Alliancebernstein L.P. Boosts Position in Cloudflare, Inc. (NYSE:NET)

Alliancebernstein L.P. boosted its holdings in Cloudflare, Inc. (NYSE:NET - Free Report) by 116.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 244,225 shares of the company's stock after buying an additional 131,553 shares during the quarter. Alliancebernstein L.P. owned 0.07% of Cloudflare worth $26,298,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Hartline Investment Corp raised its holdings in shares of Cloudflare by 1.5% during the fourth quarter. Hartline Investment Corp now owns 264,336 shares of the company's stock valued at $28,464,000 after purchasing an additional 3,957 shares during the last quarter. Birchcreek Wealth Management LLC bought a new stake in Cloudflare in the 4th quarter worth approximately $215,000. Strategic Blueprint LLC purchased a new stake in Cloudflare during the 4th quarter valued at $265,000. Clarendon Private LLC bought a new position in shares of Cloudflare during the 4th quarter valued at $293,000. Finally, Savant Capital LLC purchased a new position in shares of Cloudflare in the 4th quarter worth $237,000. Institutional investors own 82.68% of the company's stock.

Cloudflare Price Performance

Shares of NET traded up $0.44 during midday trading on Friday, hitting $105.94. 3,131,743 shares of the company traded hands, compared to its average volume of 3,186,799. The stock has a market cap of $36.56 billion, a price-to-earnings ratio of -481.56 and a beta of 1.59. The firm has a 50 day moving average of $132.54 and a 200-day moving average of $113.34. 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, Inc. has a 52 week low of $66.24 and a 52 week high of $177.37.

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Cloudflare (NYSE:NET - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) EPS 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, analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NET. The Goldman Sachs Group reduced their price objective on Cloudflare from $183.00 to $161.00 and set a "buy" rating for the company in a research report on Friday, March 14th. Oppenheimer initiated coverage on shares of Cloudflare in a research report on Thursday, March 20th. They set an "outperform" rating and a $150.00 price target for the company. Piper Sandler dropped their price objective on shares of Cloudflare from $131.00 to $112.00 and set a "neutral" rating on the stock in a report on Tuesday. Citigroup raised shares of Cloudflare from a "neutral" rating to a "buy" rating and upped their target price for the company from $95.00 to $145.00 in a report on Friday, January 17th. Finally, Cantor Fitzgerald lifted their price target on shares of Cloudflare from $111.00 to $149.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. 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. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $134.88.

Insider Buying and Selling

In other news, CAO Janel Riley sold 4,327 shares of Cloudflare stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the transaction, the chief accounting officer now owns 74,698 shares in the company, valued at approximately $12,519,384.80. The trade was a 5.48 % 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, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total value of $326,648.46. Following the sale, the insider now owns 175,688 shares in the company, valued at $23,131,082.08. The trade was a 1.39 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 561,973 shares of company stock worth $73,056,260. 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.