Cloudflare, Inc. (NYSE:NET) Shares Acquired by Oak Ridge Investments LLC

Oak Ridge Investments LLC boosted its position in Cloudflare, Inc. (NYSE:NET) by 25.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 57,037 shares of the company’s stock after acquiring an additional 11,410 shares during the quarter. Oak Ridge Investments LLC’s holdings in Cloudflare were worth $6,428,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in Cloudflare by 86.8% in the first quarter. GAMMA Investing LLC now owns 1,093 shares of the company’s stock valued at $123,000 after acquiring an additional 508 shares during the last quarter. Crossmark Global Holdings Inc. boosted its holdings in Cloudflare by 9.6% in the first quarter. Crossmark Global Holdings Inc. now owns 2,635 shares of the company’s stock valued at $297,000 after acquiring an additional 230 shares during the last quarter. Amalgamated Bank boosted its holdings in Cloudflare by 7.0% in the first quarter. Amalgamated Bank now owns 21,402 shares of the company’s stock valued at $2,412,000 after acquiring an additional 1,400 shares during the last quarter. Wellington Management Group LLP raised its position in Cloudflare by 47.0% in the fourth quarter. Wellington Management Group LLP now owns 5,930 shares of the company’s stock valued at $639,000 after purchasing an additional 1,896 shares during the period. Finally, Yousif Capital Management LLC raised its position in Cloudflare by 2.5% in the first quarter. Yousif Capital Management LLC now owns 3,969 shares of the company’s stock valued at $447,000 after purchasing an additional 98 shares during the period. Institutional investors and hedge funds own 82.68% of the company’s stock.

Cloudflare Stock Performance

Shares of NET stock opened at $199.10 on Thursday. The company has a quick ratio of 5.14, a current ratio of 5.14 and a debt-to-equity ratio of 2.63. The business has a 50 day moving average of $190.94 and a two-hundred day moving average of $153.83. Cloudflare, Inc. has a 52 week low of $74.88 and a 52 week high of $219.00. The company has a market cap of $69.38 billion, a P/E ratio of -585.59 and a beta of 1.84.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, July 31st. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.03. Cloudflare had a negative return on equity of 8.42% and a negative net margin of 6.22%. The company had revenue of $512.32 million during the quarter, compared to the consensus estimate of $501.58 million. During the same period in the previous year, the firm posted $0.20 earnings per share. Cloudflare’s quarterly revenue was up 27.8% compared to the same quarter last year. As a group, analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on NET. Bank of America raised their price objective on Cloudflare from $235.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, August 1st. DZ Bank reissued a “sell” rating and issued a $170.00 price objective on shares of Cloudflare in a research report on Tuesday, July 22nd. KeyCorp raised their price objective on Cloudflare from $210.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Mizuho raised their price objective on Cloudflare from $220.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, August 1st. Finally, Stifel Nicolaus raised their price objective on Cloudflare from $175.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $186.88.

Insiders Place Their Bets

In other news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $171.25, for a total transaction of $8,970,760.00. Following the completion of the transaction, the chief executive officer directly owned 381,213 shares in the company, valued at approximately $65,282,726.25. The trade was a 12.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michelle Zatlyn sold 35,098 shares of the business’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $156.83, for a total value of $5,504,419.34. Following the transaction, the insider owned 6,390 shares of the company’s stock, valued at approximately $1,002,143.70. This represents a 84.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 586,294 shares of company stock valued at $106,298,200. Corporate insiders own 10.89% of the company’s stock.

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.