Pictet Asset Management Holding SA Has $94.66 Million Stock Position in Cloudflare, Inc. (NYSE:NET)

Pictet Asset Management Holding SA boosted its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 454.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 879,088 shares of the company's stock after acquiring an additional 720,568 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.26% of Cloudflare worth $94,660,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NET. Quarry LP lifted its stake in shares of Cloudflare by 38.6% during the third quarter. Quarry LP now owns 478 shares of the company's stock valued at $39,000 after acquiring an additional 133 shares during the period. Quest Partners LLC acquired a new stake in shares of Cloudflare during the 3rd quarter worth approximately $54,000. Larson Financial Group LLC raised its stake in shares of Cloudflare by 1,988.5% during the fourth 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 lifted its holdings in Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company's stock valued at $59,000 after buying an additional 170 shares during the period. Finally, GAMMA Investing LLC boosted its stake in 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. Institutional investors and hedge funds own 82.68% of the company's stock.

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Cloudflare Stock Down 11.5 %

Shares of Cloudflare stock traded down $13.80 during trading hours on Thursday, reaching $105.75. 1,396,159 shares of the company's stock were exchanged, compared to its average volume of 3,091,402. The stock has a market cap of $36.49 billion, a P/E ratio of -480.68 and a beta of 1.27. The company has a 50 day moving average of $137.24 and a two-hundred day moving average of $112.34. 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, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $177.37.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly 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%. On average, sell-side analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Thomas J. Seifert sold 15,000 shares of the company's stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $113.81, for a total value of $1,707,150.00. Following the sale, the chief financial officer now directly owns 252,869 shares of the company's stock, valued at approximately $28,779,020.89. This represents a 5.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $113.98, for a total value of $5,970,728.32. Following the transaction, the chief executive officer now owns 10,762 shares of the company's stock, valued at $1,226,652.76. The trade was a 82.96 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 627,046 shares of company stock valued at $81,158,262. 12.83% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

NET has been the topic of several recent research reports. Guggenheim raised their price target on Cloudflare from $57.00 to $68.00 and gave the stock a "sell" rating in a research report on Friday, February 7th. Robert W. Baird restated a "neutral" rating and set a $140.00 target price (up from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Needham & Company LLC cut their price target on shares of Cloudflare from $185.00 to $145.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. UBS Group decreased their price objective on shares of Cloudflare from $165.00 to $135.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. Finally, Citigroup upgraded shares of Cloudflare from a "neutral" rating to a "buy" rating and increased their target price for the stock from $95.00 to $145.00 in a report on Friday, January 17th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $135.64.

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.