Parnassus Investments LLC Increases Position in Cloudflare, Inc. (NYSE:NET)

Parnassus Investments LLC boosted its position in Cloudflare, Inc. (NYSE:NET - Free Report) by 1,851.9% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 138,410 shares of the company's stock after purchasing an additional 131,319 shares during the period. Parnassus Investments LLC's holdings in Cloudflare were worth $11,196,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Cloudflare in the 3rd quarter valued at $591,000. Banque Cantonale Vaudoise boosted its holdings in shares of Cloudflare by 20.8% during the 3rd quarter. Banque Cantonale Vaudoise now owns 36,753 shares of the company's stock worth $2,973,000 after buying an additional 6,326 shares during the period. Fifth Third Wealth Advisors LLC bought a new stake in shares of Cloudflare during the 3rd quarter worth about $2,677,000. Pathstone Holdings LLC grew its stake in Cloudflare by 5.2% in the 3rd quarter. Pathstone Holdings LLC now owns 24,101 shares of the company's stock valued at $1,950,000 after buying an additional 1,200 shares during the last quarter. Finally, Quest Partners LLC bought a new position in Cloudflare in the 3rd quarter valued at about $54,000. Institutional investors own 82.68% of the company's stock.

Cloudflare Trading Up 4.5 %

NET stock traded up $4.13 during mid-day trading on Tuesday, reaching $96.42. The company's stock had a trading volume of 3,553,541 shares, compared to its average volume of 3,180,196. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $116.00. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The business's 50 day moving average price is $86.83 and its 200 day moving average price is $80.96. The company has a market cap of $33.09 billion, a price-to-earnings ratio of -370.85 and a beta of 1.10.

Cloudflare (NYSE:NET - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). The company had revenue of $430.08 million during the quarter, compared to analyst estimates 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 predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Activity at Cloudflare

In related news, COO Michelle Zatlyn sold 25,640 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $81.91, for a total value of $2,100,172.40. Following the transaction, the chief operating officer now directly owns 192,177 shares in the company, valued at $15,741,218.07. This trade represents a 11.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew Prince sold 52,384 shares of the business's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $95.59, for a total transaction of $5,007,386.56. Following the sale, the chief executive officer now owns 192,177 shares of the company's stock, valued at $18,370,199.43. This trade represents a 21.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 543,199 shares of company stock valued at $46,183,984 in the last three months. Corporate insiders own 12.83% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on NET shares. Guggenheim upped their target price on Cloudflare from $50.00 to $57.00 and gave the company a "sell" rating in a research report on Friday, August 2nd. BNP Paribas assumed coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They issued an "underperform" rating and a $65.00 target price for the company. Royal Bank of Canada lifted their price objective on shares of Cloudflare from $90.00 to $99.00 and gave the stock an "outperform" rating in a research note on Friday, August 2nd. Susquehanna raised their target price on shares of Cloudflare from $80.00 to $85.00 and gave the stock a "neutral" rating in a report on Monday, August 5th. Finally, Scotiabank boosted their price target on Cloudflare from $85.00 to $87.00 and gave the company a "sector perform" rating in a research note on Friday, November 8th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $92.88.

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.