Proem Advisors LLC Invests $5.38 Million in Cloudflare, Inc. (NYSE:NET)

Proem Advisors LLC acquired a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 50,000 shares of the company's stock, valued at approximately $5,384,000. Cloudflare accounts for about 1.4% of Proem Advisors LLC's investment portfolio, making the stock its 10th biggest holding.

Several other institutional investors and hedge funds have also recently modified their holdings of NET. Hartline Investment Corp grew its stake in Cloudflare by 1.5% in the fourth quarter. Hartline Investment Corp now owns 264,336 shares of the company's stock worth $28,464,000 after purchasing an additional 3,957 shares during the period. Birchcreek Wealth Management LLC purchased a new stake in shares of Cloudflare in the 4th quarter worth about $215,000. Strategic Blueprint LLC bought a new position in shares of Cloudflare in the 4th quarter worth about $265,000. Clarendon Private LLC bought a new stake in Cloudflare during the fourth quarter worth about $293,000. Finally, Savant Capital LLC purchased a new stake in Cloudflare in the fourth quarter worth about $237,000. 82.68% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Janel Riley sold 4,327 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Douglas James Kramer sold 9,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $112.83, for a total value of $1,015,470.00. Following the transaction, the insider now owns 188,406 shares of the company's stock, valued at $21,257,848.98. This represents a 4.56 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 507,278 shares of company stock worth $67,522,751. Company insiders own 12.83% of the company's stock.

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Cloudflare Stock Performance

NET traded down $0.04 during trading on Wednesday, hitting $97.41. The company's stock had a trading volume of 1,224,827 shares, compared to its average volume of 3,147,260. The business's 50 day simple moving average is $134.15 and its 200-day simple moving average is $113.00. The firm has a market cap of $33.61 billion, a PE ratio of -442.09 and a beta of 1.59. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $177.37. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET - Get Free Report) last released its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. As a group, sell-side analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on NET shares. DZ Bank cut Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 price target on the stock. in a research report on Tuesday, February 11th. Baird R W cut Cloudflare from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 3rd. Bank of America upgraded Cloudflare from an "underperform" rating to a "buy" rating and raised their price target for the company from $60.00 to $160.00 in a report on Tuesday, March 25th. Wells Fargo & Company upped their price target on shares of Cloudflare from $135.00 to $150.00 and gave the stock an "overweight" rating in a research note on Monday, January 27th. Finally, Piper Sandler reduced their price objective on shares of Cloudflare from $131.00 to $112.00 and set a "neutral" rating for the company in a research note on Tuesday. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $134.88.

Cloudflare Company 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.