Susquehanna Fundamental Investments LLC Takes Position in Cloudflare, Inc. (NYSE:NET)

Susquehanna Fundamental Investments LLC bought a new position in shares of Cloudflare, Inc. (NYSE:NET) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 88,364 shares of the company’s stock, valued at approximately $7,319,000.

Several other hedge funds and other institutional investors have also bought and sold shares of NET. Riverview Trust Co bought a new position in shares of Cloudflare in the 1st quarter worth about $27,000. Allspring Global Investments Holdings LLC grew its stake in Cloudflare by 595.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Cloudflare in the second quarter worth approximately $29,000. ICA Group Wealth Management LLC acquired a new position in Cloudflare in the fourth quarter valued at approximately $38,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Cloudflare by 1,202.9% during the 2nd quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after buying an additional 421 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Piper Sandler lifted their price objective on shares of Cloudflare from $82.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Royal Bank of Canada upped their price objective on shares of Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Scotiabank assumed coverage on Cloudflare in a research note on Monday, July 8th. They issued a “sector perform” rating and a $85.00 target price for the company. The Goldman Sachs Group decreased their target price on Cloudflare from $77.00 to $68.00 and set a “sell” rating for the company in a research report on Tuesday, June 4th. Finally, Wolfe Research began coverage on Cloudflare in a report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $92.29.

Cloudflare Price Performance

Shares of NYSE NET opened at $81.59 on Friday. The company has a market capitalization of $27.72 billion, a PE ratio of -153.94 and a beta of 1.10. The company has a quick ratio of 3.51, a current ratio of 3.51 and a debt-to-equity ratio of 1.46. The stock’s 50 day moving average price is $79.73 and its 200-day moving average price is $82.02. Cloudflare, Inc. has a twelve month low of $53.88 and a twelve month high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. Cloudflare had a negative return on equity of 8.54% and a negative net margin of 6.90%. The business had revenue of $401.00 million for the quarter, compared to analysts’ expectations of $394.11 million. During the same quarter in the previous year, the firm earned ($0.12) earnings per share. The business’s revenue was up 30.0% on a year-over-year basis. On average, equities analysts anticipate that Cloudflare, Inc. will post -0.13 EPS for the current year.

Insider Activity at Cloudflare

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $78.36, for a total value of $1,175,400.00. Following the transaction, the chief financial officer now directly owns 281,403 shares in the company, valued at $22,050,739.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $78.36, for a total value of $1,175,400.00. Following the sale, the chief financial officer now owns 281,403 shares of the company’s stock, valued at approximately $22,050,739.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Janel Riley sold 3,495 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $81.65, for a total value of $285,366.75. Following the transaction, the chief accounting officer now directly owns 80,183 shares of the company’s stock, valued at $6,546,941.95. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 564,032 shares of company stock worth $45,444,694. 12.83% of the stock is owned by company insiders.

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.