflare from $165.00 to $135.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. Finally, Royal Bank of Canada cut their price target on Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat, Cloudflare presently has an average rating of "Hold" and a consensus target price of $137.70.

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.

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