Geode Capital Management LLC Acquires 68,661 Shares of Cloudflare, Inc. (NYSE:NET)

Geode Capital Management LLC increased its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 1.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,903,219 shares of the company's stock after buying an additional 68,661 shares during the period. Geode Capital Management LLC owned 1.43% of Cloudflare worth $526,986,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NET. Stratos Wealth Partners LTD. lifted its position in shares of Cloudflare by 1.2% during the fourth quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company's stock worth $709,000 after purchasing an additional 77 shares in the last quarter. Atomi Financial Group Inc. lifted its holdings in Cloudflare by 3.3% during the 4th quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company's stock worth $319,000 after buying an additional 94 shares in the last quarter. Baxter Bros Inc. boosted its position in Cloudflare by 3.8% in the 4th quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock valued at $296,000 after buying an additional 100 shares during the last quarter. Chicago Partners Investment Group LLC boosted its position in Cloudflare by 4.3% in the 4th quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company's stock valued at $293,000 after buying an additional 105 shares during the last quarter. Finally, D.A. Davidson & CO. increased its stake in shares of Cloudflare by 0.5% in the 4th quarter. D.A. Davidson & CO. now owns 21,075 shares of the company's stock valued at $2,269,000 after buying an additional 106 shares during the period. Institutional investors and hedge funds own 82.68% of the company's stock.

Remove Ads

Cloudflare Trading Up 16.1 %

Shares of NYSE NET traded up $15.66 during trading hours on Wednesday, hitting $113.11. The company's stock had a trading volume of 7,222,587 shares, compared to its average volume of 3,175,289. The business has a 50-day simple moving average of $133.16 and a 200-day simple moving average of $113.20. The stock has a market cap of $39.03 billion, a price-to-earnings ratio of -514.12 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. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37.

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

Analyst Ratings Changes

A number of analysts have commented on NET shares. Needham & Company LLC lowered their target price on shares of Cloudflare from $185.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Jefferies Financial Group raised their price target on Cloudflare from $100.00 to $125.00 and gave the stock a "hold" rating in a research report on Thursday, December 19th. Citigroup upgraded Cloudflare from a "neutral" rating to a "buy" rating and upped their price objective for the company from $95.00 to $145.00 in a report on Friday, January 17th. DZ Bank cut Cloudflare from a "hold" rating to a "sell" rating and set a $145.00 target price on the stock. in a report on Tuesday, February 11th. Finally, UBS Group lowered their price target on Cloudflare from $165.00 to $135.00 and set a "neutral" rating for the company in a research note on Thursday, March 13th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $134.88.

Insider Activity

In other news, insider Douglas James Kramer sold 9,000 shares of Cloudflare stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $112.83, for a total transaction of $1,015,470.00. Following the completion of the transaction, the insider now directly owns 188,406 shares in the company, valued at approximately $21,257,848.98. This trade represents a 4.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Janel Riley sold 4,327 shares of the business's 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 sale, the chief accounting officer now directly owns 74,698 shares in the company, valued at approximately $12,519,384.80. This represents a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 507,278 shares of company stock worth $67,522,751 in the last quarter. 12.83% of the stock is owned by company insiders.

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.