Carnegie Investment Counsel Grows Stock Position in Cloudflare, Inc. (NYSE:NET)

Carnegie Investment Counsel increased its holdings in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 7.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 181,093 shares of the company's stock after purchasing an additional 12,290 shares during the quarter. Carnegie Investment Counsel owned 0.05% of Cloudflare worth $19,500,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. CVA Family Office LLC boosted its holdings in shares of Cloudflare by 121.3% during the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company's stock valued at $25,000 after acquiring an additional 171 shares during the last quarter. Quarry LP lifted its position in Cloudflare by 73.4% during the second quarter. Quarry LP now owns 345 shares of the company's stock valued at $29,000 after purchasing an additional 146 shares during the period. Capital Performance Advisors LLP purchased a new stake in Cloudflare in the third quarter worth approximately $38,000. Versant Capital Management Inc grew its position in Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company's stock worth $59,000 after purchasing an additional 170 shares during the period. Finally, GAMMA Investing LLC raised its stake in Cloudflare by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company's stock valued at $63,000 after buying an additional 217 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on NET shares. Piper Sandler raised their price target on Cloudflare from $83.00 to $92.00 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Stifel Nicolaus raised Cloudflare from a "hold" rating to a "buy" rating and raised their target price for the stock from $95.00 to $136.00 in a research report on Tuesday, December 17th. Royal Bank of Canada upped their price target on shares of Cloudflare from $99.00 to $123.00 and gave the company an "outperform" rating in a research report on Friday, January 3rd. Citigroup raised shares of Cloudflare from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $95.00 to $145.00 in a report on Friday. Finally, Jefferies Financial Group upped their target price on shares of Cloudflare from $100.00 to $125.00 and gave the company a "hold" rating in a report on Thursday, December 19th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Cloudflare currently has a consensus rating of "Hold" and a consensus price target of $105.30.

Insider Buying and Selling at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $113.73, for a total value of $5,957,632.32. Following the completion of the transaction, the chief executive officer now directly owns 10,762 shares of the company's stock, valued at approximately $1,223,962.26. This trade represents a 82.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the business's stock in a transaction on Monday, November 4th. The stock was sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the completion of the sale, the chief financial officer now owns 281,403 shares in the company, valued at $24,422,966.37. This represents a 5.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 524,852 shares of company stock worth $55,386,256 in the last quarter. 12.83% of the stock is owned by corporate insiders.

Cloudflare Price Performance

Shares of NYSE:NET traded up $2.31 during midday trading on Friday, reaching $117.13. 3,539,472 shares of the company were exchanged, compared to its average volume of 2,768,381. The stock has a market cap of $40.20 billion, a PE ratio of -450.49 and a beta of 1.10. The business's fifty day moving average is $107.20 and its two-hundred day moving average is $91.22. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $121.02. 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 released its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) EPS for the quarter, meeting the consensus estimate 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 during the quarter, compared to the consensus estimate of $423.65 million. As a group, analysts predict that Cloudflare, Inc. will post -0.1 earnings per share for the current 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.