Blueshift Asset Management LLC Buys Shares of 39,673 Cloudflare, Inc. (NYSE:NET)

Blueshift Asset Management LLC purchased a new position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 39,673 shares of the company's stock, valued at approximately $3,209,000. Cloudflare accounts for approximately 0.8% of Blueshift Asset Management LLC's investment portfolio, making the stock its 17th biggest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Hartline Investment Corp grew its stake in shares of Cloudflare by 7.6% during the 3rd quarter. Hartline Investment Corp now owns 260,379 shares of the company's stock worth $21,062,000 after purchasing an additional 18,426 shares during the period. WIM INVESTMENT MANAGEMENT Ltd acquired a new stake in Cloudflare in the 3rd quarter valued at about $25,588,000. National Pension Service grew its stake in Cloudflare by 0.9% in the 3rd quarter. National Pension Service now owns 471,923 shares of the company's stock valued at $38,174,000 after acquiring an additional 4,062 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Cloudflare in the 2nd quarter valued at about $7,319,000. Finally, Price T Rowe Associates Inc. MD grew its stake in Cloudflare by 20.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 875,183 shares of the company's stock valued at $84,745,000 after acquiring an additional 149,866 shares during the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Stock Down 2.8 %

Shares of NYSE NET traded down $2.86 during trading on Wednesday, reaching $99.37. 2,339,212 shares of the stock were exchanged, compared to its average volume of 3,178,518. The business's 50-day moving average price is $89.15 and its 200 day moving average price is $81.98. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $116.00. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $34.10 billion, a price-to-earnings ratio of -381.65 and a beta of 1.10.

Cloudflare (NYSE:NET - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, hitting analysts' consensus estimates of ($0.03). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The business had revenue of $430.08 million for the quarter, compared to analysts' expectations of $423.65 million. As a group, equities analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $78.05, for a total value of $1,170,750.00. Following the completion of the sale, the chief financial officer now owns 281,403 shares in the company, valued at approximately $21,963,504.15. The trade was a 5.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.53, for a total transaction of $244,590.00. Following the completion of the sale, the insider now owns 185,386 shares of the company's stock, valued at approximately $15,114,520.58. This trade represents a 1.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 546,194 shares of company stock worth $46,804,995. Insiders own 12.83% of the company's stock.

Wall Street Analyst Weigh In

NET has been the topic of a number of research reports. Robert W. Baird increased their price objective on shares of Cloudflare from $94.00 to $100.00 and gave the company an "outperform" rating in a research note on Friday, August 2nd. Cantor Fitzgerald raised their price target on shares of Cloudflare from $80.00 to $85.00 and gave the stock a "neutral" rating in a research note on Friday, August 2nd. Mizuho increased their price objective on shares of Cloudflare from $92.00 to $105.00 and gave the stock a "neutral" rating in a report on Thursday, October 17th. Piper Sandler increased their price objective on shares of Cloudflare from $83.00 to $92.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $135.00 price objective on shares of Cloudflare in a report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Cloudflare currently has a consensus rating of "Hold" and an average price target of $92.88.

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.