Geode Capital Management LLC Acquires 121,810 Shares of Cloudflare, Inc. (NYSE:NET)

Geode Capital Management LLC increased its position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 2.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,834,558 shares of the company's stock after purchasing an additional 121,810 shares during the quarter. Geode Capital Management LLC owned 1.41% of Cloudflare worth $390,130,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of NET. Baillie Gifford & Co. lifted its holdings in shares of Cloudflare by 8.5% during the 2nd quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company's stock worth $2,710,419,000 after acquiring an additional 2,575,396 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Cloudflare by 1.2% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company's stock valued at $137,616,000 after purchasing an additional 19,446 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of Cloudflare by 123.4% in the 2nd quarter. Marshall Wace LLP now owns 1,548,535 shares of the company's stock valued at $128,265,000 after purchasing an additional 855,334 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Cloudflare by 24.8% in the 2nd quarter. American Century Companies Inc. now owns 1,394,732 shares of the company's stock valued at $115,526,000 after purchasing an additional 277,228 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Cloudflare by 3.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,251,670 shares of the company's stock worth $103,676,000 after buying an additional 35,884 shares in the last quarter. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Trading Down 1.1 %

NET stock traded down $1.29 during midday trading on Friday, hitting $113.60. The stock had a trading volume of 1,927,877 shares, compared to its average volume of 3,157,219. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market cap of $38.99 billion, a P/E ratio of -436.92 and a beta of 1.10. The business has a fifty day moving average price of $96.10 and a two-hundred day moving average price of $85.03. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $116.00.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The firm had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. On average, sell-side analysts predict that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Michelle Zatlyn sold 25,640 shares of the company's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $113.16, for a total transaction of $2,901,422.40. Following the transaction, the chief operating officer now owns 172,959 shares in the company, valued at approximately $19,572,040.44. This represents a 12.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas J. Seifert sold 15,000 shares of the firm's stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $79.19, for a total value of $1,187,850.00. Following the completion of the sale, the chief financial officer now owns 281,403 shares of the company's stock, valued at approximately $22,284,303.57. This represents a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 524,824 shares of company stock worth $49,037,888. Corporate insiders own 12.83% of the company's stock.

Analyst Upgrades and Downgrades

NET has been the topic of several research analyst reports. BNP Paribas started coverage on Cloudflare in a research note on Tuesday, October 8th. They issued an "underperform" rating and a $65.00 price objective on the stock. Morgan Stanley upgraded shares of Cloudflare from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $92.00 to $130.00 in a research note on Monday, December 2nd. Mizuho lifted their price target on shares of Cloudflare from $102.00 to $125.00 and gave the company a "neutral" rating in a report on Friday. Wells Fargo & Company increased their price objective on shares of Cloudflare from $105.00 to $110.00 and gave the company an "overweight" rating in a research note on Friday, November 8th. Finally, Scotiabank boosted their target price on shares of Cloudflare from $85.00 to $87.00 and gave the stock a "sector perform" rating in a research note on Friday, November 8th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $95.20.

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.