Clarendon Private LLC Purchases New Position in Cloudflare, Inc. (NYSE:NET)

Clarendon Private LLC acquired a new position in Cloudflare, Inc. (NYSE:NET) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,723 shares of the company’s stock, valued at approximately $293,000.

Several other hedge funds have also modified their holdings of the company. Atomi Financial Group Inc. grew its holdings in shares of Cloudflare by 3.3% in the fourth quarter. Atomi Financial Group Inc. now owns 2,966 shares of the company’s stock valued at $319,000 after purchasing an additional 94 shares in the last quarter. Wealth Management Partners LLC grew its stake in shares of Cloudflare by 3.3% in the 4th quarter. Wealth Management Partners LLC now owns 3,549 shares of the company’s stock worth $382,000 after buying an additional 114 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Cloudflare by 13.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after buying an additional 119 shares during the last quarter. Quarry LP lifted its holdings in shares of Cloudflare by 38.6% in the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock valued at $39,000 after acquiring an additional 133 shares during the last quarter. Finally, OneDigital Investment Advisors LLC lifted its holdings in shares of Cloudflare by 3.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $327,000 after acquiring an additional 137 shares during the last quarter. 82.68% of the stock is owned by hedge funds and other institutional investors.

Cloudflare Trading Up 1.0 %

NYSE NET opened at $125.19 on Friday. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $125.71. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. The company’s 50-day simple moving average is $110.70 and its two-hundred day simple moving average is $92.79.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on NET. 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. Piper Sandler raised their price target on Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Stifel Nicolaus raised shares of Cloudflare from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $95.00 to $136.00 in a research note on Tuesday, December 17th. BNP Paribas assumed coverage on shares of Cloudflare in a research note on Tuesday, October 8th. They issued an “underperform” rating and a $65.00 target price on the stock. Finally, Mizuho lifted their price target on shares of Cloudflare from $102.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $108.32.

Insider Transactions at Cloudflare

In other news, COO Michelle Zatlyn sold 25,640 shares of Cloudflare stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $123.75, for a total value of $3,172,950.00. Following the transaction, the chief operating officer now owns 172,959 shares of the company’s stock, valued at $21,403,676.25. The trade was a 12.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $88.60, for a total transaction of $265,800.00. Following the sale, the insider now directly owns 185,386 shares of the company’s stock, valued at $16,425,199.60. The trade was a 1.59 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 641,132 shares of company stock valued at $69,429,058. Corporate insiders own 12.83% of the company’s stock.

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.