Renaissance Technologies LLC Acquires New Holdings in Cloudflare, Inc. (NYSE:NET)

Renaissance Technologies LLC purchased a new stake in Cloudflare, Inc. (NYSE:NET) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 90,100 shares of the company’s stock, valued at approximately $7,463,000.

A number of other hedge funds also recently made changes to their positions in the business. Riverview Trust Co bought a new position in Cloudflare in the 1st quarter valued at about $27,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Cloudflare by 595.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 278 shares of the company’s stock valued at $27,000 after acquiring an additional 238 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Cloudflare during the second quarter valued at approximately $29,000. ICA Group Wealth Management LLC bought a new stake in Cloudflare during the fourth quarter worth approximately $38,000. Finally, Versant Capital Management Inc lifted its position in Cloudflare by 1,202.9% in the second quarter. Versant Capital Management Inc now owns 456 shares of the company’s stock worth $38,000 after purchasing an additional 421 shares during the period. Institutional investors own 82.68% of the company’s stock.

Cloudflare Stock Performance

NET opened at $83.41 on Thursday. The stock’s 50 day simple moving average is $79.59 and its 200-day simple moving average is $82.13. The company has a current ratio of 3.51, a quick ratio of 3.51 and a debt-to-equity ratio of 1.46. The stock has a market cap of $28.50 billion, a PE ratio of -157.38 and a beta of 1.10. Cloudflare, Inc. has a 1 year low of $53.88 and a 1 year high of $116.00.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, August 1st. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.06. Cloudflare had a negative net margin of 6.90% and a negative return on equity of 8.54%. The business had revenue of $401.00 million for the quarter, compared to analyst estimates of $394.11 million. During the same period in the previous year, the business earned ($0.12) EPS. The firm’s revenue was up 30.0% on a year-over-year basis. Sell-side analysts forecast that Cloudflare, Inc. will post -0.13 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NET. The Goldman Sachs Group cut their price target on shares of Cloudflare from $77.00 to $68.00 and set a “sell” rating for the company in a report on Tuesday, June 4th. Needham & Company LLC restated a “buy” rating and set a $135.00 target price on shares of Cloudflare in a report on Friday, August 2nd. Royal Bank of Canada upped their price target on Cloudflare from $90.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Cantor Fitzgerald increased their price objective on Cloudflare from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, Mizuho lifted their target price on Cloudflare from $88.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, July 16th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $92.29.

Insider Transactions at Cloudflare

In other news, CFO Thomas J. Seifert sold 15,000 shares of Cloudflare stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $78.36, for a total value of $1,175,400.00. Following the completion of the transaction, the chief financial officer now owns 281,403 shares in the company, valued at $22,050,739.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cloudflare news, insider Douglas James Kramer sold 3,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $82.65, for a total value of $247,950.00. Following the completion of the sale, the insider now owns 195,303 shares in the company, valued at approximately $16,141,792.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Thomas J. Seifert sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $78.36, for a total transaction of $1,175,400.00. Following the transaction, the chief financial officer now owns 281,403 shares in the company, valued at $22,050,739.08. The disclosure for this sale can be found here. In the last quarter, insiders have sold 564,032 shares of company stock valued at $45,444,694. 12.83% of the stock is owned by insiders.

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.