ExodusPoint Capital Management LP Makes New Investment in Cloudflare, Inc. (NYSE:NET)

ExodusPoint Capital Management LP acquired a new position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 86,218 shares of the company's stock, valued at approximately $9,284,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NET. Quarry LP raised its holdings in shares of Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company's stock valued at $39,000 after buying an additional 133 shares during the last quarter. Larson Financial Group LLC lifted its holdings in Cloudflare by 1,988.5% in the fourth quarter. Larson Financial Group LLC now owns 543 shares of the company's stock valued at $58,000 after buying an additional 517 shares during the period. Versant Capital Management Inc boosted its holdings in Cloudflare by 44.9% during the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company's stock worth $59,000 after buying an additional 170 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company's stock valued at $63,000 after buying an additional 217 shares during the period. Finally, Whittier Trust Co. grew its position in shares of Cloudflare by 120.5% in the 4th quarter. Whittier Trust Co. now owns 602 shares of the company's stock valued at $65,000 after purchasing an additional 329 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NET has been the topic of several recent research reports. Royal Bank of Canada lowered their price target on shares of Cloudflare from $170.00 to $148.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Bank of America raised shares of Cloudflare from an "underperform" rating to a "buy" rating and raised their target price for the company from $60.00 to $160.00 in a report on Tuesday, March 25th. Baird R W downgraded Cloudflare from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. Scotiabank increased their target price on shares of Cloudflare from $87.00 to $110.00 and gave the stock a "sector perform" rating in a report on Tuesday, January 21st. Finally, Citigroup upgraded Cloudflare from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $95.00 to $145.00 in a research report on Friday, January 17th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $134.88.

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Insider Activity at Cloudflare

In other news, insider Douglas James Kramer sold 2,481 shares of the 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 owns 175,688 shares in the company, valued at approximately $23,131,082.08. This represents a 1.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michelle Zatlyn sold 25,640 shares of the business's stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $117.34, for a total value of $3,008,597.60. Following the completion of the sale, the insider now owns 413,413 shares in the company, valued at $48,509,881.42. This represents a 5.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 507,278 shares of company stock valued at $67,522,751. 12.83% of the stock is owned by insiders.

Cloudflare Stock Down 7.6 %

Shares of NYSE:NET traded down $8.59 during midday trading on Thursday, hitting $103.97. 1,470,090 shares of the company's stock were exchanged, compared to its average volume of 3,168,960. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37. The company has a market cap of $35.88 billion, a PE ratio of -471.73 and a beta of 1.59. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The stock has a 50 day moving average price of $133.16 and a 200-day moving average price of $113.20.

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

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.