Oak Ridge Investments LLC Acquires Shares of 45,627 Cloudflare, Inc. (NYSE:NET)

Oak Ridge Investments LLC purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 45,627 shares of the company's stock, valued at approximately $4,913,000.

Other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company's stock worth $390,130,000 after acquiring an additional 121,810 shares during the last quarter. Marshall Wace LLP increased its position in shares of Cloudflare by 123.4% during 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 during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Cloudflare by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company's stock valued at $93,656,000 after buying an additional 29,960 shares during the period. Swiss National Bank lifted its position in Cloudflare by 1.1% in the third quarter. Swiss National Bank now owns 893,600 shares of the company's stock worth $72,283,000 after buying an additional 10,100 shares during the last quarter. Finally, National Pension Service boosted its stake in Cloudflare by 0.9% during the third quarter. National Pension Service now owns 471,923 shares of the company's stock worth $38,174,000 after buying an additional 4,062 shares during the period. Institutional investors own 82.68% of the company's stock.

Cloudflare Stock Up 2.0 %

NET stock traded up $2.31 during trading on Friday, reaching $117.13. 3,539,472 shares of the company traded hands, compared to its average volume of 2,179,924. The business has a 50 day simple moving average of $107.72 and a 200 day simple moving average of $91.54. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $121.02. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. The company has a market capitalization of $40.20 billion, a price-to-earnings ratio of -450.49 and a beta of 1.10.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.03). The business had revenue of $430.08 million for the quarter, compared to analysts' expectations of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. On average, equities research analysts anticipate that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal year.

Insider Transactions at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of the business's stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $88.60, for a total transaction of $265,800.00. Following the sale, the insider now owns 185,386 shares in the company, valued at approximately $16,425,199.60. The trade was a 1.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $86.79, for a total transaction of $1,301,850.00. Following the completion of the transaction, the chief financial officer now directly owns 281,403 shares of the company's stock, valued at $24,422,966.37. The trade was a 5.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 524,852 shares of company stock valued at $55,386,256. Corporate insiders own 12.83% of the company's stock.

Analyst Ratings Changes

NET has been the subject of several analyst reports. BNP Paribas initiated coverage on shares of Cloudflare in a report on Tuesday, October 8th. They issued an "underperform" rating and a $65.00 target price for the company. Morgan Stanley upgraded Cloudflare from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $92.00 to $130.00 in a research report on Monday, December 2nd. Jefferies Financial Group upped their target price on Cloudflare from $100.00 to $125.00 and gave the company a "hold" rating in a research note on Thursday, December 19th. Cantor Fitzgerald assumed coverage on Cloudflare in a research note on Friday. They set a "neutral" rating and a $111.00 price target for the company. Finally, Citigroup raised 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 research report on Friday. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $107.00.

About Cloudflare

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.