121,891 Shares in Cloudflare, Inc. (NYSE:NET) Bought by Cinctive Capital Management LP

Cinctive Capital Management LP bought a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 121,891 shares of the company's stock, valued at approximately $13,125,000.

Several other hedge funds also recently made changes to their positions in the business. Quarry LP grew its position in Cloudflare by 38.6% in the third 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. Larson Financial Group LLC boosted its stake in shares of Cloudflare by 1,988.5% during the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company's stock worth $58,000 after buying an additional 517 shares during the last quarter. Versant Capital Management Inc grew its holdings in shares of Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company's stock valued at $59,000 after acquiring an additional 170 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Cloudflare by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company's stock valued at $63,000 after acquiring an additional 217 shares during the last quarter. Finally, Whittier Trust Co. raised its holdings in Cloudflare by 120.5% during the fourth quarter. Whittier Trust Co. now owns 602 shares of the company's stock worth $65,000 after acquiring an additional 329 shares in the last quarter. 82.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on NET. Piper Sandler lowered their target price on shares of Cloudflare from $153.00 to $131.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. UBS Group reduced their price target on Cloudflare from $165.00 to $135.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. JMP Securities upped their price objective on Cloudflare from $135.00 to $180.00 and gave the company a "market outperform" rating in a research note on Friday, February 7th. Guggenheim increased their price target on Cloudflare from $57.00 to $68.00 and gave the company a "sell" rating in a research note on Friday, February 7th. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $140.00 price objective (up from $125.00) on shares of Cloudflare in a report on Monday, February 3rd. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $135.64.

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Cloudflare Price Performance

Shares of NET traded down $1.22 during mid-day trading on Monday, reaching $95.87. The company had a trading volume of 3,632,339 shares, compared to its average volume of 4,052,256. The company has a market capitalization of $33.08 billion, a price-to-earnings ratio of -436.34 and a beta of 1.59. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The company's 50 day simple moving average is $136.35 and its 200 day simple moving average is $112.90. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37.

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

Insider Transactions at Cloudflare

In related news, insider Douglas James Kramer sold 2,481 shares of the firm's 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 completion of the transaction, the insider now directly owns 175,688 shares of the company's stock, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 33,864 shares of the company's stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $119.40, for a total value of $4,043,361.60. Following the completion of the sale, the chief financial officer now owns 252,869 shares in the company, valued at $30,192,558.60. This trade represents a 11.81 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 559,662 shares of company stock worth $73,480,384. Insiders own 12.83% of the company's stock.

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.