IPG Investment Advisors LLC Purchases Shares of 2,220 Cloudflare, Inc. (NYSE:NET)

IPG Investment Advisors LLC acquired a new position in shares of Cloudflare, Inc. (NYSE:NET) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,220 shares of the company’s stock, valued at approximately $239,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC grew its holdings in Cloudflare by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after buying an additional 121,810 shares during the period. Norges Bank purchased a new stake in Cloudflare in the fourth quarter valued at approximately $249,544,000. American Century Companies Inc. increased its position in Cloudflare by 82.0% during the fourth quarter. American Century Companies Inc. now owns 2,257,601 shares of the company’s stock worth $243,098,000 after purchasing an additional 1,017,399 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Cloudflare by 1.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,286,372 shares of the company’s stock worth $138,516,000 after purchasing an additional 23,641 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Cloudflare by 5.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,221,760 shares of the company’s stock valued at $131,559,000 after purchasing an additional 63,945 shares during the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Insider Activity at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $113.98, for a total transaction of $5,970,728.32. Following the completion of the transaction, the chief executive officer now owns 10,762 shares of the company’s stock, valued at approximately $1,226,652.76. The trade was a 82.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Douglas James Kramer sold 2,481 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $131.66, for a total transaction of $326,648.46. Following the completion of the sale, the insider now directly owns 175,688 shares in the company, valued at approximately $23,131,082.08. This trade represents a 1.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 618,046 shares of company stock valued at $80,142,792 in the last quarter. Insiders own 12.83% of the company’s stock.

Cloudflare Trading Down 3.1 %

Shares of NYSE NET opened at $114.89 on Monday. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock’s 50 day moving average price is $137.47 and its two-hundred day moving average price is $111.56. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37. The stock has a market capitalization of $39.64 billion, a P/E ratio of -522.21 and a beta of 1.27.

Cloudflare (NYSE:NET) last posted its quarterly earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. On average, analysts anticipate that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NET has been the topic of several research reports. Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and increased their target price for the stock from $95.00 to $145.00 in a research report on Friday, January 17th. Truist Financial lifted their price objective on Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Royal Bank of Canada dropped their target price on shares of Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. UBS Group reduced their price target on shares of Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Finally, Oppenheimer began coverage on shares of Cloudflare in a research report on Thursday, March 20th. They issued an “outperform” rating and a $150.00 price objective for the company. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $135.64.

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.