Y Intercept Hong Kong Ltd Buys New Position in Cloudflare, Inc. (NYSE:NET)

Y Intercept Hong Kong Ltd purchased a new position in shares of Cloudflare, Inc. (NYSE:NET - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,357 shares of the company's stock, valued at approximately $919,000.

Other hedge funds also recently bought and sold shares of the company. National Bank of Canada FI lifted its position in shares of Cloudflare by 17.9% during the 3rd quarter. National Bank of Canada FI now owns 8,292 shares of the company's stock worth $671,000 after purchasing an additional 1,261 shares during the last quarter. Wellington Management Group LLP raised its stake in Cloudflare by 4.8% in the third quarter. Wellington Management Group LLP now owns 4,034 shares of the company's stock valued at $326,000 after buying an additional 186 shares in the last quarter. Worldquant Millennium Advisors LLC purchased a new stake in Cloudflare during the 3rd quarter worth about $8,535,000. Quantinno Capital Management LP boosted its position 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 worth $2,434,000 after acquiring an additional 12,774 shares in the last quarter. Finally, Quarry LP increased its holdings in shares of Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company's stock valued at $39,000 after acquiring an additional 133 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company's stock.

Insider Activity at Cloudflare

In related news, CFO Thomas J. Seifert sold 15,000 shares of the firm's stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $79.19, for a total value of $1,187,850.00. Following the completion of the transaction, the chief financial officer now directly owns 281,403 shares of the company's stock, valued at $22,284,303.57. This trade represents a 5.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Michelle Zatlyn sold 64,100 shares of Cloudflare stock in a transaction on Monday, October 7th. The stock was sold at an average price of $81.60, for a total value of $5,230,560.00. Following the transaction, the chief operating officer now directly owns 192,177 shares of the company's stock, valued at $15,681,643.20. This trade represents a 25.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 524,824 shares of company stock worth $49,037,888 over the last three months. 12.83% of the stock is currently owned by corporate insiders.

Cloudflare Stock Performance

Cloudflare stock traded down $1.31 during trading hours on Friday, reaching $113.58. 1,927,164 shares of the stock were exchanged, compared to its average volume of 3,157,219. The stock has a market cap of $38.98 billion, a P/E ratio of -441.75 and a beta of 1.10. The firm's 50 day moving average is $95.50 and its 200 day moving average is $84.68. The company has a debt-to-equity ratio of 1.32, a quick ratio of 3.37 and a current ratio of 3.37. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $116.00.

Cloudflare (NYSE:NET - Get Free Report) last posted its quarterly 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). Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. The firm had revenue of $430.08 million during the quarter, compared to analysts' expectations of $423.65 million. Analysts predict that Cloudflare, Inc. will post -0.1 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Morgan Stanley upgraded Cloudflare from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $92.00 to $130.00 in a research note on Monday, December 2nd. 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. Piper Sandler increased their target price on shares of Cloudflare from $83.00 to $92.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. Wells Fargo & Company lifted their price target on shares of Cloudflare from $105.00 to $110.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. Finally, Mizuho upped their price objective on shares of Cloudflare from $102.00 to $125.00 and gave the company a "neutral" rating in a research note on Friday. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Cloudflare presently has an average rating of "Hold" and a consensus price target of $95.20.

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.