Virtu Financial LLC Purchases Shares of 15,676 Cloudflare, Inc. (NYSE:NET)

Virtu Financial LLC purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 15,676 shares of the company's stock, valued at approximately $1,268,000.

A number of other hedge funds have also bought and sold shares of NET. ORG Partners LLC increased its position in shares of Cloudflare by 7,510.0% during the 2nd quarter. ORG Partners LLC now owns 761 shares of the company's stock valued at $64,000 after purchasing an additional 751 shares during the last quarter. Blue Trust Inc. raised its position in Cloudflare by 37,600.0% in the second quarter. Blue Trust Inc. now owns 754 shares of the company's stock worth $62,000 after acquiring an additional 752 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Cloudflare by 1.2% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company's stock valued at $137,616,000 after acquiring an additional 19,446 shares during the last quarter. Western Financial Corp CA grew its position in shares of Cloudflare by 13.2% during the 2nd quarter. Western Financial Corp CA now owns 12,140 shares of the company's stock valued at $1,006,000 after acquiring an additional 1,416 shares during the period. Finally, Hennion & Walsh Asset Management Inc. bought a new position in shares of Cloudflare during the 2nd quarter valued at approximately $320,000. 82.68% of the stock is currently owned by institutional investors.

Insider Activity at Cloudflare

In other news, COO Michelle Zatlyn sold 64,100 shares of the company's stock in a transaction on Monday, October 7th. The shares were sold at an average price of $81.60, for a total value of $5,230,560.00. Following the completion of the sale, the chief operating officer now owns 192,177 shares of the company's stock, valued at approximately $15,681,643.20. This represents a 25.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $93.95, for a total transaction of $4,921,476.80. Following the completion of the transaction, the chief executive officer now owns 10,761 shares in the company, valued at approximately $1,010,995.95. The trade was a 82.96 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 524,824 shares of company stock valued at $49,037,888. Corporate insiders own 12.83% of the company's stock.

Cloudflare Price Performance

NET stock traded down $1.31 during midday trading on Friday, reaching $113.58. The company had a trading volume of 1,927,164 shares, compared to its average volume of 3,157,219. The firm has a 50-day moving average price of $96.10 and a 200-day moving average price of $84.95. The company has a market capitalization of $38.98 billion, a P/E ratio of -436.85 and a beta of 1.10. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $116.00. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting 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, research analysts anticipate that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

NET has been the topic of a number of research reports. Piper Sandler lifted their price target on shares of Cloudflare from $83.00 to $92.00 and gave the stock a "neutral" rating in a report on Friday, November 8th. 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 note on Monday, December 2nd. Wells Fargo & Company increased their price target on Cloudflare from $105.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. Mizuho boosted their price objective on Cloudflare from $102.00 to $125.00 and gave the company a "neutral" rating in a research note on Friday. Finally, BNP Paribas initiated coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They set an "underperform" rating and a $65.00 target price for the company. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $95.20.

Cloudflare 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.