GAMMA Investing LLC Raises Stake in Cloudflare, Inc. (NYSE:NET)

GAMMA Investing LLC increased its holdings in Cloudflare, Inc. (NYSE:NET) by 59.0% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 585 shares of the company’s stock after buying an additional 217 shares during the period. GAMMA Investing LLC’s holdings in Cloudflare were worth $63,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Geode Capital Management LLC raised its stake in shares of Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after acquiring an additional 121,810 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Cloudflare by 123.4% during the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after acquiring an additional 855,334 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Cloudflare by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,157,815 shares of the company’s stock worth $93,656,000 after buying an additional 29,960 shares during the last quarter. Swiss National Bank increased its stake in shares of Cloudflare by 1.1% during the third quarter. Swiss National Bank now owns 893,600 shares of the company’s stock valued at $72,283,000 after buying an additional 10,100 shares during the period. Finally, National Pension Service raised its holdings in shares of Cloudflare by 0.9% during the third quarter. National Pension Service now owns 471,923 shares of the company’s stock valued at $38,174,000 after acquiring an additional 4,062 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Morgan Stanley upgraded shares of Cloudflare from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $92.00 to $130.00 in a report on Monday, December 2nd. Wells Fargo & Company increased their price target on shares of Cloudflare from $110.00 to $135.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 7th. Piper Sandler raised their price objective on Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. The Goldman Sachs Group upgraded Cloudflare from a “sell” rating to a “buy” rating and lifted their price objective for the company from $77.00 to $140.00 in a research note on Thursday, January 2nd. Finally, Royal Bank of Canada upped their price objective on Cloudflare from $99.00 to $123.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $102.30.

Insider Activity

In other Cloudflare news, COO Michelle Zatlyn sold 35,118 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $105.30, for a total transaction of $3,697,925.40. Following the completion of the transaction, the chief operating officer now owns 172,959 shares in the company, valued at $18,212,582.70. The trade was a 16.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $90.92, for a total value of $4,762,753.28. Following the completion of the transaction, the chief executive officer now directly owns 10,761 shares in the company, valued at $978,390.12. This trade represents a 82.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 644,620 shares of company stock worth $66,433,687 over the last 90 days. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Price Performance

NYSE:NET opened at $112.91 on Monday. The business’s 50-day simple moving average is $105.41 and its two-hundred day simple moving average is $90.40. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $119.42. The stock has a market cap of $38.75 billion, a PE ratio of -434.27 and a beta of 1.10. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.03). Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. The company had revenue of $430.08 million for the quarter, compared to the consensus estimate of $423.65 million. As a group, analysts forecast that Cloudflare, Inc. will post -0.1 EPS for the current fiscal year.

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.