Cloudflare, Inc. (NYSE:NET) Position Increased by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership increased its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 339.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 232,136 shares of the company's stock after purchasing an additional 179,303 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.07% of Cloudflare worth $24,996,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of NET. The Manufacturers Life Insurance Company grew its holdings in Cloudflare by 5.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 14,308 shares of the company's stock valued at $1,157,000 after buying an additional 734 shares during the last quarter. Captrust Financial Advisors boosted its stake in shares of Cloudflare by 596.2% during the third quarter. Captrust Financial Advisors now owns 39,827 shares of the company's stock valued at $3,222,000 after acquiring an additional 34,106 shares during the last quarter. Investment Management Corp of Ontario increased its position in Cloudflare by 47.1% during the 3rd quarter. Investment Management Corp of Ontario now owns 9,994 shares of the company's stock worth $808,000 after purchasing an additional 3,200 shares in the last quarter. Royal London Asset Management Ltd. raised its stake in Cloudflare by 8.0% in the 3rd quarter. Royal London Asset Management Ltd. now owns 120,901 shares of the company's stock valued at $9,780,000 after purchasing an additional 9,003 shares during the last quarter. Finally, Quarry LP lifted its holdings in Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company's stock valued at $39,000 after purchasing an additional 133 shares in the last quarter. 82.68% of the stock is currently owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. DZ Bank downgraded shares of Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 price target for the company. in a report on Tuesday, February 11th. Bank of America raised shares of Cloudflare from an "underperform" rating to a "buy" rating and lifted their target price for the stock from $60.00 to $160.00 in a research note on Tuesday, March 25th. Stifel Nicolaus raised their price objective on Cloudflare from $136.00 to $175.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Royal Bank of Canada lowered their price objective on Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Finally, UBS Group reduced their target price on Cloudflare from $165.00 to $135.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $134.88.

Insider Activity

In other Cloudflare news, CFO Thomas J. Seifert sold 31,136 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $120.10, for a total transaction of $3,739,433.60. Following the sale, the chief financial officer now directly owns 252,869 shares of the company's stock, valued at approximately $30,369,566.90. This represents a 10.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $113.73, for a total transaction of $5,957,632.32. Following the completion of the transaction, the chief executive officer now owns 10,762 shares in the company, valued at approximately $1,223,962.26. The trade was a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 559,662 shares of company stock worth $73,480,384. 12.83% of the stock is currently owned by corporate insiders.

Cloudflare Stock Down 1.3 %

NET traded down $1.24 on Tuesday, reaching $97.12. The company's stock had a trading volume of 5,380,992 shares, compared to its average volume of 3,154,680. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $177.37. The business's 50 day moving average is $134.15 and its 200 day moving average is $113.00. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The stock has a market cap of $33.51 billion, a price-to-earnings ratio of -441.44 and a beta of 1.59.

Cloudflare (NYSE:NET - Get Free Report) last released its earnings results on Thursday, February 6th. The company reported ($0.03) EPS 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, research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

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.