Square Peg Capital PTY Ltd. Acquires New Stake in Cloudflare, Inc. (NYSE:NET)

Square Peg Capital PTY Ltd. acquired a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 67,008 shares of the company's stock, valued at approximately $7,215,000. Cloudflare accounts for approximately 6.6% of Square Peg Capital PTY Ltd.'s investment portfolio, making the stock its 8th biggest position.

A number of other institutional investors have also recently bought and sold shares of the business. Groupama Asset Managment bought a new position in shares of Cloudflare during the 4th quarter worth $269,200,000. Norges Bank bought a new position in shares of Cloudflare during the 4th quarter worth $249,544,000. American Century Companies Inc. grew its stake 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 worth $243,098,000 after acquiring an additional 1,017,399 shares during the period. Fred Alger Management LLC grew its stake in shares of Cloudflare by 856.3% during the 4th quarter. Fred Alger Management LLC now owns 934,286 shares of the company's stock worth $100,604,000 after acquiring an additional 836,591 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Cloudflare by 292.5% during the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company's stock worth $116,178,000 after acquiring an additional 804,059 shares during the period. Institutional investors own 82.68% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NET. Royal Bank of Canada cut their price target on Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Guggenheim increased their price target on Cloudflare from $68.00 to $70.00 and gave the stock a "sell" rating in a research note on Friday, May 9th. Wells Fargo & Company raised their target price on Cloudflare from $135.00 to $150.00 and gave the stock an "overweight" rating in a research note on Monday, January 27th. Mizuho upgraded Cloudflare from a "neutral" rating to an "outperform" rating and set a $135.00 target price for the company in a research note on Wednesday, April 16th. Finally, Needham & Company LLC raised their target price on Cloudflare from $145.00 to $160.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $141.79.

Cloudflare Stock Up 0.2%

Shares of NYSE NET traded up $0.35 during mid-day trading on Monday, hitting $157.54. 3,504,240 shares of the stock traded hands, compared to its average volume of 3,149,551. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $177.37. The company has a market cap of $54.36 billion, a price-to-earnings ratio of -716.09 and a beta of 1.78. The stock 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 released its earnings results on Thursday, May 8th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The company had revenue of $479.09 million during the quarter, compared to the consensus estimate of $469.49 million. During the same period last year, the firm posted $0.16 earnings per share. The company's revenue was up 26.5% compared to the same quarter last year. Research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $152.68, for a total value of $7,997,989.12. Following the completion of the transaction, the chief executive officer now owns 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Douglas James Kramer sold 3,000 shares of the business's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $124.16, for a total value of $372,480.00. Following the completion of the transaction, the insider now owns 185,406 shares of the company's stock, valued at $23,020,008.96. This represents a 1.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold 597,260 shares of company stock worth $79,553,032 over the last quarter. 12.83% of the stock is currently owned by 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.