Atom Investors LP Makes New Investment in Cloudflare, Inc. (NYSE:NET)

Atom Investors LP purchased a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 9,490 shares of the company's stock, valued at approximately $768,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Allspring Global Investments Holdings LLC grew its holdings in Cloudflare by 13.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company's stock worth $80,000 after acquiring an additional 119 shares during the period. Elo Mutual Pension Insurance Co grew its holdings in Cloudflare by 0.5% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 27,196 shares of the company's stock worth $2,253,000 after acquiring an additional 136 shares during the period. OneDigital Investment Advisors LLC grew its holdings in Cloudflare by 3.5% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock worth $327,000 after acquiring an additional 137 shares during the period. Quarry LP grew its holdings in Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company's stock worth $29,000 after acquiring an additional 146 shares during the period. Finally, Forum Financial Management LP grew its holdings in shares of Cloudflare by 6.1% in the 2nd quarter. Forum Financial Management LP now owns 2,823 shares of the company's stock valued at $234,000 after buying an additional 162 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction on Friday, September 6th. The shares were sold at an average price of $76.55, for a total transaction of $4,009,995.20. Following the completion of the transaction, the chief executive officer now owns 10,761 shares of the company's stock, valued at approximately $823,754.55. This trade represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Michelle Zatlyn sold 12,820 shares of the firm's stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $76.14, for a total transaction of $976,114.80. Following the transaction, the chief operating officer now directly owns 192,177 shares of the company's stock, valued at $14,632,356.78. The trade was a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 536,568 shares of company stock valued at $47,573,767 in the last quarter. Insiders own 12.83% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NET. Scotiabank boosted their price target on shares of Cloudflare from $85.00 to $87.00 and gave the company a "sector perform" rating in a report on Friday, November 8th. Mizuho boosted their price target on shares of Cloudflare from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Thursday, October 17th. Piper Sandler upped their target price on shares of Cloudflare from $83.00 to $92.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Morgan Stanley raised shares of Cloudflare from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $92.00 to $130.00 in a research note on Monday. Finally, BNP Paribas started coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They issued an "underperform" rating and a $65.00 target price for the company. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $94.40.

Cloudflare Stock Performance

Shares of NYSE:NET traded up $5.81 on Wednesday, reaching $110.72. 4,424,192 shares of the company's stock were exchanged, compared to its average volume of 3,174,419. The company has a fifty day moving average of $91.57 and a 200-day moving average of $83.14. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $116.00. The company has a market capitalization of $38.00 billion, a price-to-earnings ratio of -425.85 and a beta of 1.10. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). The business had revenue of $430.08 million for the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, research analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current fiscal 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.