Harbour Investments Inc. Acquires 111 Shares of Cloudflare, Inc. (NYSE:NET)

Harbour Investments Inc. increased its holdings in shares of Cloudflare, Inc. (NYSE:NET) by 5.0% during the fourth quarter, HoldingsChannel reports. The firm owned 2,347 shares of the company’s stock after buying an additional 111 shares during the period. Harbour Investments Inc.’s holdings in Cloudflare were worth $253,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of NET. Geode Capital Management LLC lifted its holdings in shares of Cloudflare by 2.6% during the third quarter. Geode Capital Management LLC now owns 4,834,558 shares of the company’s stock valued at $390,130,000 after purchasing an additional 121,810 shares in the last quarter. Generate Investment Management Ltd bought a new position in Cloudflare in the fourth quarter valued at about $12,946,000. Worldquant Millennium Advisors LLC purchased a new position in Cloudflare in the third quarter worth about $8,535,000. Proficio Capital Partners LLC bought a new stake in shares of Cloudflare during the 4th quarter valued at about $100,000. Finally, Erste Asset Management GmbH purchased a new stake in shares of Cloudflare during the 3rd quarter valued at about $6,548,000. 82.68% of the stock is owned by institutional investors.

Cloudflare Stock Up 0.9 %

NET opened at $118.95 on Friday. The firm has a 50-day simple moving average of $136.73 and a two-hundred day simple moving average of $109.79. Cloudflare, Inc. has a 52 week low of $66.24 and a 52 week high of $177.37. The company has a market capitalization of $41.05 billion, a PE ratio of -540.70 and a beta of 1.27. The company has a quick ratio of 3.37, a current ratio of 3.37 and a debt-to-equity ratio of 1.32.

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Needham & Company LLC cut their target price on shares of Cloudflare from $185.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. Guggenheim upped their price objective on Cloudflare from $57.00 to $68.00 and gave the stock a “sell” rating in a research note on Friday, February 7th. Truist Financial lifted their target price on Cloudflare from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Baird R W cut Cloudflare from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Finally, Mizuho lowered their price objective on Cloudflare from $160.00 to $140.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $131.64.

Insider Activity at Cloudflare

In related news, CFO Thomas J. Seifert sold 15,000 shares of the 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 of the company’s stock, valued at approximately $28,779,020.89. This trade represents a 5.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew Prince sold 52,384 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $117.32, for a total transaction of $6,145,690.88. Following the completion of the transaction, the chief executive officer now directly owns 413,413 shares of the company’s stock, valued at approximately $48,501,613.16. The trade was a 11.25 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 566,766 shares of company stock valued at $73,779,200. 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.