Cloudflare, Inc. (NYSE:NET) Shares Purchased by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp grew its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 20.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,478 shares of the company's stock after purchasing an additional 2,157 shares during the period. OMERS ADMINISTRATION Corp's holdings in Cloudflare were worth $1,344,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of NET. Groupama Asset Managment acquired a new stake in Cloudflare in the fourth quarter valued at $269,200,000. Norges Bank bought a new stake in Cloudflare during the 4th quarter worth approximately $249,544,000. American Century Companies Inc. grew its position in shares of Cloudflare by 82.0% during the 4th quarter. American Century Companies Inc. now owns 2,257,601 shares of the company's stock valued at $243,098,000 after acquiring an additional 1,017,399 shares during the period. Fred Alger Management LLC grew its position in shares of Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock valued at $100,604,000 after purchasing an additional 836,591 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after purchasing an additional 804,059 shares during the last quarter. 82.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NET. Morgan Stanley boosted their price objective on shares of Cloudflare from $144.00 to $150.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Robert W. Baird restated a "neutral" rating and issued a $140.00 price target (up previously from $125.00) on shares of Cloudflare in a report on Monday, February 3rd. Capital One Financial raised shares of Cloudflare from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Baird R W lowered Cloudflare from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. Finally, DZ Bank lowered Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 price target for the company. in a research report on Tuesday, February 11th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $141.79.

Cloudflare Stock Performance

Shares of NET stock traded down $0.26 during trading hours on Tuesday, reaching $157.26. The company had a trading volume of 2,705,000 shares, compared to its average volume of 3,147,783. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $177.37. The firm has a market cap of $54.27 billion, a PE ratio of -714.82 and a beta of 1.78. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The business has a fifty day moving average price of $119.15 and a 200-day moving average price of $120.63.

Cloudflare (NYSE:NET - Get Free Report) last issued its quarterly earnings data 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). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The company had revenue of $479.09 million for the quarter, compared to analysts' expectations of $469.49 million. During the same quarter last year, the company earned $0.16 earnings per share. The company's revenue for the quarter was up 26.5% on a year-over-year basis. Sell-side analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $143.39, for a total transaction of $7,511,341.76. Following the sale, the chief executive officer now directly owns 413,413 shares in the company, valued at $59,279,290.07. This represents a 11.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michelle Zatlyn sold 35,099 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $164.84, for a total value of $5,785,719.16. The disclosure for this sale can be found here. Insiders have sold 592,933 shares of company stock worth $78,827,827 over the last 90 days. 12.83% of the stock is currently owned by company insiders.

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.