Square Peg Capital PTY Ltd. Invests $7.22 Million in Cloudflare, Inc. (NYSE:NET)

Square Peg Capital PTY Ltd. purchased a new stake in shares of Cloudflare, Inc. (NYSE:NET) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 67,008 shares of the company’s stock, valued at approximately $7,215,000. Cloudflare accounts for 6.6% of Square Peg Capital PTY Ltd.’s holdings, making the stock its 8th largest position.

A number of other institutional investors and hedge funds also recently made changes to their positions in NET. CreativeOne Wealth LLC increased its stake in Cloudflare by 0.8% in the 4th quarter. CreativeOne Wealth LLC now owns 6,982 shares of the company’s stock worth $752,000 after purchasing an additional 58 shares during the period. Stratos Wealth Partners LTD. boosted its position in Cloudflare by 1.2% during the 4th quarter. Stratos Wealth Partners LTD. now owns 6,583 shares of the company’s stock valued at $709,000 after acquiring an additional 77 shares in the last quarter. Atomi Financial Group Inc. grew its position in shares of Cloudflare by 3.3% in the 4th quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock worth $319,000 after buying an additional 94 shares during the period. Baxter Bros Inc. grew its position in shares of Cloudflare by 3.8% in the 4th quarter. Baxter Bros Inc. now owns 2,750 shares of the company’s stock worth $296,000 after buying an additional 100 shares during the period. Finally, Ellevest Inc. increased its position in Cloudflare by 2.3% during the 4th quarter. Ellevest Inc. now owns 4,538 shares of the company’s stock valued at $489,000 after buying an additional 102 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Down 1.2%

Shares of NYSE:NET opened at $152.58 on Friday. Cloudflare, Inc. has a 1 year low of $66.24 and a 1 year high of $177.37. The business has a 50 day simple moving average of $117.65 and a two-hundred day simple moving average of $119.24. The firm has a market capitalization of $52.65 billion, a PE ratio of -693.55 and a beta of 1.78. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last released its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Cloudflare had a negative return on equity of 5.52% and a negative net margin of 4.72%. The business had revenue of $479.09 million during the quarter, compared to analysts’ expectations of $469.49 million. During the same quarter in the previous year, the business earned $0.16 EPS. The business’s revenue for the quarter was up 26.5% on a year-over-year basis. On average, equities analysts predict that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Buying and Selling

In other news, insider Michelle Zatlyn sold 35,099 shares of Cloudflare stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $164.84, for a total value of $5,785,719.16. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $143.39, for a total transaction of $7,511,341.76. Following the completion of the transaction, the chief executive officer now directly owns 413,413 shares in the company, valued at approximately $59,279,290.07. The trade was a 11.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 597,260 shares of company stock valued at $79,553,032 over the last three months. 12.83% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NET. Robert W. Baird reaffirmed a “neutral” rating and set a $140.00 price target (up from $125.00) on shares of Cloudflare in a report on Monday, February 3rd. Oppenheimer raised their target price on shares of Cloudflare from $150.00 to $165.00 and gave the stock an “outperform” rating in a research note on Friday, May 9th. Capital One Financial upgraded Cloudflare from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 8th. 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 research report on Tuesday, January 28th. Finally, Susquehanna dropped their target price on shares of Cloudflare from $170.00 to $140.00 and set a “neutral” rating for the company in a research report on Monday. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $141.79.

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.