Insight Holdings Group LLC Acquires Shares of 13,700 Cloudflare, Inc. (NYSE:NET)

Insight Holdings Group LLC acquired a new stake in Cloudflare, Inc. (NYSE:NET) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 13,700 shares of the company’s stock, valued at approximately $1,141,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Truist Financial Corp grew its holdings in shares of Cloudflare by 1.2% during the 4th quarter. Truist Financial Corp now owns 28,388 shares of the company’s stock worth $2,364,000 after purchasing an additional 331 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of Cloudflare by 5.1% during the 3rd quarter. Deutsche Bank AG now owns 1,352,203 shares of the company’s stock worth $85,243,000 after purchasing an additional 65,596 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Cloudflare during the 3rd quarter worth $569,000. International Assets Investment Management LLC acquired a new stake in shares of Cloudflare during the 4th quarter worth $11,639,000. Finally, Blueshift Asset Management LLC grew its holdings in shares of Cloudflare by 100.2% during the 3rd quarter. Blueshift Asset Management LLC now owns 25,926 shares of the company’s stock worth $1,634,000 after purchasing an additional 12,974 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.

Cloudflare Trading Up 0.8 %

Shares of NET stock traded up $0.57 on Friday, hitting $74.19. The company had a trading volume of 1,745,322 shares, compared to its average volume of 3,927,981. The firm has a market cap of $25.21 billion, a P/E ratio of -139.98 and a beta of 1.15. The stock’s 50-day moving average is $86.64 and its two-hundred day moving average is $85.02. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.51 and a current ratio of 3.51. Cloudflare, Inc. has a twelve month low of $53.88 and a twelve month high of $116.00.

Cloudflare (NYSE:NET) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. The company had revenue of $378.60 million during the quarter, compared to analysts’ expectations of $372.93 million. Cloudflare had a negative return on equity of 12.78% and a negative net margin of 13.10%. On average, equities research analysts anticipate that Cloudflare, Inc. will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Michelle Zatlyn sold 12,820 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $74.08, for a total transaction of $949,705.60. Following the completion of the sale, the chief operating officer now owns 211,394 shares of the company’s stock, valued at $15,660,067.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Michelle Zatlyn sold 12,820 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $74.08, for a total transaction of $949,705.60. Following the completion of the sale, the chief operating officer now owns 211,394 shares of the company’s stock, valued at $15,660,067.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $72.51, for a total value of $3,798,363.84. Following the sale, the chief executive officer now directly owns 230,612 shares of the company’s stock, valued at approximately $16,721,676.12. The disclosure for this sale can be found here. Insiders sold 737,710 shares of company stock valued at $64,674,930 over the last 90 days. Company insiders own 12.83% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on NET shares. JMP Securities reissued a “market outperform” rating and set a $120.00 target price on shares of Cloudflare in a report on Tuesday, May 14th. Citigroup dropped their price objective on Cloudflare from $95.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, May 9th. Piper Sandler restated a “neutral” rating and set a $81.00 price objective (down from $110.00) on shares of Cloudflare in a research report on Friday, May 3rd. TD Cowen dropped their price objective on Cloudflare from $117.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Finally, Oppenheimer dropped their price objective on Cloudflare from $122.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $91.87.

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.