Baillie Gifford & Co. Has $3.43 Billion Stake in Cloudflare, Inc. (NYSE:NET)

Baillie Gifford & Co. trimmed its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 1.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,884,160 shares of the company's stock after selling 626,432 shares during the period. Cloudflare makes up approximately 2.6% of Baillie Gifford & Co.'s holdings, making the stock its 12th biggest holding. Baillie Gifford & Co. owned 9.29% of Cloudflare worth $3,433,286,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Capital Performance Advisors LLP acquired a new stake in shares of Cloudflare in the 3rd quarter valued at approximately $38,000. Quarry LP raised its holdings in Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company's stock worth $39,000 after buying an additional 133 shares during the period. Quest Partners LLC acquired a new stake in Cloudflare during the 3rd quarter worth approximately $54,000. Versant Capital Management Inc raised its holdings in Cloudflare by 44.9% during the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company's stock worth $59,000 after buying an additional 170 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Cloudflare by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company's stock worth $63,000 after buying an additional 217 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NET has been the topic of several research analyst reports. Baird R W downgraded shares of Cloudflare from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. Scotiabank raised their target price on shares of Cloudflare from $87.00 to $110.00 and gave the stock a "sector perform" rating in a report on Tuesday, January 21st. Jefferies Financial Group raised their target price on shares of Cloudflare from $100.00 to $125.00 and gave the stock a "hold" rating in a report on Thursday, December 19th. Oppenheimer downgraded shares of Cloudflare from an "outperform" rating to a "market perform" rating in a report on Friday, February 7th. Finally, Truist Financial lifted their price objective on shares of Cloudflare from $120.00 to $140.00 and gave the company a "buy" rating in a report on Tuesday, January 28th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $136.28.

Insiders Place Their Bets

In other news, insider Douglas James Kramer sold 2,481 shares of the business's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the sale, the insider now owns 175,688 shares of the company's stock, valued at approximately $23,131,082.08. The trade was a 1.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Janel Riley sold 4,327 shares of the business's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the sale, the chief accounting officer now directly owns 74,698 shares of the company's stock, valued at approximately $12,519,384.80. The trade was a 5.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 533,297 shares of company stock valued at $62,604,696 over the last ninety days. 12.83% of the stock is currently owned by company insiders.

Cloudflare Stock Performance

NET stock traded down $4.07 during midday trading on Thursday, reaching $156.52. 5,713,959 shares of the company were exchanged, compared to its average volume of 4,009,430. 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 business has a 50-day moving average price of $129.34 and a two-hundred day moving average price of $102.57. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $177.37. The firm has a market capitalization of $53.72 billion, a price-to-earnings ratio of -711.47 and a beta of 1.12.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. Equities research analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current year.

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.