Geode Capital Management LLC Raises Position in Cloudflare, Inc. $NET

Geode Capital Management LLC grew its stake in Cloudflare, Inc. (NYSE:NET) by 5.1% in the 2nd quarter, Holdings Channel.com reports. The firm owned 5,536,679 shares of the company’s stock after purchasing an additional 270,227 shares during the period. Geode Capital Management LLC’s holdings in Cloudflare were worth $1,081,533,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Quaker Wealth Management LLC boosted its holdings in shares of Cloudflare by 218.6% in the 2nd quarter. Quaker Wealth Management LLC now owns 166 shares of the company’s stock worth $33,000 after purchasing an additional 306 shares during the period. Hilltop National Bank purchased a new stake in Cloudflare during the 2nd quarter valued at $36,000. Ameritas Advisory Services LLC bought a new stake in Cloudflare in the second quarter worth $39,000. Cullen Frost Bankers Inc. purchased a new position in Cloudflare during the second quarter worth $45,000. Finally, Whipplewood Advisors LLC boosted its stake in Cloudflare by 277.6% during the second quarter. Whipplewood Advisors LLC now owns 253 shares of the company’s stock worth $50,000 after buying an additional 186 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Insider Activity

In related news, CFO Thomas J. Seifert sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $211.81, for a total value of $2,118,100.00. Following the completion of the sale, the chief financial officer owned 189,517 shares in the company, valued at approximately $40,141,595.77. The trade was a 5.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Douglas James Kramer sold 3,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $255.53, for a total value of $766,590.00. Following the completion of the transaction, the insider directly owned 129,185 shares in the company, valued at approximately $33,010,643.05. This trade represents a 2.27% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 638,060 shares of company stock valued at $133,217,328. Insiders own 10.89% of the company’s stock.

Cloudflare Price Performance

Cloudflare stock opened at $213.58 on Friday. The company has a debt-to-equity ratio of 1.46, a current ratio of 2.04 and a quick ratio of 2.04. The stock has a market cap of $74.81 billion, a price-to-earnings ratio of -711.93 and a beta of 2.10. The firm has a 50-day moving average of $222.12 and a two-hundred day moving average of $194.39. Cloudflare, Inc. has a 1 year low of $87.77 and a 1 year high of $260.00.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. DZ Bank raised shares of Cloudflare from a “sell” rating to a “hold” rating and set a $237.00 target price on the stock in a research note on Wednesday, November 5th. Morgan Stanley upped their price target on shares of Cloudflare from $225.00 to $235.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Piper Sandler increased their price objective on shares of Cloudflare from $224.00 to $249.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. Mizuho raised their price objective on shares of Cloudflare from $240.00 to $280.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Finally, Susquehanna boosted their target price on Cloudflare from $205.00 to $260.00 and gave the company a “neutral” rating in a research report on Monday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $235.35.

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.