Insight Holdings Group LLC Takes $2.58 Million Position in Cloudflare, Inc. $NET

Insight Holdings Group LLC bought a new position in shares of Cloudflare, Inc. (NYSE:NET) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,000 shares of the company’s stock, valued at approximately $2,575,000. Cloudflare accounts for about 0.2% of Insight Holdings Group LLC’s holdings, making the stock its 27th largest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Empowered Funds LLC increased its position in shares of Cloudflare by 34.2% in the 1st quarter. Empowered Funds LLC now owns 6,656 shares of the company’s stock valued at $750,000 after purchasing an additional 1,696 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in Cloudflare in the second quarter valued at $424,000. Allworth Financial LP raised its stake in Cloudflare by 7.7% in the second quarter. Allworth Financial LP now owns 2,994 shares of the company’s stock valued at $586,000 after buying an additional 213 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Cloudflare by 37.6% during the 2nd quarter. PNC Financial Services Group Inc. now owns 9,961 shares of the company’s stock worth $1,951,000 after buying an additional 2,722 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Cloudflare by 108.2% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 663,648 shares of the company’s stock valued at $129,962,000 after acquiring an additional 344,943 shares during the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Insiders Place Their Bets

In other Cloudflare news, insider Michelle Zatlyn sold 35,080 shares of the business’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $187.39, for a total value of $6,573,641.20. Following the completion of the transaction, the insider directly owned 34,514 shares of the company’s stock, valued at approximately $6,467,578.46. The trade was a 50.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 41,557 shares of the company’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $185.04, for a total value of $7,689,707.28. Following the completion of the sale, the chief financial officer directly owned 85,452 shares of the company’s stock, valued at approximately $15,812,038.08. This trade represents a 32.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 523,690 shares of company stock valued at $96,821,800 in the last three months. Company insiders own 10.89% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. UBS Group reaffirmed a “neutral” rating and issued a $220.00 price target on shares of Cloudflare in a report on Wednesday, February 11th. Citigroup increased their target price on shares of Cloudflare from $260.00 to $265.00 and gave the stock a “buy” rating in a research note on Thursday, February 12th. Cantor Fitzgerald reiterated a “neutral” rating and set a $224.00 target price on shares of Cloudflare in a research report on Wednesday, February 11th. Needham & Company LLC lowered their price target on Cloudflare from $285.00 to $250.00 and set a “buy” rating for the company in a report on Wednesday, February 11th. Finally, Mizuho reduced their price objective on Cloudflare from $280.00 to $255.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $233.38.

Cloudflare Stock Up 0.2%

Shares of Cloudflare stock opened at $212.46 on Monday. Cloudflare, Inc. has a twelve month low of $89.42 and a twelve month high of $260.00. The company has a current ratio of 1.98, a quick ratio of 1.98 and a debt-to-equity ratio of 1.35. The stock has a market capitalization of $74.42 billion, a price-to-earnings ratio of -732.59 and a beta of 1.98. The business’s 50 day simple moving average is $185.42 and its 200-day simple moving average is $203.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Tuesday, February 10th. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. The business had revenue of $614.51 million for the quarter, compared to the consensus estimate of $591.67 million. Cloudflare had a negative net margin of 4.72% and a negative return on equity of 7.24%. Cloudflare’s revenue for the quarter was up 33.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.19 earnings per share. Equities research analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Cloudflare Company Profile

Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.

In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.