OFI Invest Asset Management Takes Position in Cloudflare, Inc. (NYSE:NET)

OFI Invest Asset Management purchased a new stake in Cloudflare, Inc. (NYSE:NET) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 5,048 shares of the company’s stock, valued at approximately $525,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Hartline Investment Corp increased its holdings in Cloudflare by 7.6% during the 3rd quarter. Hartline Investment Corp now owns 260,379 shares of the company’s stock worth $21,062,000 after acquiring an additional 18,426 shares during the period. WIM INVESTMENT MANAGEMENT Ltd bought a new stake in Cloudflare during the 3rd quarter worth approximately $25,588,000. Charles Schwab Investment Management Inc. increased its holdings in Cloudflare by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after acquiring an additional 29,960 shares during the period. Birchcreek Wealth Management LLC bought a new stake in Cloudflare during the 4th quarter worth approximately $215,000. Finally, Strategic Blueprint LLC bought a new stake in Cloudflare during the 4th quarter worth approximately $265,000. Institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Down 3.4 %

Shares of NET opened at $126.57 on Monday. The stock has a market capitalization of $43.67 billion, a P/E ratio of -575.30 and a beta of 1.27. 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 fifty day simple moving average of $135.81 and a two-hundred day simple moving average of $107.51. Cloudflare, Inc. has a twelve month low of $66.24 and a twelve month high of $177.37.

Cloudflare (NYSE:NET) last announced its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. On average, research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling at Cloudflare

In other Cloudflare news, CAO Janel Riley sold 4,327 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total value of $725,205.20. Following the completion of the transaction, the chief accounting officer now directly owns 74,698 shares in the company, valued at approximately $12,519,384.80. This represents a 5.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the transaction, the insider now owns 175,688 shares of the company’s stock, valued at $23,131,082.08. This trade represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 623,046 shares of company stock valued at $79,594,844 in the last quarter. Company insiders own 12.83% of the company’s stock.

Wall Street Analysts Forecast Growth

NET has been the topic of a number of analyst reports. Mizuho upped their target price on shares of Cloudflare from $130.00 to $160.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Truist Financial upped their target price on shares of Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Morgan Stanley boosted their price target on shares of Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. Baird R W cut shares of Cloudflare from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Finally, Piper Sandler boosted their price target on shares of Cloudflare from $92.00 to $153.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Cloudflare currently has an average rating of “Hold” and an average price target of $136.28.

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.