Oak Ridge Investments LLC Invests $4.91 Million in Cloudflare, Inc. (NYSE:NET)

Oak Ridge Investments LLC bought a new stake in shares of Cloudflare, Inc. (NYSE:NET) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 45,627 shares of the company’s stock, valued at approximately $4,913,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. CVA Family Office LLC boosted its holdings in Cloudflare by 121.3% in the 3rd quarter. CVA Family Office LLC now owns 312 shares of the company’s stock worth $25,000 after acquiring an additional 171 shares during the period. Quarry LP boosted its stake in shares of Cloudflare by 73.4% in the second quarter. Quarry LP now owns 345 shares of the company’s stock valued at $29,000 after purchasing an additional 146 shares during the period. Capital Performance Advisors LLP acquired a new stake in Cloudflare during the 3rd quarter valued at $38,000. Versant Capital Management Inc increased its stake in Cloudflare by 44.9% during the 4th 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 period. Finally, GAMMA Investing LLC increased its stake 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 buying an additional 217 shares during the period. 82.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on NET shares. Citigroup raised Cloudflare from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $95.00 to $145.00 in a research report on Friday. Royal Bank of Canada lifted their price objective on Cloudflare from $99.00 to $123.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. BNP Paribas began coverage on Cloudflare in a research note on Tuesday, October 8th. They set an “underperform” rating and a $65.00 target price for the company. Scotiabank upped their price target on shares of Cloudflare from $85.00 to $87.00 and gave the company a “sector perform” rating in a report on Friday, November 8th. Finally, Piper Sandler raised their price objective on shares of Cloudflare from $83.00 to $92.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare has an average rating of “Hold” and a consensus target price of $107.00.

Insider Activity at Cloudflare

In other news, insider Douglas James Kramer sold 3,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $88.60, for a total value of $265,800.00. Following the completion of the sale, the insider now owns 185,386 shares in the company, valued at $16,425,199.60. This represents a 1.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Matthew Prince sold 52,384 shares of Cloudflare stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $95.59, for a total value of $5,007,386.56. Following the transaction, the chief executive officer now directly owns 192,177 shares in the company, valued at approximately $18,370,199.43. The trade was a 21.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 524,852 shares of company stock worth $55,386,256 over the last ninety days. 12.83% of the stock is currently owned by corporate insiders.

Cloudflare Stock Up 2.0 %

Shares of NYSE:NET opened at $117.13 on Friday. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The company’s 50-day moving average price is $107.72 and its 200 day moving average price is $91.49. Cloudflare, Inc. has a fifty-two week low of $66.24 and a fifty-two week high of $121.02.

Cloudflare (NYSE:NET) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.03). The business had revenue of $430.08 million during the quarter, compared to the consensus estimate of $423.65 million. Cloudflare had a negative return on equity of 7.18% and a negative net margin of 5.97%. On average, research analysts predict that Cloudflare, Inc. will post -0.1 earnings per share for the current fiscal 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.