Worldquant Millennium Advisors LLC Makes New Investment in Cloudflare, Inc. (NYSE:NET)

Worldquant Millennium Advisors LLC purchased a new position in shares of Cloudflare, Inc. (NYSE:NET) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 105,515 shares of the company’s stock, valued at approximately $8,535,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NET. Baillie Gifford & Co. raised its position in Cloudflare by 8.5% during the second quarter. Baillie Gifford & Co. now owns 32,722,670 shares of the company’s stock worth $2,710,419,000 after acquiring an additional 2,575,396 shares in the last quarter. Marshall Wace LLP raised its position in shares of Cloudflare by 123.4% in the second quarter. Marshall Wace LLP now owns 1,548,535 shares of the company’s stock valued at $128,265,000 after purchasing an additional 855,334 shares during the period. WIM INVESTMENT MANAGEMENT Ltd bought a new position in shares of Cloudflare in the third quarter valued at about $25,588,000. American Century Companies Inc. raised its position in shares of Cloudflare by 24.8% in the second quarter. American Century Companies Inc. now owns 1,394,732 shares of the company’s stock valued at $115,526,000 after purchasing an additional 277,228 shares during the period. Finally, Glynn Capital Management LLC bought a new position in shares of Cloudflare in the second quarter valued at about $16,765,000. 82.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Piper Sandler increased their price objective on shares of Cloudflare from $83.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Wells Fargo & Company increased their price objective on shares of Cloudflare from $105.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Morgan Stanley raised shares of Cloudflare from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $92.00 to $130.00 in a research report on Monday, December 2nd. Mizuho raised their price target on shares of Cloudflare from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Finally, Scotiabank raised their price target on shares of Cloudflare from $85.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Friday, November 8th. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $94.40.

Cloudflare Stock Up 2.3 %

NYSE:NET opened at $112.96 on Friday. The firm’s 50 day simple moving average is $92.76 and its 200 day simple moving average is $83.65. The company has a debt-to-equity ratio of 1.32, a current ratio of 3.37 and a quick ratio of 3.37. Cloudflare, Inc. has a one year low of $66.24 and a one year high of $116.00. The company has a market cap of $38.77 billion, a PE ratio of -434.46 and a beta of 1.10.

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

Insider Buying and Selling

In other Cloudflare news, CFO Thomas J. Seifert sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $109.90, for a total transaction of $1,648,500.00. Following the completion of the transaction, the chief financial officer now owns 252,869 shares in the company, valued at approximately $27,790,303.10. This trade represents a 5.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Michelle Zatlyn sold 12,820 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $76.14, for a total transaction of $976,114.80. Following the transaction, the chief operating officer now owns 192,177 shares of the company’s stock, valued at approximately $14,632,356.78. The trade was a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 499,184 shares of company stock worth $45,212,272 in the last ninety days. 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.