Pier 88 Investment Partners LLC Boosts Stock Position in Cloudflare, Inc. (NYSE:NET)

Pier 88 Investment Partners LLC grew its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 1.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,920 shares of the company’s stock after purchasing an additional 300 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in Cloudflare were worth $1,714,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in NET. Quarry LP raised its position in Cloudflare by 38.6% in the third quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after acquiring an additional 133 shares during the period. Larson Financial Group LLC grew its holdings in Cloudflare by 1,988.5% during the fourth 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 period. Versant Capital Management Inc increased its position in Cloudflare by 44.9% in the fourth quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after buying an additional 170 shares during the last quarter. GAMMA Investing LLC increased its position in Cloudflare by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after buying an additional 217 shares during the last quarter. Finally, Sava Infond d.o.o. purchased a new position in shares of Cloudflare during the 4th quarter valued at $65,000. 82.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Bank of America raised Cloudflare from an “underperform” rating to a “buy” rating and lifted their price objective for the stock from $60.00 to $160.00 in a report on Tuesday, March 25th. JMP Securities raised their price objective on shares of Cloudflare from $135.00 to $180.00 and gave the stock a “market outperform” rating in a report on Friday, February 7th. Wells Fargo & Company boosted their target price on shares of Cloudflare from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, January 27th. Royal Bank of Canada cut their price target on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Finally, Susquehanna boosted their price objective on Cloudflare from $95.00 to $170.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $135.64.

Cloudflare Trading Down 3.1 %

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

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, February 6th. The company reported ($0.03) 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%. As a group, analysts predict that Cloudflare, Inc. will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Michelle Zatlyn sold 25,640 shares of the firm’s stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $117.34, for a total value of $3,008,597.60. Following the transaction, the insider now owns 413,413 shares in the company, valued at approximately $48,509,881.42. This trade represents a 5.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $113.81, for a total transaction of $1,707,150.00. Following the sale, the chief financial officer now owns 252,869 shares of the company’s stock, valued at $28,779,020.89. This represents a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 618,046 shares of company stock worth $80,142,792 in the last ninety days. 12.83% of the stock is owned by insiders.

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.