ExodusPoint Capital Management LP Takes Position in Cloudflare, Inc. (NYSE:NET)

ExodusPoint Capital Management LP bought a new position in shares of Cloudflare, Inc. (NYSE:NET) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 86,218 shares of the company’s stock, valued at approximately $9,284,000.

Several other large investors also recently bought and sold shares of the stock. Quarry LP grew its position in shares of Cloudflare by 38.6% during the third quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after buying an additional 133 shares in the last quarter. Larson Financial Group LLC increased its position in shares of Cloudflare by 1,988.5% in the 4th quarter. Larson Financial Group LLC now owns 543 shares of the company’s stock valued at $58,000 after purchasing an additional 517 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock valued at $59,000 after purchasing an additional 170 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Cloudflare by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock valued at $63,000 after purchasing an additional 217 shares in the last quarter. Finally, Whittier Trust Co. grew its stake in shares of Cloudflare by 120.5% during the fourth quarter. Whittier Trust Co. now owns 602 shares of the company’s stock worth $65,000 after purchasing an additional 329 shares in the last quarter. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Cloudflare Trading Down 9.3 %

NYSE NET opened at $97.39 on Friday. 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 has a market capitalization of $33.61 billion, a P/E ratio of -442.68 and a beta of 1.59. Cloudflare, Inc. has a 52-week low of $66.24 and a 52-week high of $177.37. The firm has a 50-day moving average price of $136.35 and a 200 day moving average price of $112.43.

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

Analysts Set New Price Targets

NET has been the topic of a number of analyst reports. UBS Group cut their price target on Cloudflare from $165.00 to $135.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Royal Bank of Canada cut their target price on Cloudflare from $170.00 to $148.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Cantor Fitzgerald upped their price target on Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Morgan Stanley started coverage on shares of Cloudflare in a report on Tuesday, March 18th. They set an “overweight” rating on the stock. Finally, Jefferies Financial Group upped their target price on shares of Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $135.64.

Insiders Place Their Bets

In other news, CFO Thomas J. Seifert sold 33,864 shares of Cloudflare stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $119.40, for a total transaction of $4,043,361.60. Following the completion of the sale, the chief financial officer now directly owns 252,869 shares in the company, valued at approximately $30,192,558.60. This trade represents a 11.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Prince sold 52,384 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $113.98, for a total value of $5,970,728.32. Following the completion of the sale, the chief executive officer now owns 10,762 shares in the company, valued at approximately $1,226,652.76. This represents a 82.96 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 612,046 shares of company stock worth $79,451,112. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Company 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.