Korea Investment CORP Purchases 108,663 Shares of Cloudflare, Inc. (NYSE:NET)

Korea Investment CORP boosted its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 96.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 220,962 shares of the company's stock after purchasing an additional 108,663 shares during the quarter. Korea Investment CORP owned about 0.06% of Cloudflare worth $23,793,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Hartline Investment Corp increased its position in Cloudflare by 1.5% during the 4th quarter. Hartline Investment Corp now owns 264,336 shares of the company's stock worth $28,464,000 after buying an additional 3,957 shares during the period. Birchcreek Wealth Management LLC acquired a new stake in Cloudflare in the 4th quarter worth about $215,000. Strategic Blueprint LLC bought a new stake in Cloudflare in the 4th quarter valued at about $265,000. Clarendon Private LLC acquired a new position in shares of Cloudflare during the 4th quarter worth approximately $293,000. Finally, Savant Capital LLC bought a new position in shares of Cloudflare during the fourth quarter worth approximately $237,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cloudflare news, insider Douglas James Kramer sold 2,481 shares of the company's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $131.66, for a total transaction of $326,648.46. Following 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Janel Riley sold 4,327 shares of the firm's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total transaction of $725,205.20. Following the completion of the transaction, the chief accounting officer now directly owns 74,698 shares in the company, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 627,046 shares of company stock worth $81,158,262. Company insiders own 12.83% of the company's stock.

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Analysts Set New Price Targets

NET has been the subject of several recent research reports. UBS Group cut 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. Truist Financial increased their target price on Cloudflare from $120.00 to $140.00 and gave the stock a "buy" rating in a report on Tuesday, January 28th. Oppenheimer assumed coverage on Cloudflare in a research note on Thursday, March 20th. They issued an "outperform" rating and a $150.00 price target for the company. The Goldman Sachs Group reduced their price objective on shares of Cloudflare from $183.00 to $161.00 and set a "buy" rating on the stock in a research note on Friday, March 14th. Finally, Morgan Stanley started coverage on shares of Cloudflare in a research report on Tuesday, March 18th. They issued an "overweight" rating for the company. Three equities research 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. Based on data from MarketBeat, Cloudflare has a consensus rating of "Hold" and an average target price of $135.64.

Cloudflare Trading Down 11.3 %

Cloudflare stock traded down $13.53 during trading hours on Thursday, reaching $106.02. 1,333,234 shares of the company's stock were exchanged, compared to its average volume of 3,091,189. The firm's 50 day simple moving average is $137.24 and its 200 day simple moving average is $112.34. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market capitalization of $36.58 billion, a PE ratio of -481.91 and a beta of 1.27.

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