Bryce Point Capital LLC Takes Position in Cloudflare, Inc. (NYSE:NET)

Bryce Point Capital LLC acquired a new position in Cloudflare, Inc. (NYSE:NET) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 11,820 shares of the company’s stock, valued at approximately $1,273,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in NET. Quarry LP raised its holdings in Cloudflare by 38.6% during the 3rd quarter. Quarry LP now owns 478 shares of the company’s stock worth $39,000 after buying an additional 133 shares during the period. Larson Financial Group LLC raised its position 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 buying an additional 517 shares during the period. Versant Capital Management Inc lifted its stake in Cloudflare by 44.9% in the 4th quarter. Versant Capital Management Inc now owns 549 shares of the company’s stock worth $59,000 after acquiring an additional 170 shares in the last quarter. GAMMA Investing LLC boosted its position in Cloudflare by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 585 shares of the company’s stock worth $63,000 after acquiring an additional 217 shares during the period. Finally, Sava Infond d.o.o. purchased a new position in Cloudflare during the 4th quarter valued at about $65,000. 82.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on NET shares. Susquehanna raised their price target on shares of Cloudflare from $95.00 to $170.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. DZ Bank lowered shares of Cloudflare from a “hold” rating to a “sell” rating and set a $145.00 target price for the company. in a research note on Tuesday, February 11th. Wells Fargo & Company upped their price target on shares of Cloudflare from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Monday, January 27th. UBS Group reduced their price objective on Cloudflare from $165.00 to $135.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Finally, Truist Financial upped their target price on Cloudflare from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $135.64.

Insider Activity

In related news, insider Douglas James Kramer sold 9,000 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $112.83, for a total value of $1,015,470.00. Following the completion of the transaction, the insider now directly owns 188,406 shares of the company’s stock, valued at $21,257,848.98. This trade represents a 4.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Janel Riley sold 4,327 shares of the business’s stock in a transaction 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 completion of the sale, the chief accounting officer now directly owns 74,698 shares in the company, valued at $12,519,384.80. This trade represents a 5.48 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 627,046 shares of company stock valued at $81,158,262. Insiders own 12.83% of the company’s stock.

Cloudflare Stock Performance

NET opened at $119.85 on Thursday. 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 $137.24 and its two-hundred day moving average price is $112.34. The firm has a market capitalization of $41.36 billion, a P/E ratio of -544.77 and a beta of 1.27. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37.

Cloudflare (NYSE:NET) last announced its quarterly earnings data 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 return on equity of 5.52% and a negative net margin of 4.72%. On average, equities analysts forecast that Cloudflare, Inc. will post -0.11 earnings per share for the current year.

About Cloudflare

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.