Harvest Fund Management Co. Ltd Acquires 9,472 Shares of Cloudflare, Inc. (NYSE:NET)

Harvest Fund Management Co. Ltd boosted its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 1,605.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,062 shares of the company's stock after purchasing an additional 9,472 shares during the period. Harvest Fund Management Co. Ltd's holdings in Cloudflare were worth $1,084,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Geode Capital Management LLC grew its stake in shares of Cloudflare by 2.6% in the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company's stock valued at $390,130,000 after buying an additional 121,810 shares in the last quarter. Generate Investment Management Ltd bought a new position in shares of Cloudflare in the 4th quarter valued at about $12,946,000. Worldquant Millennium Advisors LLC acquired a new position in shares of Cloudflare during the 3rd quarter worth about $8,535,000. Proficio Capital Partners LLC bought a new stake in shares of Cloudflare in the 4th quarter valued at about $100,000. Finally, Erste Asset Management GmbH acquired a new stake in Cloudflare in the 3rd quarter valued at about $6,548,000. 82.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on NET shares. Guggenheim upped their price objective on Cloudflare from $57.00 to $68.00 and gave the company a "sell" rating in a research note on Friday, February 7th. Piper Sandler cut their price target on Cloudflare from $153.00 to $131.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. Susquehanna upped their price objective on shares of Cloudflare from $95.00 to $170.00 and gave the company a "neutral" rating in a report on Monday, February 10th. Jefferies Financial Group raised their target price on shares of Cloudflare from $100.00 to $125.00 and gave the stock a "hold" rating in a research note on Thursday, December 19th. Finally, Truist Financial lifted their target price on shares of Cloudflare from $120.00 to $140.00 and gave the stock a "buy" rating in a report on Tuesday, January 28th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $131.64.

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Cloudflare Trading Up 4.2 %

NET traded up $5.00 during trading on Monday, reaching $124.22. 3,110,313 shares of the company's stock were exchanged, compared to its average volume of 3,026,384. The firm has a fifty day moving average price of $136.73 and a two-hundred day moving average price of $110.24. The stock has a market capitalization of $42.86 billion, a PE ratio of -564.61 and a beta of 1.27. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $177.37. 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 (NYSE:NET - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.21). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. As a group, equities research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In other news, insider Douglas James Kramer sold 2,481 shares of the firm's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total value of $326,648.46. Following the completion of the sale, the insider now directly owns 175,688 shares in the company, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Janel Riley sold 4,327 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total value of $725,205.20. Following the sale, the chief accounting officer now owns 74,698 shares of the company's stock, valued at approximately $12,519,384.80. This represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 566,766 shares of company stock valued at $73,779,200. Corporate 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.