Los Angeles Capital Management LLC Raises Stake in Cloudflare, Inc. (NYSE:NET)

Los Angeles Capital Management LLC increased its holdings in Cloudflare, Inc. (NYSE:NET) by 5,451.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 188,370 shares of the company’s stock after buying an additional 184,977 shares during the quarter. Los Angeles Capital Management LLC owned about 0.06% of Cloudflare worth $15,684,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Deutsche Bank AG lifted its position in Cloudflare by 5.1% during the third quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock valued at $85,243,000 after purchasing an additional 65,596 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Cloudflare in the third quarter worth about $569,000. International Assets Investment Management LLC acquired a new stake in Cloudflare during the fourth quarter worth about $11,639,000. Blueshift Asset Management LLC raised its position in Cloudflare by 100.2% during the third quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock valued at $1,634,000 after acquiring an additional 12,974 shares in the last quarter. Finally, LA Financiere DE L Echiquier lifted its holdings in Cloudflare by 4.5% in the fourth quarter. LA Financiere DE L Echiquier now owns 407,600 shares of the company’s stock valued at $33,937,000 after acquiring an additional 17,600 shares during the period. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cloudflare

In related news, Director Carl Ledbetter sold 7,962 shares of the stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the completion of the transaction, the director now owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, COO Michelle Zatlyn sold 277,376 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $101.17, for a total transaction of $28,062,129.92. Following the sale, the chief operating officer now owns 38,545 shares of the company’s stock, valued at $3,899,597.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carl Ledbetter sold 7,962 shares of Cloudflare stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $81.42, for a total transaction of $648,266.04. Following the completion of the transaction, the director now owns 1,446,957 shares of the company’s stock, valued at approximately $117,811,238.94. The disclosure for this sale can be found here. Insiders sold a total of 1,029,347 shares of company stock worth $100,594,226 over the last three months. Insiders own 12.83% of the company’s stock.

Cloudflare Trading Down 16.4 %

Shares of Cloudflare stock traded down $14.57 during mid-day trading on Friday, hitting $74.40. The stock had a trading volume of 18,650,549 shares, compared to its average volume of 2,884,762. The firm has a 50-day moving average of $93.67 and a two-hundred day moving average of $83.47. The firm has a market cap of $25.12 billion, a P/E ratio of -140.60 and a beta of 1.15. The company has a quick ratio of 3.50, a current ratio of 3.50 and a debt-to-equity ratio of 1.68. Cloudflare, Inc. has a 12-month low of $39.90 and a 12-month high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, February 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. The company had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative return on equity of 13.22% and a negative net margin of 13.10%. Sell-side analysts forecast that Cloudflare, Inc. will post -0.2 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NET. JMP Securities lifted their target price on shares of Cloudflare from $75.00 to $90.00 and gave the company a “market outperform” rating in a report on Wednesday, January 31st. Royal Bank of Canada lifted their price objective on shares of Cloudflare from $95.00 to $108.00 and gave the company an “outperform” rating in a report on Friday, February 9th. Piper Sandler reissued a “neutral” rating and set a $81.00 target price (down from $110.00) on shares of Cloudflare in a research note on Friday. DZ Bank lowered Cloudflare from a “buy” rating to a “hold” rating and set a $110.00 price target for the company. in a research note on Tuesday, February 13th. Finally, Cantor Fitzgerald lowered their price target on Cloudflare from $100.00 to $80.00 and set a “neutral” rating on the stock in a research report on Friday. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $90.17.

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.