PDT Partners LLC Grows Holdings in Cloudflare, Inc. (NYSE:NET)

PDT Partners LLC lifted its position in shares of Cloudflare, Inc. (NYSE:NET) by 53.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,869 shares of the company’s stock after acquiring an additional 17,367 shares during the quarter. PDT Partners LLC’s holdings in Cloudflare were worth $4,034,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. CVA Family Office LLC boosted its position in Cloudflare by 121.3% during the third quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after purchasing an additional 171 shares in the last quarter. Quarry LP raised its stake in shares of Cloudflare by 73.4% during the 2nd quarter. Quarry LP now owns 345 shares of the company’s stock worth $29,000 after buying an additional 146 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Cloudflare during the 2nd quarter valued at approximately $29,000. Versant Capital Management Inc grew its stake in Cloudflare by 1,202.9% in the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock valued at $38,000 after acquiring an additional 421 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in Cloudflare in the 3rd quarter worth $38,000. 82.68% of the stock is currently owned by institutional investors and hedge funds.

Cloudflare Stock Performance

Shares of Cloudflare stock opened at $99.88 on Friday. The business’s fifty day simple moving average is $90.25 and its 200-day simple moving average is $82.40. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The firm has a market cap of $34.28 billion, a PE ratio of -384.15 and a beta of 1.10. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $116.00.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share for the quarter, hitting the consensus estimate of ($0.03). The company had revenue of $430.08 million during the quarter, compared to analyst estimates of $423.65 million. Cloudflare had a negative net margin of 5.97% and a negative return on equity of 7.18%. Equities analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

Insider Activity at Cloudflare

In related news, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $78.06, for a total transaction of $4,089,095.04. Following the transaction, the chief executive officer now owns 10,761 shares of the company’s stock, valued at approximately $840,003.66. This represents a 82.96 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $100.44, for a total value of $2,575,281.60. Following the completion of the transaction, the chief operating officer now directly owns 172,959 shares of the company’s stock, valued at approximately $17,372,001.96. This represents a 12.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 606,952 shares of company stock worth $53,078,202. Insiders own 12.83% of the company’s stock.

Analyst Ratings Changes

NET has been the topic of several recent analyst reports. Scotiabank increased their price objective on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a report on Friday, November 8th. UBS Group lifted their price objective on Cloudflare from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Guggenheim increased their target price on Cloudflare from $50.00 to $57.00 and gave the company a “sell” rating in a report on Friday, August 2nd. Wells Fargo & Company raised their target price on Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, Royal Bank of Canada boosted their price target on Cloudflare from $90.00 to $99.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Cloudflare has an average rating of “Hold” and a consensus target price of $92.88.

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.