Berkshire Capital Holdings Inc. Buys 88,560 Shares of Cloudflare, Inc. (NYSE:NET)

Berkshire Capital Holdings Inc. increased its stake in shares of Cloudflare, Inc. (NYSE:NET) by 885,600.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 88,570 shares of the company’s stock after acquiring an additional 88,560 shares during the quarter. Cloudflare makes up 3.4% of Berkshire Capital Holdings Inc.’s investment portfolio, making the stock its 13th largest position. Berkshire Capital Holdings Inc.’s holdings in Cloudflare were worth $9,537,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of NET. Geode Capital Management LLC grew its position in Cloudflare by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock worth $390,130,000 after acquiring an additional 121,810 shares during the last quarter. Generate Investment Management Ltd bought a new position in Cloudflare during the 4th quarter worth approximately $12,946,000. Worldquant Millennium Advisors LLC bought a new position in Cloudflare during the 3rd quarter worth approximately $8,535,000. Proficio Capital Partners LLC bought a new stake in shares of Cloudflare in the 4th quarter worth approximately $100,000. Finally, Erste Asset Management GmbH bought a new stake in shares of Cloudflare in the 3rd quarter worth approximately $6,548,000. 82.68% of the stock is currently owned by institutional investors.

Cloudflare Stock Performance

Shares of NET opened at $117.48 on Thursday. The business has a fifty day moving average of $136.54 and a 200 day moving average of $109.42. Cloudflare, Inc. has a one year low of $66.24 and a one 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. The firm has a market capitalization of $40.54 billion, a P/E ratio of -534.02 and a beta of 1.27.

Cloudflare (NYSE:NET) last released its quarterly earnings results 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 net margin of 4.72% and a negative return on equity of 5.52%. As a group, sell-side analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Cantor Fitzgerald lifted their price objective on Cloudflare from $111.00 to $149.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Royal Bank of Canada lowered their target price on Cloudflare from $170.00 to $148.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Baird R W cut Cloudflare from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. The Goldman Sachs Group lowered their target price on Cloudflare from $183.00 to $161.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Finally, Jefferies Financial Group raised their target price on Cloudflare from $100.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $130.04.

Insider Buying and Selling at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $111.90, for a total value of $5,861,769.60. Following the transaction, the chief executive officer now directly owns 10,762 shares in the company, valued at $1,204,267.80. The trade was a 82.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $113.81, for a total value of $1,707,150.00. Following the completion of the transaction, the chief financial officer now owns 252,869 shares in the company, valued at $28,779,020.89. The trade was a 5.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 609,150 shares of company stock valued at $78,440,970. Company insiders own 12.83% of the company’s stock.

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.