Cloudflare, Inc. (NYSE:NET) Shares Acquired by ARK Investment Management LLC

ARK Investment Management LLC boosted its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 2.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 440,868 shares of the company's stock after acquiring an additional 11,259 shares during the period. ARK Investment Management LLC owned about 0.13% of Cloudflare worth $36,707,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in NET. Vanguard Group Inc. raised its position in shares of Cloudflare by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 27,418,275 shares of the company's stock worth $1,728,448,000 after buying an additional 395,363 shares during the period. Moneta Group Investment Advisors LLC raised its position in shares of Cloudflare by 131,133.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 6,073,501 shares of the company's stock valued at $274,583,000 after purchasing an additional 6,068,873 shares in the last quarter. State Street Corp increased its position in shares of Cloudflare by 5.3% in the 1st quarter. State Street Corp now owns 5,552,609 shares of the company's stock worth $664,647,000 after purchasing an additional 278,422 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Cloudflare by 4.1% during the second quarter. Geode Capital Management LLC now owns 3,953,754 shares of the company's stock worth $258,029,000 after purchasing an additional 156,172 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Cloudflare in the 4th quarter worth approximately $124,592,000. Hedge funds and other institutional investors own 82.68% of the company's stock.

Insider Activity

In other news, Director Carl Ledbetter sold 9,993 shares of the firm's stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $100.16, for a total transaction of $1,000,898.88. Following the completion of the transaction, the director now owns 1,275,004 shares in the company, valued at approximately $127,704,400.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, General Counsel Douglas James Kramer sold 3,000 shares of the company's stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $81.43, for a total transaction of $244,290.00. Following the transaction, the general counsel now owns 154,629 shares in the company, valued at approximately $12,591,439.47. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Carl Ledbetter sold 9,993 shares of the business's stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $100.16, for a total value of $1,000,898.88. Following the sale, the director now owns 1,275,004 shares of the company's stock, valued at approximately $127,704,400.64. The disclosure for this sale can be found here. In the last three months, insiders sold 1,079,809 shares of company stock valued at $101,239,047. Company insiders own 14.80% of the company's stock.

Cloudflare Price Performance

Shares of NET stock traded up $0.23 during midday trading on Thursday, reaching $96.78. 1,698,630 shares of the company traded hands, compared to its average volume of 4,138,791. Cloudflare, Inc. has a 1-year low of $39.90 and a 1-year high of $116.00. The firm has a market cap of $32.68 billion, a PE ratio of -175.96 and a beta of 1.14. The firm's 50 day simple moving average is $93.55 and its two-hundred day simple moving average is $78.27. The company has a debt-to-equity ratio of 1.68, a current ratio of 3.50 and a quick ratio of 3.50.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. The company had revenue of $362.47 million for the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative net margin of 14.19% and a negative return on equity of 15.92%. On average, equities research analysts expect that Cloudflare, Inc. will post -0.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Morgan Stanley raised their price target on shares of Cloudflare from $66.00 to $92.00 and gave the company an "equal weight" rating in a research note on Monday, February 12th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $100.00 target price (up previously from $70.00) on shares of Cloudflare in a research report on Friday, February 9th. KeyCorp increased their target price on shares of Cloudflare from $94.00 to $132.00 and gave the stock an "overweight" rating in a research report on Friday, February 9th. JMP Securities upped their price target on shares of Cloudflare from $75.00 to $90.00 and gave the stock a "market outperform" rating in a research report on Wednesday, January 31st. Finally, Truist Financial upped their target price on shares of Cloudflare from $90.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, February 9th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $87.50.

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.