Jennison Associates LLC Takes Position in Cloudflare, Inc. (NYSE:NET)

Jennison Associates LLC bought a new stake in shares of Cloudflare, Inc. (NYSE:NET) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 10,438 shares of the company’s stock, valued at approximately $869,000.

Other hedge funds have also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV grew its stake in shares of Cloudflare by 1,976.9% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 540 shares of the company’s stock valued at $45,000 after buying an additional 514 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its stake in shares of Cloudflare by 98.7% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 596 shares of the company’s stock valued at $50,000 after buying an additional 296 shares during the last quarter. ORG Partners LLC bought a new position in shares of Cloudflare during the fourth quarter valued at approximately $55,000. Harvest Fund Management Co. Ltd grew its stake in shares of Cloudflare by 2,422.9% during the third quarter. Harvest Fund Management Co. Ltd now owns 883 shares of the company’s stock valued at $56,000 after buying an additional 848 shares during the last quarter. Finally, Lindbrook Capital LLC grew its stake in Cloudflare by 49.5% in the fourth quarter. Lindbrook Capital LLC now owns 948 shares of the company’s stock worth $79,000 after purchasing an additional 314 shares in the last quarter. Institutional investors own 82.68% of the company’s stock.

Insider Buying and Selling

In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $79.60, for a total transaction of $238,800.00. Following the completion of the transaction, the insider now owns 216,114 shares in the company, valued at approximately $17,202,674.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cloudflare news, Director Carl Ledbetter sold 10,015 shares of Cloudflare stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $89.16, for a total transaction of $892,937.40. Following the completion of the transaction, the director now owns 1,204,815 shares in the company, valued at approximately $107,421,305.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Douglas James Kramer sold 3,000 shares of Cloudflare stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $79.60, for a total value of $238,800.00. Following the transaction, the insider now owns 216,114 shares of the company’s stock, valued at approximately $17,202,674.40. The disclosure for this sale can be found here. Insiders sold 1,046,356 shares of company stock worth $101,906,480 in the last 90 days. Insiders own 14.80% of the company’s stock.

Cloudflare Stock Performance

Shares of NET stock opened at $88.01 on Friday. The company has a debt-to-equity ratio of 1.68, a quick ratio of 3.50 and a current ratio of 3.50. The business has a fifty day moving average of $94.89 and a 200 day moving average of $82.70. Cloudflare, Inc. has a 1 year low of $39.90 and a 1 year high of $116.00.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, February 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $362.47 million during the quarter, compared to analyst estimates of $352.70 million. Cloudflare had a negative return on equity of 15.92% and a negative net margin of 14.19%. Equities research analysts anticipate that Cloudflare, Inc. will post -0.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on NET shares. Capital One Financial started coverage on Cloudflare in a research note on Wednesday, January 17th. They issued an “equal weight” rating and a $83.00 price objective on the stock. Mizuho dropped their price objective on Cloudflare from $105.00 to $95.00 and set a “neutral” rating on the stock in a research note on Monday, April 15th. Susquehanna increased their price objective on Cloudflare from $75.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. Truist Financial increased their price objective on Cloudflare from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Finally, Morgan Stanley increased their price objective on Cloudflare from $66.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Monday, February 12th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $87.08.

Cloudflare Company 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.