Woodline Partners LP Purchases Shares of 61,646 Cloudflare, Inc. (NYSE:NET)

Woodline Partners LP acquired a new stake in shares of Cloudflare, Inc. (NYSE:NET) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 61,646 shares of the company’s stock, valued at approximately $6,638,000.

Several other institutional investors and hedge funds also recently made changes to their positions in NET. Groupama Asset Managment bought a new position in Cloudflare during the 4th quarter valued at about $269,200,000. Norges Bank acquired a new stake in shares of Cloudflare during the fourth quarter worth approximately $249,544,000. American Century Companies Inc. raised its stake in shares of Cloudflare by 82.0% in the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock valued at $243,098,000 after acquiring an additional 1,017,399 shares during the last quarter. Fred Alger Management LLC raised its stake in shares of Cloudflare by 856.3% in the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock valued at $100,604,000 after acquiring an additional 836,591 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Cloudflare by 292.5% in the 4th quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock worth $116,178,000 after acquiring an additional 804,059 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on NET. JPMorgan Chase & Co. raised their price target on Cloudflare from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Royal Bank of Canada lowered their target price on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Wells Fargo & Company upped their price target on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, January 27th. The Goldman Sachs Group decreased their price objective on shares of Cloudflare from $183.00 to $161.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $151.00 target price (up from $112.00) on shares of Cloudflare in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $141.79.

Cloudflare Trading Up 0.1%

NYSE NET opened at $158.45 on Friday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. Cloudflare, Inc. has a 12 month low of $66.24 and a 12 month high of $177.37. The company has a market capitalization of $54.68 billion, a PE ratio of -720.20 and a beta of 1.78. The stock has a 50-day simple moving average of $122.55 and a 200 day simple moving average of $122.11.

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

Insider Buying and Selling at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $143.39, for a total transaction of $7,511,341.76. Following the transaction, the chief executive officer now directly owns 413,413 shares of the company’s stock, valued at $59,279,290.07. This trade represents a 11.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michelle Zatlyn sold 25,640 shares of the company’s stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $107.29, for a total transaction of $2,750,915.60. Following the completion of the sale, the insider now owns 413,413 shares of the company’s stock, valued at approximately $44,355,080.77. This represents a 5.84% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 564,297 shares of company stock valued at $73,906,935. Corporate insiders own 12.83% 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.