Cloudflare, Inc. (NYSE:NET) Shares Purchased by Bessemer Group Inc.

Bessemer Group Inc. raised its position in Cloudflare, Inc. (NYSE:NET) by 0.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 598,080 shares of the company’s stock after purchasing an additional 3,861 shares during the quarter. Bessemer Group Inc. owned 0.17% of Cloudflare worth $67,398,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. NBC Securities Inc. acquired a new position in Cloudflare during the first quarter valued at approximately $27,000. GPS Wealth Strategies Group LLC lifted its holdings in shares of Cloudflare by 213.4% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 257 shares of the company’s stock valued at $29,000 after acquiring an additional 175 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in Cloudflare by 115.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 265 shares of the company’s stock worth $30,000 after purchasing an additional 142 shares during the period. Gordian Capital Singapore Pte Ltd acquired a new stake in Cloudflare in the 4th quarter valued at $43,000. Finally, Global Financial Private Client LLC raised its position in Cloudflare by 38,100.0% in the first quarter. Global Financial Private Client LLC now owns 382 shares of the company’s stock valued at $43,000 after purchasing an additional 381 shares during the period. 82.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. KeyCorp initiated coverage on Cloudflare in a research note on Friday, June 6th. They issued an “overweight” rating and a $210.00 target price for the company. Mizuho upgraded Cloudflare from a “neutral” rating to an “outperform” rating and set a $135.00 price target for the company in a report on Wednesday, April 16th. CICC Research upgraded shares of Cloudflare from a “market perform” rating to an “outperform” rating and set a $154.00 price objective on the stock in a research note on Monday, May 12th. UBS Group upped their target price on shares of Cloudflare from $135.00 to $145.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $200.00 price objective (up previously from $165.00) on shares of Cloudflare in a report on Thursday, June 5th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cloudflare presently has an average rating of “Hold” and an average target price of $145.92.

Cloudflare Stock Performance

Shares of NET stock opened at $190.16 on Thursday. The company has a market cap of $65.91 billion, a P/E ratio of -826.78 and a beta of 1.84. The business has a 50 day moving average of $151.66 and a two-hundred day moving average of $134.13. Cloudflare, Inc. has a 52 week low of $69.26 and a 52 week high of $192.01. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.90.

Cloudflare (NYSE:NET) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The company had revenue of $479.09 million for the quarter, compared to analyst estimates of $469.49 million. Cloudflare had a negative net margin of 4.62% and a negative return on equity of 6.31%. The company’s revenue for the quarter was up 26.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.16 EPS. As a group, analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Insider Activity at Cloudflare

In other news, CEO Matthew Prince sold 2,311 shares of the firm’s stock in a transaction on Thursday, April 10th. The stock was sold at an average price of $107.75, for a total transaction of $249,010.25. Following the transaction, the chief executive officer now directly owns 413,413 shares of the company’s stock, valued at approximately $44,545,250.75. This trade represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carl Ledbetter sold 492 shares of Cloudflare stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $181.46, for a total transaction of $89,278.32. Following the sale, the director now owns 1,083,123 shares in the company, valued at approximately $196,543,499.58. This represents a 0.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 515,987 shares of company stock worth $77,174,354 in the last ninety days. 10.89% of the stock is owned by insiders.

Cloudflare 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.