Worldquant Millennium Advisors LLC Takes $8.54 Million Position in Cloudflare, Inc. (NYSE:NET)

Worldquant Millennium Advisors LLC purchased a new stake in Cloudflare, Inc. (NYSE:NET - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 105,515 shares of the company's stock, valued at approximately $8,535,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quantinno Capital Management LP increased its holdings in shares of Cloudflare by 73.8% during the 3rd quarter. Quantinno Capital Management LP now owns 30,093 shares of the company's stock valued at $2,434,000 after purchasing an additional 12,774 shares in the last quarter. Quarry LP increased its holdings in Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company's stock valued at $39,000 after buying an additional 133 shares in the last quarter. Royal London Asset Management Ltd. increased its holdings in Cloudflare by 8.0% in the third quarter. Royal London Asset Management Ltd. now owns 120,901 shares of the company's stock valued at $9,780,000 after buying an additional 9,003 shares in the last quarter. Reynders McVeigh Capital Management LLC increased its holdings in Cloudflare by 3.4% in the third quarter. Reynders McVeigh Capital Management LLC now owns 151,646 shares of the company's stock valued at $12,267,000 after buying an additional 4,968 shares in the last quarter. Finally, Polymer Capital Management HK LTD purchased a new stake in shares of Cloudflare during the 3rd quarter worth about $506,000. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Trading Up 2.3 %

Shares of NYSE NET traded up $2.50 during midday trading on Friday, reaching $112.96. 2,745,298 shares of the stock were exchanged, compared to its average volume of 3,575,282. The stock has a market capitalization of $38.77 billion, a P/E ratio of -434.46 and a beta of 1.10. 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 50 day simple moving average of $92.76 and a 200 day simple moving average of $83.65. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $116.00.

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

Insiders Place Their Bets

In related news, COO Michelle Zatlyn sold 12,820 shares of the stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $76.14, for a total transaction of $976,114.80. Following the transaction, the chief operating officer now owns 192,177 shares of the company's stock, valued at approximately $14,632,356.78. This represents a 6.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $93.95, for a total value of $4,921,476.80. Following the completion of the transaction, the chief executive officer now directly owns 10,761 shares of the company's stock, valued at approximately $1,010,995.95. This represents a 82.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 499,184 shares of company stock valued at $45,212,272 over the last 90 days. 12.83% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on NET shares. Mizuho increased their price target on Cloudflare from $92.00 to $105.00 and gave the stock a "neutral" rating in a research report on Thursday, October 17th. Morgan Stanley upgraded Cloudflare from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $92.00 to $130.00 in a research report on Monday, December 2nd. Scotiabank boosted their price target on shares of Cloudflare from $85.00 to $87.00 and gave the stock a "sector perform" rating in a report on Friday, November 8th. BNP Paribas assumed coverage on shares of Cloudflare in a research report on Tuesday, October 8th. They set an "underperform" rating and a $65.00 price objective for the company. Finally, UBS Group lifted their target price on shares of Cloudflare from $88.00 to $95.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $94.40.

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.