Picton Mahoney Asset Management Acquires 30,481 Shares of Cloudflare, Inc. (NYSE:NET)

Picton Mahoney Asset Management raised its stake in Cloudflare, Inc. (NYSE:NET - Free Report) by 39.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 108,017 shares of the company's stock after acquiring an additional 30,481 shares during the quarter. Picton Mahoney Asset Management's holdings in Cloudflare were worth $11,633,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Commonwealth Equity Services LLC lifted its holdings in shares of Cloudflare by 22.7% in the fourth quarter. Commonwealth Equity Services LLC now owns 57,937 shares of the company's stock worth $6,239,000 after acquiring an additional 10,729 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its stake in shares of Cloudflare by 0.9% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 60,968 shares of the company's stock valued at $6,647,000 after buying an additional 516 shares during the period. Sequoia Financial Advisors LLC increased its stake in shares of Cloudflare by 30.4% in the fourth quarter. Sequoia Financial Advisors LLC now owns 3,649 shares of the company's stock valued at $393,000 after buying an additional 850 shares during the period. Miller Financial Services LLC acquired a new position in shares of Cloudflare in the fourth quarter valued at approximately $445,000. Finally, Clare Market Investments LLC acquired a new position in shares of Cloudflare in the fourth quarter valued at approximately $702,000. Institutional investors own 82.68% of the company's stock.

Cloudflare Stock Up 2.1 %

Shares of NET traded up $2.36 during trading hours on Wednesday, reaching $117.48. The stock had a trading volume of 2,974,982 shares, compared to its average volume of 3,013,234. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37. The firm has a 50-day simple moving average of $136.54 and a 200 day simple moving average of $109.42. 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 company has a market capitalization of $40.54 billion, a price-to-earnings ratio of -534.02 and a beta of 1.27.

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Cloudflare (NYSE:NET - Get Free Report) last issued its earnings results 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%. Equities research analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cloudflare news, CEO Matthew Prince sold 52,384 shares of the firm's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $111.90, for a total transaction of $5,861,769.60. Following the transaction, the chief executive officer now directly owns 10,762 shares in the company, valued at approximately $1,204,267.80. This trade represents a 82.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Thomas J. Seifert sold 33,864 shares of the firm's stock in a transaction on Friday, January 17th. The shares were sold at an average price of $119.40, for a total value of $4,043,361.60. Following the transaction, the chief financial officer now owns 252,869 shares in the company, valued at approximately $30,192,558.60. This trade represents a 11.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 504,382 shares of company stock worth $66,194,115 in the last ninety days. Corporate insiders own 12.83% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on NET. Royal Bank of Canada lowered their price objective on Cloudflare from $170.00 to $148.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Wells Fargo & Company upped their price objective on Cloudflare from $135.00 to $150.00 and gave the company an "overweight" rating in a research note on Monday, January 27th. The Goldman Sachs Group lowered their price objective on Cloudflare from $183.00 to $161.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Robert W. Baird reissued a "neutral" rating and set a $140.00 target price (up previously from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Finally, Piper Sandler decreased their target price on shares of Cloudflare from $153.00 to $131.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $130.04.

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.