Quantinno Capital Management LP Buys 12,774 Shares of Cloudflare, Inc. (NYSE:NET)

Quantinno Capital Management LP increased its stake in Cloudflare, Inc. (NYSE:NET) by 73.8% during the 3rd quarter, Holdings Channel reports. The firm owned 30,093 shares of the company’s stock after purchasing an additional 12,774 shares during the quarter. Quantinno Capital Management LP’s holdings in Cloudflare were worth $2,434,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of NET. ORG Partners LLC increased its position in shares of Cloudflare by 7,510.0% in the second quarter. ORG Partners LLC now owns 761 shares of the company’s stock worth $64,000 after purchasing an additional 751 shares during the last quarter. Clear Harbor Asset Management LLC grew its position in Cloudflare by 2.2% during the second quarter. Clear Harbor Asset Management LLC now owns 24,567 shares of the company’s stock valued at $2,035,000 after acquiring an additional 537 shares during the last quarter. Blue Trust Inc. grew its position in Cloudflare by 37,600.0% during the second quarter. Blue Trust Inc. now owns 754 shares of the company’s stock valued at $62,000 after acquiring an additional 752 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Cloudflare by 1.2% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,661,425 shares of the company’s stock valued at $137,616,000 after acquiring an additional 19,446 shares during the last quarter. Finally, Western Financial Corp CA grew its position in Cloudflare by 13.2% during the second quarter. Western Financial Corp CA now owns 12,140 shares of the company’s stock valued at $1,006,000 after acquiring an additional 1,416 shares during the last quarter. 82.68% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $109.90, for a total transaction of $1,648,500.00. Following the completion of the transaction, the chief financial officer now directly owns 252,869 shares in the company, valued at $27,790,303.10. This trade represents a 5.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $88.60, for a total value of $265,800.00. Following the transaction, the insider now owns 185,386 shares of the company’s stock, valued at $16,425,199.60. The trade was a 1.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 473,544 shares of company stock worth $43,247,351. 12.83% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on NET shares. UBS Group increased their price target on shares of Cloudflare from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Morgan Stanley upgraded shares of Cloudflare from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $92.00 to $130.00 in a research report on Monday, December 2nd. Scotiabank increased their price target on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a research report on Friday, November 8th. Mizuho increased their price target on shares of Cloudflare from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. Finally, BNP Paribas started coverage on Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 price objective for the company. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $94.40.

Cloudflare Price Performance

NET opened at $111.27 on Wednesday. The stock has a fifty day simple moving average of $94.09 and a two-hundred day simple moving average of $84.26. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The company has a market cap of $38.19 billion, a price-to-earnings ratio of -427.96 and a beta of 1.10. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $116.00.

Cloudflare (NYSE:NET) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.03). The business had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. Research analysts predict that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal year.

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.