Los Angeles Capital Management LLC Acquires 184,977 Shares of Cloudflare, Inc. (NYSE:NET)

Los Angeles Capital Management LLC increased its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 5,451.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 188,370 shares of the company's stock after purchasing an additional 184,977 shares during the period. Los Angeles Capital Management LLC owned 0.06% of Cloudflare worth $15,684,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Cloudflare by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 27,418,275 shares of the company's stock valued at $1,728,448,000 after acquiring an additional 395,363 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Cloudflare by 0.9% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,736,212 shares of the company's stock worth $109,451,000 after purchasing an additional 14,984 shares during the last quarter. Northern Trust Corp raised its stake in Cloudflare by 3.1% during the third quarter. Northern Trust Corp now owns 1,733,639 shares of the company's stock worth $109,289,000 after purchasing an additional 51,345 shares during the period. Deutsche Bank AG boosted its holdings in shares of Cloudflare by 5.1% in the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company's stock valued at $85,243,000 after purchasing an additional 65,596 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Cloudflare by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 983,507 shares of the company's stock valued at $62,000,000 after purchasing an additional 11,342 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $99.64, for a total value of $298,920.00. Following the completion of the transaction, the insider now owns 205,238 shares in the company, valued at approximately $20,449,914.32. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Douglas James Kramer sold 3,000 shares of the firm's stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $99.64, for a total value of $298,920.00. Following the transaction, the insider now directly owns 205,238 shares in the company, valued at approximately $20,449,914.32. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Carl Ledbetter sold 7,962 shares of the business's stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the sale, the director now directly owns 1,446,957 shares of the company's stock, valued at approximately $117,811,238.94. The disclosure for this sale can be found here. Insiders have sold 1,029,347 shares of company stock worth $100,594,226 over the last quarter. 12.83% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

NET has been the topic of several research reports. Piper Sandler reaffirmed a "neutral" rating and issued a $81.00 target price (down from $110.00) on shares of Cloudflare in a research report on Friday. KeyCorp decreased their target price on Cloudflare from $132.00 to $94.00 and set an "overweight" rating for the company in a report on Friday. Royal Bank of Canada raised their price target on shares of Cloudflare from $95.00 to $108.00 and gave the company an "outperform" rating in a report on Friday, February 9th. Morgan Stanley boosted their price objective on shares of Cloudflare from $66.00 to $92.00 and gave the stock an "equal weight" rating in a research note on Monday, February 12th. Finally, Truist Financial increased their price objective on shares of Cloudflare from $90.00 to $120.00 and gave the stock a "buy" rating in a research report on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Cloudflare presently has a consensus rating of "Hold" and an average target price of $90.17.

Cloudflare Stock Down 16.4 %

Shares of NET stock traded down $14.57 during mid-day trading on Friday, reaching $74.40. 18,650,549 shares of the company were exchanged, compared to its average volume of 2,884,762. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50. The business's 50 day simple moving average is $93.67 and its 200 day simple moving average is $83.60. The company has a market capitalization of $25.12 billion, a P/E ratio of -140.38 and a beta of 1.15. Cloudflare, Inc. has a fifty-two week low of $39.90 and a fifty-two week high of $116.00.

Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. The company had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative net margin of 13.10% and a negative return on equity of 13.22%. Research analysts predict that Cloudflare, Inc. will post -0.2 earnings per share for the current 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.