Berkshire Capital Holdings Inc. Increases Position in Cloudflare, Inc. (NYSE:NET)

Berkshire Capital Holdings Inc. increased its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 885,600.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 88,570 shares of the company's stock after purchasing an additional 88,560 shares during the period. Cloudflare accounts for 3.4% of Berkshire Capital Holdings Inc.'s portfolio, making the stock its 13th largest holding. Berkshire Capital Holdings Inc.'s holdings in Cloudflare were worth $9,537,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of NET. Geode Capital Management LLC raised its holdings in Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company's stock valued at $390,130,000 after acquiring an additional 121,810 shares during the period. Bank of New York Mellon Corp lifted its holdings in Cloudflare by 1.9% in the 4th quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company's stock worth $138,516,000 after purchasing an additional 23,641 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Cloudflare by 5.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,221,760 shares of the company's stock worth $131,559,000 after purchasing an additional 63,945 shares during the period. Swiss National Bank grew its holdings in Cloudflare by 1.1% during the 3rd quarter. Swiss National Bank now owns 893,600 shares of the company's stock valued at $72,283,000 after buying an additional 10,100 shares in the last quarter. Finally, Peregrine Capital Management LLC raised its position in shares of Cloudflare by 0.4% during the fourth quarter. Peregrine Capital Management LLC now owns 661,682 shares of the company's stock valued at $71,250,000 after buying an additional 2,483 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company's stock.

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Cloudflare Trading Up 4.2 %

Cloudflare stock traded up $5.00 during mid-day trading on Monday, hitting $124.22. The company's stock had a trading volume of 3,110,313 shares, compared to its average volume of 3,026,385. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $177.37. The stock has a market cap of $42.86 billion, a PE ratio of -564.61 and a beta of 1.27. The company has a 50 day moving average of $137.01 and a 200-day moving average of $110.56. 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 (NYSE:NET - Get Free Report) last posted its quarterly 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 return on equity of 5.52% and a negative net margin of 4.72%. On average, research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Activity

In other news, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the transaction, the insider now owns 175,688 shares of the company's stock, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the transaction, the chief financial officer now owns 252,869 shares in the company, valued at approximately $28,779,020.89. The trade was a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 566,766 shares of company stock valued at $73,779,200. Corporate insiders own 12.83% of the company's stock.

Wall Street Analysts Forecast Growth

NET has been the subject of several research analyst reports. Mizuho cut their target price on shares of Cloudflare from $160.00 to $140.00 and set a "neutral" rating for the company in a research note on Thursday, March 13th. Stifel Nicolaus raised their price objective on Cloudflare from $136.00 to $175.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Royal Bank of Canada decreased their target price on Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Jefferies Financial Group raised their price target on Cloudflare from $100.00 to $125.00 and gave the company a "hold" rating in a report on Thursday, December 19th. Finally, Truist Financial lifted their price objective on Cloudflare from $120.00 to $140.00 and gave the stock a "buy" rating in a research note on Tuesday, January 28th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $131.64.

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.