Pitcairn Co. Buys 3,069 Shares of Cloudflare, Inc. (NYSE:NET)

Pitcairn Co. increased its stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) by 73.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,267 shares of the company's stock after buying an additional 3,069 shares during the period. Pitcairn Co.'s holdings in Cloudflare were worth $783,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Stratos Wealth Partners LTD. boosted its holdings in Cloudflare by 1.2% in the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company's stock worth $709,000 after buying an additional 77 shares during the period. Atomi Financial Group Inc. grew its position in shares of Cloudflare by 3.3% in the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company's stock valued at $319,000 after purchasing an additional 94 shares in the last quarter. Baxter Bros Inc. raised its stake in shares of Cloudflare by 3.8% during the 4th quarter. Baxter Bros Inc. now owns 2,750 shares of the company's stock valued at $296,000 after purchasing an additional 100 shares during the period. Chicago Partners Investment Group LLC lifted its holdings in Cloudflare by 4.3% during the 4th quarter. Chicago Partners Investment Group LLC now owns 2,529 shares of the company's stock worth $293,000 after purchasing an additional 105 shares in the last quarter. Finally, D.A. Davidson & CO. boosted its stake in Cloudflare by 0.5% in the 4th quarter. D.A. Davidson & CO. now owns 21,075 shares of the company's stock worth $2,269,000 after purchasing an additional 106 shares during the period. Institutional investors own 82.68% of the company's stock.

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Insiders Place Their Bets

In other Cloudflare news, CAO Janel Riley sold 4,327 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $12,519,384.80. This represents a 5.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $143.39, for a total transaction of $7,511,341.76. Following the transaction, the chief executive officer now owns 413,413 shares of the company's stock, valued at $59,279,290.07. The trade was a 11.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 507,278 shares of company stock worth $67,522,751. Company insiders own 12.83% of the company's stock.

Cloudflare Trading Down 7.3 %

NYSE NET traded down $8.24 on Thursday, hitting $104.32. The company's stock had a trading volume of 1,634,611 shares, compared to its average volume of 3,169,559. 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, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37. The firm has a market cap of $36.00 billion, a P/E ratio of -475.41 and a beta of 1.59. The company's 50-day simple moving average is $133.16 and its 200 day simple moving average is $113.20.

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

Analysts Set New Price Targets

A number of research firms have recently commented on NET. Robert W. Baird restated a "neutral" rating and issued a $140.00 price objective (up from $125.00) on shares of Cloudflare in a research report on Monday, February 3rd. Baird R W cut shares of Cloudflare from a "strong-buy" rating to a "hold" rating in a report on Monday, February 3rd. Truist Financial lifted their price objective on Cloudflare from $120.00 to $140.00 and gave the company a "buy" rating in a research note on Tuesday, January 28th. Stifel Nicolaus upped their target price on Cloudflare from $136.00 to $175.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Finally, The Goldman Sachs Group cut their price objective on Cloudflare from $183.00 to $161.00 and set a "buy" rating for the company in a report on Friday, March 14th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $134.88.

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.