Full Sail Capital LLC Makes New Investment in Cloudflare, Inc. (NYSE:NET)

Full Sail Capital LLC bought a new stake in shares of Cloudflare, Inc. (NYSE:NET) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,100 shares of the company’s stock, valued at approximately $226,000.

Several other institutional investors and hedge funds have also recently modified their holdings of NET. Groupama Asset Managment purchased a new stake in shares of Cloudflare in the fourth quarter valued at approximately $269,200,000. Norges Bank purchased a new stake in Cloudflare in the 4th quarter worth $249,544,000. American Century Companies Inc. raised 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 acquiring an additional 1,017,399 shares during the period. Fred Alger Management LLC lifted its holdings in Cloudflare by 856.3% during the fourth quarter. Fred Alger Management LLC now owns 934,286 shares of the company’s stock valued at $100,604,000 after purchasing an additional 836,591 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Cloudflare by 292.5% in the fourth quarter. Invesco Ltd. now owns 1,078,921 shares of the company’s stock valued at $116,178,000 after purchasing an additional 804,059 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Wall Street Analyst Weigh In

NET has been the topic of a number of research reports. UBS Group raised their price target on shares of Cloudflare from $135.00 to $145.00 and gave the company a “neutral” rating in a research note on Friday. Mizuho raised Cloudflare from a “neutral” rating to an “outperform” rating and set a $135.00 price target on the stock in a research note on Wednesday, April 16th. Truist Financial increased 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. JMP Securities lifted their target price on shares of Cloudflare from $135.00 to $180.00 and gave the stock a “market outperform” rating in a research note on Friday, February 7th. Finally, Cantor Fitzgerald increased their target price on shares of Cloudflare from $111.00 to $149.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Cloudflare presently has an average rating of “Hold” and an average price target of $142.57.

Insider Activity at Cloudflare

In other Cloudflare news, CAO Janel Riley sold 4,327 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $167.60, for a total transaction of $725,205.20. Following the sale, the chief accounting officer now directly owns 74,698 shares in the company, valued at $12,519,384.80. This represents a 5.48 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $100.88, for a total transaction of $5,284,497.92. The disclosure for this sale can be found here. Insiders sold 492,492 shares of company stock worth $63,757,685 in the last three months. 12.83% of the stock is owned by company insiders.

Cloudflare Price Performance

Shares of NET opened at $132.42 on Friday. The firm has a 50-day simple moving average of $116.02 and a two-hundred day simple moving average of $117.55. The stock has a market cap of $45.69 billion, a PE ratio of -601.91 and a beta of 1.78. Cloudflare, Inc. has a 1-year low of $66.24 and a 1-year high of $177.37. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37.

Cloudflare (NYSE:NET) last announced its earnings results on Thursday, May 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. The firm had revenue of $479.09 million during the quarter, compared to analysts’ expectations of $469.49 million. During the same period in the previous year, the firm earned $0.16 EPS. The firm’s revenue for the quarter was up 26.5% compared to the same quarter last year. As a group, analysts forecast that Cloudflare, Inc. will post -0.11 EPS for the current 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.